First-time Ind AS adoption requires an opening Balance Sheet, consistent policies, reconciliations, disclosures, and limited transition exemptions.

Ind AS 101 requires first-time adopters to prepare an opening Ind AS Balance Sheet, recognise, derecognise, reclassify and measure assets and liabilities under Ind AS, and record transition adjustments generally in retained earnings or other equity. Consistent accounting policies apply across all presented periods, subject to mandatory retrospective-application exceptions and optional exemptions. First Ind AS financial statements must provide comparative statements, reconciliations of equity and total comprehensive income from previous GAAP, and explanations of material effects on financial position, performance and cash flows. Targeted relief is available for matters including business combinations, deemed cost, leases, financial instruments, foreign currency items and joint arrangements.

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