IND AS adoption for mutual funds mandates IND AS financial statements, specified formats, disclosures and expense treatment for transaction costs. Mandated IND AS adoption requires mutual fund schemes to prepare an opening balance sheet at transition and IND AS comparatives, use the Annexure A financial statement formats at scheme level, and provide specified disclosures including classification of assets/liabilities, accounting policies, impairment and defaulted security details, and percentage of income/expenditure to average net assets. Prior GAAP per unit statistics need not be restated for two years but must be labelled as non IND AS with the nature of adjustments disclosed. Brokerage and transaction costs must be expensed consistent with IND AS; specified execution costs may be charged to schemes and excess amounts only within the overall Total Expense Ratio.