TaxTMI 
TaxTMI 
First-time Adoption of Indian Accounting Standards
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....nterim Financial Reporting, for part of the period covered by its first Ind AS financial statements. 3 An entity's first Ind AS financial statements are the first annual financial statements in which the entity adopts Ind ASs, in accordance with Ind ASs notified under the Companies Act, 2013 and makes an explicit and unreserved statement in those financial statements of compliance with Ind ASs. 4 [Refer to Appendix 1] 4A [Refer to Appendix 1] 4B [Refer to Appendix 1] 5 This Ind AS does not apply to changes in accounting policies made by an entity that already applies Ind ASs. Such changes are the subject of: (a) requirements on changes in accounting policies in Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors; and (b) specific transitional requirements in other Ind ASs. Recognition and measurement Opening Ind AS Balance Sheet 6 An entity shall prepare and present an opening Ind AS Balance Sheet at the date of transition to Ind ASs. This is the starting point for its accounting in accordance with Ind ASs subject to the requirements of paragraphs D13AA and D22. Accounting policies 7 An entity shall use the same ....
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....t permit such recognition; (c) reclassify items that it recognised in accordance with previous GAAP as one type of asset, liability or component of equity, but are a different type of asset, liability or component of equity in accordance with Ind ASs; and (d) apply Ind ASs in measuring all recognised assets and liabilities. 11 The accounting policies that an entity uses in its opening Ind AS Balance Sheet may differ from those that it used for the same date using its previous GAAP. The resulting adjustments arise from events and transactions before the date of transition to Ind ASs. Therefore, an entity shall recognise those adjustments directly in retained earnings (or, if appropriate, another category of equity) at the date of transition to Ind ASs. 12 This Ind AS establishes two categories of exceptions to the principle that an entity's opening Ind AS Balance Sheet shall comply with each Ind AS: (a) paragraphs 14-17 and Appendix B prohibit retrospective application of some aspects of other Ind ASs. (b) Appendices C-D grant exemptions from some requirements of other Ind ASs. Exceptions to the retrospective application of other Ind ASs ....
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....y analogy to other items. 19 [Refer to Appendix 1] Presentation and disclosure 20 This Ind AS does not provide exemptions from the presentation and disclosure requirements in other Ind ASs. Comparative information 21 An entity's first Ind AS financial statements shall include at least three Balance Sheet, two Statements of profit and loss, two Statements of cash flows and two Statements of changes in equity and related notes, including comparative information for all statements presented. Non-Ind AS comparative information and historical summaries 22 Some entities present historical summaries of selected data for periods before the first period for which they present full comparative information in accordance with Ind ASs. This Ind AS does not require such summaries to comply with the recognition and measurement requirements of Ind ASs. Furthermore, some entities present comparative information in accordance with previous GAAP as well as the comparative information required by Ind AS 1. In any financial statements containing historical summaries or comparative information in accordance with previous GAAP, an entity shall: (a) label the previous GAAP in....
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....first Ind AS financial statements. Therefore, Ind AS 8's requirements about changes in accounting policies do not apply in an entity's first Ind AS financial statements. 27A If during the period covered by its first Ind AS financial statements an entity changes its accounting policies or its use of the exemptions contained in this Ind AS, it shall explain the changes between its first Ind AS interim financial report and its first Ind AS financial statements, in accordance with paragraph 23, and it shall update the reconciliations required by paragraph 24(a) and (b). 27AA If an entity adopts the first time exemption option provided in accordance with paragraph D7AA, the fact and the accounting policy shall be disclosed by the entity until such time that those items of Property, plant and equipment, investment properties or intangible assets, as the case may be, are significantly depreciated, impaired or derecognised from the entity's Balance Sheet. 28 If an entity did not present financial statements for previous periods, its first Ind AS financial statements shall disclose that fact. Designation of financial assets or financial liabilities 29 An entity is permitted t....
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....us GAAP. Use of deemed cost after severe hyperinflation ^53[31C If an entity elects to measure assets and liabilities at fair value and to use that fair value as the deemed cost in its opening Ind AS Balance Sheet because of severe hyperinflation (see paragraphs D26-D30), the entity's first Ind AS financial statements shall disclose an explanation of how, and why, the entity had, and then ceased to have, a functional currency that is subject to severe hyperinflation.] Interim financial reports 32 To comply with paragraph 23, if an entity presents an interim financial report in accordance with Ind AS 34 for part of the period covered by its first Ind AS financial statements, the entity shall satisfy the following requirements in addition to the requirements of Ind AS 34: (a) Each such interim financial report shall, if the entity presented an interim financial report for the comparable interim period of the immediately preceding financial year, include: (i) a reconciliation of its equity in accordance with previous GAAP at the end of that comparable interim period to its equity under Ind ASs at that date; and (ii) a reconciliation to its total ....
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....p; * 39N * 39O * 39P * 39Q * 39R * 39S * 39T * 39U * 39V * 39W * ^(*Refer Appendix 1) 39X As a consequence of issuance of Ind AS 115, Revenue from Contracts with Customers, paragraphs D1(m),(u), D22 and heading after paragraph D33 are amended, paragraphs D34-D35 are added and earlier paragraph D36 in context of 'Transfer of assets from customers' is deleted. An entity shall apply those amendments when it applies Ind AS 115. 39Y * 39Z * 39AA * ^(*Refer Appendix 1) ^20[39AB Ind AS 116, Leases, amended paragraphs 30, C4, D1, D7, D8B, D9 and D9AA, deleted paragraph D9A and added paragraphs D9B-D9E. An entity shall apply those amendments when it applies Ind AS 116.] 39AC Appendix B, For....
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....irst Ind AS financial statements The first annual financial statements in which an entity adopts Indian Accounting Standards (Ind ASs), by an explicit and unreserved statement of compliance with Ind ASs. first Ind AS reporting period The latest reporting period covered by an entity's first Ind AS financial statements first-time adopter An entity that presents its first Ind AS financial statements. Indian Accounting Standards (Ind ASs) Ind ASs are Accounting Standards prescribed under Section 133 of the Companies Act, 2013. opening Ind AS Balance Sheet An entity's Balance Sheet at the date of transition to Ind ASs. previous GAAP The basis of accounting that a first-time adopter used for its statutory reporting requirement in India immediately before adopting Ind AS's. For instance, companies required to prepare their financial statements in accordance with Section 133 of the Companies Act, 2013, shall consider those financial statements as previous GAAP financial statements. Appendix B Exceptions to the retrospective application of other Ind ASs This appendix is an integral part of this Ind AS. B1 An entity shall....
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....ition in a cash flow hedge for another risk than foreign currency risk) [see paragraph 6.4.1(a) of Ind AS 109]. However, if an entity designated a net position as a hedged item in accordance with previous GAAP, it may designate as a hedged item in accordance with Ind ASs an individual item within that net position, or a net position if that meets the requirements in paragraph 6.6.1 of Ind AS 109, provided that it does so no later than the date of transition to Ind ASs. B6 If, before the date of transition to Ind ASs, an entity had designated a transaction as a hedge but the hedge does not meet the qualifying criteria for hedge accounting in paragraph 6.4.1(b)-(c) of Ind AS 109, the entity shall apply paragraphs 6.5.6 and 6.5.7 of Ind AS 109 to discontinue hedge accounting. Transactions entered into before the date of transition to Ind ASs shall not be retrospectively designated as hedges.] Non-controlling interests B7 A first-time adopter shall apply the following requirements of Ind AS 110 prospectively from the date of transition to Ind ASs: (a) the requirement in paragraph B94 that total comprehensive income is attributed to the owners of the parent and to the ....
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....that existed at the date of transition to Ind-ASs without taking into account the exception for prepayment features in paragraph B4.1.12 of Ind AS 109. An entity shall disclose the carrying amount at the reporting date of the financial assets whose contractual cash flow characteristics have been assessed based on the facts and circumstances that existed at the date of transition to Ind ASs without taking into account the exception for prepayment features in paragraph B4.1.12 of Ind AS 109 until those financial assets are derecognised. B8C If it is impracticable (as defined in Ind AS 8) for an entity to apply retrospectively the effective interest method in Ind AS 109, the fair value of the financial asset or the financial liability at the date of transition to Ind ASs shall be the new gross carrying amount of that financial asset or the new amortised cost of that financial liability at the date of transition to Ind ASs. Impairment of financial assets B8D An entity shall apply the impairment requirements in Section 5.5 of Ind AS 109 retrospectively subject to paragraphs B8E, B8F and B8G of this Ind AS. B8E At the date of transition to Ind ASs, an entity shall use reasona....
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....ost or effort, an entity shall recognise a loss allowance at an amount equal to lifetime expected credit losses at each reporting date until that financial instrument is derecognised (unless that financial instrument is low credit risk at a reporting date, in which case paragraph B8F(a) applies). Embedded derivatives B9 A first-time adopter shall assess whether an embedded derivative is required to be separated from the host contract and accounted for as a derivative on the basis of the conditions that existed at the later of the date it first became a party to the contract and the date a reassessment is required by paragraph B4.3.11 of Ind AS 109. Government loans B10 A first-time adopter shall classify all government loans received as a financial liability or an equity instrument in accordance with Ind AS 32, Financial Instruments: Presentation. Except as permitted by paragraph B11, a first-time adopter shall apply the requirements in Ind AS 109, Financial Instruments, and Ind AS 20, Accounting for Government Grants and Disclosure of Government Assistance, prospectively to government loans existing at the date of transition to Ind ASs and shall not recognise the corre....
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.... the following requirements to business combinations that the entity recognised before the date of transition to Ind ASs. This Appendix should only be applied to business combinations within the scope of Ind AS 103, Business Combinations. C1 A first-time adopter may elect not to apply Ind AS 103 retrospectively to past business combinations (business combinations that occurred before the date of transition to Ind ASs). However, if a first-time adopter restates any business combination to comply with Ind AS 103, it shall restate all later business combinations and shall also apply Ind AS 110 from that same date. For example, if a first-time adopter elects to restate a business combination that occurred on 30 June 2010, it shall restate all business combinations that occurred between 30 June 2010 and the date of transition to Ind ASs, and it shall also apply Ind AS 110 from 30 June 2010. C2 An entity need not apply Ind AS 21, The Effects of Changes in Foreign Exchange Rates, retrospectively to fair value adjustments and goodwill arising in business combinations that occurred before the date of transition to Ind ASs. If the entity does not apply Ind AS 21 retrospectively to thos....
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....ied a past business combination as an acquisition and recognised as an intangible asset an item that does not qualify for recognition as an asset in accordance with Ind AS 38, Intangible Assets. It shall reclassify that item (and, if any, the related deferred tax and noncontrolling interests) as part of goodwill (unless it deducted goodwill directly from equity in accordance with previous GAAP, see (g)(i) and (i) below) or capital reserve to the extent not exceeding the balance available in that reserve. (ii) the first-time adopter shall recognise all other resulting changes in retained earnings.^1 (d) Ind ASs require subsequent measurement of some assets and liabilities on a basis that is not based on original cost, such as fair value. The first-time adopter shall measure these assets and liabilities on that basis in its opening Ind AS Balance Sheet, even if they were acquired or assumed in a past business combination. It shall recognise any resulting change in the carrying amount by adjusting retained earnings (or, if appropriate, another category of equity), rather than goodwill/capital reserve. (e) Immediately after the business combination, the carry....
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....angible asset that was subsumed in recognised goodwill or capital reserve in accordance with previous GAAP, the first-time adopter shall decrease the carrying amount of goodwill or increase the carrying amount of capital reserve accordingly (and, if applicable, adjust deferred tax and noncontrolling interests). (ii) Regardless of whether there is any indication that the goodwill may be impaired, the first-time adopter shall apply Ind AS 36 in testing the goodwill for impairment at the date of transition to Ind ASs and in recognising any resulting impairment loss in retained earnings (or, if so required by Ind AS 36, in revaluation surplus). The impairment test shall be based on conditions at the date of transition to Ind ASs. (h) No other adjustments shall be made to the carrying amount of goodwill / capital reserve at the date of transition to Ind ASs. For example, the first-time adopter shall not restate the carrying amount of goodwill / capital reserve: (i) to exclude in-process research and development acquired in that business combination (unless the related intangible asset would qualify for recognition in accordance with Ind AS 38 in the Balance Sh....
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....rdance with previous GAAP as an asset. This arises if, in accordance with previous GAAP, the entity (a) deducted goodwill directly from equity or (b) did not treat the business combination as an acquisition or (c) recognised capital reserve in a business combination accounted for as an acquisition and the amount of reclassification mentioned in (i) above exceeds the balance available in that reserve. Appendix D Exemptions from other Ind ASs This appendix is an integral part of thisInd AS. D1. An entity may elect to use one or more of the following exemptions: (a) share-based payment transactions (paragraphs D2 and D3); ^48[****] (c) deemed cost (paragraphs D5-D8B); ^22[(d) leases (paragraphs D9, D9AA and D9B-D9E)] (e) [Refer to Appendix 1] ^39[(f) cumulative translation differences (paragraphs D12-D13A);] (g) investments in subsidiaries, joint ventures and associates (paragraphs D14 and D15); (h) assets and liabilities of subsidiaries, associates and joint ventures (paragraphs D16 and D17); (i) compound financial instruments (paragraph D18); (j) designation of previously recognised....
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.... date of transition to Ind ASs. ^49[****] D4 An entity shall apply Ind AS 104 Insurance Contracts for annual periods beginning on or after date of transition to Ind ASs. Earlier application is encouraged. If an entity applies this Ind AS 104 for an earlier period, it shall disclose that fact. In applying paragraph 39(c)(iii), of Ind AS 104 an entity need not disclose information about claims development that occurred earlier than five years before the end of the first financial year in which it applies Ind AS 104. Furthermore, if it is impracticable, when an entity first applies Ind AS 104, to prepare information about claims development that occurred before the beginning of the earliest period for which an entity presents full comparative information that complies with this Ind AS, the entity shall disclose that fact. When an insurer changes its accounting policies for insurance liabilities, it is permitted, but not required, to reclassify some or all of its financial assets as 'at fair value through profit or loss'. This reclassification is permitted if an insurer changes accounting policies when it first applies Ind AS 104 and if it makes a subsequent policy change p....
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....s that might arise from the application of other Ind ASs. This option can also be availed for intangible assets covered by Ind AS 38, Intangible Assets and investment property covered by Ind AS 40, Investment Property. D8 A first-time adopter may have established a deemed cost in accordance with previous GAAP for some or all of its assets and liabilities by measuring them at their fair value at one particular date because of an event such as a privatization or initial public offering. (a) If the measurement date is at or before the date of transition to Ind ASs, the entity may use such event-driven fair value measurements as deemed cost for Ind ASs at the date of that measurement. (b) If the measurement date is after the date of transition to Ind ASs, but during the period covered by the first Ind AS financial statements, the event-driven fair value measurements may be used as deemed cost when the event occurs. An entity shall recognise the resulting adjustments directly in retained earnings (or if appropriate, another category of equity) at the measurement date. At the date of transition to Ind ASs, the entity shall either establish the deemed cost by applying....
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....rsight and/or approval by a rate regulator (as defined in Ind AS 114, Regulatory Deferral Accounts).] Leases ^25[D9 A first-time adopter may assess whether a contract existing at the date of transition to Ind ASs contains a lease by applying paragraphs 9-11 of Ind AS 116 to those contracts on the basis of facts and circumstances existing at that date.] ^26[*******] ^27[D9AA When a lease includes both land and building elements, a first time adopter lessor may assess the classification of each element as finance or an operating lease at the date of transition to Ind ASs on the basis of the facts and circumstances existing as at that date.] ^28[D9B When a first-time adopter that is a lessee recognises lease liabilities and right-of-use assets, it may apply the following approach to all of its leases (subject to the practical expedients described in paragraph D9D):- (a) measure a lease liability at the date of transition to Ind AS. A lessee following this approach shall measure that lease liability at the present value of the remaining lease payments (see paragraph D9E), discounted using the lessee's incremental borrowing rate (see paragraph D9E) at the date of....
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.... D12 Ind AS 21 requires an entity: (a) to recognise some translation differences in other comprehensive income and accumulate these in a separate component of equity; and (b) on disposal of a foreign operation, to reclassify the cumulative translation difference for that foreign operation (including, if applicable, gains and losses on related hedges) from equity to profit or loss as part of the gain or loss on disposal. D13 However, a first-time adopter need not comply with these requirements for cumulative translation differences that existed at the date of transition to Ind ASs. If a first-time adopter uses this exemption: (a) the cumulative translation differences for all foreign operations are deemed to be zero at the date of transition to Ind ASs; and (b) the gain or loss on a subsequent disposal of any foreign operation shall exclude translation differences that arose before the date of transition to Ind ASs and shall include later translation differences. ^40[D13A Instead of applying paragraph D12 or paragraph D13, a subsidiary that uses the exemption in paragraph D16(a) may elect, in its financial statements, to measure....
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....subsidiary (this election is not available to a subsidiary of an investment entity, as defined in Ind AS 110, that is required to be measured at fair value through profit or loss); or (b) the carrying amounts required by the rest of this Ind AS, based on the subsidiary's date of transition to Ind ASs. These carrying amounts could differ from those described in (a): (i) when the exemptions in this Ind AS result in measurements that depend on the date of transition to Ind ASs. (ii) when the accounting policies used in the subsidiary's financial statements differ from those in the consolidated financial statements. For example, the subsidiary may use as its accounting policy the cost model in Ind AS 16 Property, Plant and Equipment, whereas the group may use the revaluation model. A similar election is available to an associate or joint venture that becomes a first-time adopter later than an entity that has significant influence or joint control over it. D17 However, if an entity becomes a first-time adopter later than its subsidiary (or associate or joint venture) the entity shall, in its consolidated financial statements, measure the assets and liabi....
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....e facts and circumstances that exist at the date of transition to Ind ASs. D19C For a financial liability that is designated as a financial liability at fair value through profit or loss, an entity shall determine whether the treatment in paragraph 5.7.7 of Ind AS 109 would create an accounting mismatch in profit or loss on the basis of the facts and circumstances that exist at the date of transition to Ind ASs. Fair value measurement of financial assets or financial liabilities at initial recognition D20 Despite the requirements of paragraphs 7 and 9 of this Ind AS, an entity may apply the requirements in paragraph B5.1.2A (b) of Ind AS 109 prospectively to transactions entered into on or after the date of transition to Ind ASs. Decommissioning liabilities included in the cost of property, plant and equipment D21 Appendix 'A' to Ind AS 16 Changes in Existing Decommissioning, Restoration and Similar Liabilities requires specified changes in a decommissioning, restoration or similar liability to be added to or deducted from the cost of the asset to which it relates; the adjusted depreciable amount of the asset is then depreciated prospectively over its remaining usefu....
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....racticable for an operator to apply this Appendix retrospectively at the date of transition to Ind ASs, it shall: (a) recognise financial assets and intangible assets that existed at the date of transition to Ind ASs; (b) use the previous carrying amounts of those financial and intangible assets (however previously classified) as their carrying amounts as at that date; and (c) test financial and intangible assets recognised at that date for impairment, unless this is not practicable, in which case the amounts shall be tested for impairment as at the start of the current period. iii) There are two aspects to retrospective determination: reclassification and remeasurement. It will usually be practicable to determine retrospectively the appropriate classification of all amounts previously included in an operator's Balance Sheet, but that retrospective remeasurement of service arrangement assets might not always be practicable. However, the fact should be disclosed. Borrowing costs D23 [Refer to Appendix 1] D24 [Refer to Appendix 1] Extinguishing financial liabilities with equity instruments D25 A first-time adopter may apply the Appen....
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.... entity had previously proportionately consolidated, including any goodwill arising from acquisition. If the goodwill previously belonged to a larger cashgenerating unit, or to a group of cash-generating units, the entity shall allocate goodwill to the joint venture on the basis of the relative carrying amounts of the joint venture and the cash-generating unit or group of cash generating units to which it belonged. D31AB The balance of the investment in joint venture at the date of transition to Ind ASs, determined in accordance with paragraph D31AA above is regarded as the deemed cost of the investment at initial recognition. D31AC A first-time adopter shall test investment in joint venture for impairment in accordance with Ind AS 36 at the date of transition to Ind ASs, regardless of whether there is any indication that the investment may be impaired. Any resulting impairment shall be recognised as an adjustment to retained earnings at the date of transition to Ind ASs. The initial recognition exception in paragraphs 15 and 24 of Ind AS 12 Income Taxes does not apply when the entity recognises an investment in a joint venture resulting from applying the transition requireme....
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....is of the information used by the entity in applying the equity method. D31AI Any difference arising from the investment previously accounted for using the equity method together with any other items that formed part of the entity's net investment in the arrangement in accordance with paragraph 38 of Ind AS 28, and the net amount of the assets and liabilities, including any goodwill, recognised shall be: a. offset against any goodwill relating to the investment with any remaining difference adjusted against retained earnings at the date of transition to Ind ASs, if the net amount of the assets and liabilities, including any goodwill, recognised is higher than the investment (and any other items that formed part of the entity's net investment) derecognised. b. adjusted against retained earnings at the date of transition to Ind ASs, if the net amount of the assets and liabilities, including any goodwill, recognised is lower than the investment (and any other items that formed part of the entity's net investment) derecognised. D31AJ An entity changing from the equity method to accounting for assets and liabilities shall provide a reconciliation between the inve....
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....requirement an entity is permitted to designate, at the date of transition to Ind ASs, contracts that already exist on that date as measured at fair value through profit or loss but only if they meet the requirements of paragraph 2.5 of Ind AS 109 at that date and the entity designates all similar contracts. ^16[Revenue D34 A first-time adopter may apply the transition provisions in paragraph C5 of Ind AS 115. In those paragraphs references to the 'date of initial application' shall be interpreted as the beginning of the first Ind AS reporting period. If a first-time adopter decides to apply those transition provisions, it shall also apply paragraph C6 of Ind AS 115. D35 A first-time adopter is not required to restate contracts that were completed before the earliest period presented. A completed contract is a contract for which the entity has transferred all of the goods or services identified in accordance with previous GAAP.] ^5[Paragraphs D34, D34AA and D35 ------ Omitted] Non-current assets held for sale and discontinued operations D35AA Ind AS 105 requires non-current assets (or disposal groups) that meet the criteria to be classified as held for....
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.... Paragraph 3 of Ind AS 101 specifies that an entity's first Ind AS financial statements are the first annual financial statements in which the entity adopts Ind ASs in accordance with Ind ASs notified under the Companies Act, 2013 whereas IFRS 1 provides various examples of first IFRS financial statements. 2. Paragraph 4, 4A, 4B, 23A and 23B of IFRS 1 provide various examples of instances when an entity does not apply this IFRS. Ind AS 101 does not provide the same. In order to maintain consistency with paragraph numbers of IFRS 1, the paragraph number is retained in Ind AS 101. 3. IFRS 1 defines previous GAAP as the basis of accounting that a first-time adopter used immediately before adopting IFRS. However, Ind AS 101 defines previous GAAP as the basis of accounting that a first-time adopter used for its reporting requirement in India immediately before adopting Ind AS. The change makes it mandatory for Indian entities to consider the financial statements prepared in accordance with existing notified Indian accounting standards as was applicable to them as previous GAAP when it transitions to Ind ASs. 4. Under IFRS 1, para C4(c) requires, the first-time adopter shall ....
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.... (vii) Paragraph D34 and D35 includes the transitional provisions of IFRS 15 Revenue from contracts customer. 8. IFRS 1 provides for various optional exemptions that an entity can seek while an entity transitions to IFRS from its previous GAAP. Similar provisions have been retained under Ind AS 101. However, there are few changes that have been made, which can be broadly categorized as follows: (a) Elimination of effective dates prior to transition date to Ind ASs. IFRS 1 provides for various dates from which a standard could have been implemented. For example, Paragraph D2 of IFRS 1 provides that an entity is encouraged, but not required, to apply IFRS 2 Share-based Payment to equity instruments that were granted on or before 7 November 2002 or to instruments that were granted after 7 November 2002 and vested before the later of (a) the date of transition to IFRSs and (b) 1 January 2005. However, for Ind AS 101 purposes, all these dates have been changed to coincide with the transition date elected by the entity adopting these converged standards i.e. Ind AS. (b) Deletion of borrowing cost exemptions not relevant for India: Paragraph D23 of IF....
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....inning on or after January 1, 2018. As the above said standard is not yet effective consequential amendments due to this standard have not been incorporated in current version of IFRS 1. However, corresponding Ind AS 109, Financial Instruments has been issued with consequential amendments in other Ind ASs including Ind AS 101. Accordingly, its consequential amendments to Ind AS 109 have been incorporated in Ind AS 101.] 11. Different terminology is used in Ind AS 101, e.g., the term 'Balance Sheet' is used instead of 'Statement of financial position' and 'Statement of profit and loss' is used instead of 'Statement of comprehensive income'. ^50[12. The following paragraph numbers appear as 'deleted' in IFRS 1. In order to maintain consistency with paragraph numbers of IFRS 1, the paragraph numbers are retained in Ind AS 101: (i) Paragraph 19 (ii) Paragraph D1(b) (iii) Paragraph D1(e) (iv) Paragraph D1(o) (v) Paragraph D4 (vi) Paragraphs D9A and D9C (vii) ^58[****] (viii) Paragraph D24 (ix) Paragraph D31 (x) Paragraphs E3-E7] ^30[13. IAS 40, Investmen....
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..... Substituted vide F. No. 01/01/2009-CL-V(Part) - Dated 30-3-2016 before it was read as, "Financial assets or intangible assets accounted for in accordance with Appendix C, Service Concession Arrangements to Ind AS 115 D22 A first-time adopter may apply the following provisions while applying the Appendix C to Ind AS 115:" 5. Omitted vide F. No. 01/01/2009-CL-V(Part) - Dated 30-3-2016 before it was read as, "Revenue from contracts with customers D34 A first-time adopter may use one or more of the following practical expedients when applying Ind AS 115 retrospectively: (a) for completed contracts, an entity need not restate contracts that begin and end within the same annual reporting period; (b) for completed contracts that have variable consideration, an entity may use the transaction price at the date the contract was completed rather than estimating variable consideration amounts in the comparative reporting periods; and (c) for all reporting periods presented before the beginning of the first Ind AS reporting period, an entity need not disclose the amount of the transaction price all....
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....); and" 12. Renumbered vide F. No. 01/01/2009-CL-V(Part VI) - Dated 28-03-2018, w.e.f. 1st day of April, 2018, before it was read as, "(v)" 13. Inserted vide F. No. 01/01/2009-CL-V(Part VI) - Dated 28-03-2018, w.e.f. 1st day of April, 2018, 14. Substituted vide F. No. 01/01/2009-CL-V(Part VI) - Dated 28-03-2018, w.e.f. 1st day of April, 2018, before it was read as, "^4[Financial assets or intangible assets accounted for in accordance with Appendix A, Service Concession Arrangements to Ind AS 11''" 15. Substituted vide F. No. 01/01/2009-CL-V(Part VI) - Dated 28-03-2018, w.e.f. 1st day of April, 2018, before it was read as, "Appendix A to Ind AS 11" 16. Inserted vide F. No. 01/01/2009-CL-V(Part VI) - Dated 28-03-2018, w.e.f. 1st day of April, 2018 17. Substituted vide F. No. 01/01/2009-CL-V(Part VI) - Dated 28-03-2018, w.e.f. 1st day of April, 2018, before it was read as, ^"6[Transfers of Assets from Customers D36 An entity shall apply Appendix C of Ind AS 18 prospectively to transfers of assets from customers received on or after the transition date. Earlier application is permitted provided the valuations and....
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....the acquirer shall recognise that contingent liability at that date unless Ind AS 37, Provisions, Contingent Liabilities and Contingent Assets, would prohibit its recognition in the financial statements of the acquiree. Conversely, if an asset or liability was subsumed in goodwill/capital reserve in accordance with previous GAAP but would have been recognised separately under Ind AS 103, that asset or liability remains in goodwill/capital reserve unless Ind ASs would require its recognition in the financial statements of the acquiree." 22. Substituted vide NOTIFICATION No. [F. No. 01/01/2009-CL-V-(Part VII)] dated 30-03-2019 w.e.f. 01-04-2019 before it was read as "(d) leases (paragraphs D9 and D9AA);" 23. Inserted vide NOTIFICATION No. [F. No. 01/01/2009-CL-V-(Part VII)] dated 30-03-2019 w.e.f. 01-04-2019 24. Substituted vide NOTIFICATION No. [F. No. 01/01/2009-CL-V-(Part VII)] dated 30-03-2019 w.e.f. 01-04-2019 before it was read as "D8B Some entities hold items of property, plant and equipment or intangible assets that are used, or were previously used, in operations subject to rate regulation. The carrying amount of such items mig....
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....nce or an operating lease at the date of transition to Ind ASs on the basis of the facts and circumstances existing as at that date. If there is any land lease newly classified as finance lease then the first time adopter may recognise assets and liability at fair value on that date; and any difference between those fair values is recognised in retained earnings." 28 Inserted vide NOTIFICATION No. [F. No. 01/01/2009-CL-V-(Part VII)] dated 30-03-2019 w.e.f. 01-04-2019 29 Substituted vide NOTIFICATION No. [F. No. 01/01/2009-CL-V-(Part VII)] dated 30-03-2019 w.e.f. 01-04-2019 before it was read as "12. Following paragraph numbers appear as 'deleted' in IFRS 1. In order to maintain consistency with paragraph numbers of IFRS 1, the paragraph numbers are retained in Ind AS 101: (i) Paragraph 19 (ii) Paragraph D1(e) (iii) Paragraph D1(o) (iv) Paragraph D10-11 (v) Paragraph D 24 (vi) Paragraph D 31" 30. Substituted vide NOTIFICATION No. [F. No. 01/01/2009-CL-V-(Part VII)] dated 30-03-2019 w.e.f. 01-04-2019 before it was read as ^"8[13. IAS 40, Investment Property permits both cost model an....
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....(paragraphs D12 and D13);" 40. Inserted vide Notification No. G.S.R 255(E) dated 23-03-2022 w.e.f. 01-04-2022 41. Inserted vide Notification G.S.R. 242(E), dated 31.03.2023.w.e.f. 01.04.2023 42. Substituted vide Notification G.S.R. 242(E), dated 31.03.2023, w.e.f. 01.04.2023 before it was read as, "(f) embedded derivatives (paragraph B9); and (g) government loans (paragraphs B10-B12)." 43. Inserted vide Notification G.S.R. 242(E), dated 31.03.2023 w.e.f. 01.04.2023 44. Omitted vide Notification G.S.R. 242(E), dated 31.03.2023 w.e.f. 01.04.2023 "(ii) Paragraph D9 includes the transitional provisions of IFRIC 4 Determining whether an Arrangement contains a Lease;" 44A. Inserted vide Notification G.S.R. 242(E), dated 31.03.2023 w.e.f. 01.04.2023 45. Substituted vide Notification No. G.S.R. 492 (E) dated 12-08-2024 before it was read as, "39AE * ^ (*Refer Appendix 1)" 46. Substituted vide Notification No. G.S.R. 492 (E) dated 12-08-2024 before it was read as, "(h) [Refer Appendix 1]; and" 47. Sub....
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....erinflation (see paragraphs D26-D30), the entity's first Ind AS financial statements shall disclose an explanation of how, and why, the entity had, and then ceased to have, a functional currency that has both of the following characteristics: (a) a reliable general price index is not available to all entities with transactions and balances in the currency. (b) exchangeability between the currency and a relatively stable foreign currency does not exist." 54. Inserted vide Notification No. G.S.R. 291(E) dated 07-05-2025 55. Substituted vide Notification No. G.S.R. 291(E) dated 07-05-2025 before it was read as, "(b) exchangeability between the currency and a relatively stable foreign currency does not exist." 56. Substituted vide Notification No. G.S.R. 549(E) dated 13-08-2025 before it was read as, "(v) Paragraph D31 includes the transitional provisions of IFRS 11 Joint Arrangements;" 57. Substituted vide Notification No. G.S.R. 549(E) dated 13-08-2025 before it was read as, "2. Paragraph D9AA has been added to provide for t....