Ind AS 101 sets transition rules for first-time adoption, opening balance sheet preparation, exemptions, and required reconciliations. Ind AS 101 requires a first-time adopter to prepare an opening Ind AS Balance Sheet at the date of transition, apply Ind AS accounting policies consistently for all presented periods, recognise and measure assets and liabilities in accordance with Ind ASs, and record transition adjustments in retained earnings. The Standard prescribes mandatory exceptions to retrospective application and permits elective exemptions (including deemed cost and other practical expedients) set out in Appendices B-D, and requires specified reconciliations and disclosures explaining adjustments from previous GAAP to Ind AS.