TaxTMI 
TaxTMI 
First-time Adoption of Indian Accounting Standards
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.... 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 accounting policies in its opening Ind AS Balance Sheet and throughout all pe....
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.... 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 13 This Ind AS prohibits retrospective application of some aspects of other Ind ASs. These exceptions are set out in paragraphs 14-17 and Appendix B. Estim....
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....s 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-IndAS 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 information prominently as not being prepared in accordance with Ind ASs; and (b) disclose the nature of the main adjustments that would make it comply with Ind ASs. An entity need not quantify t....
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....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 to designate a previously recognised financial asset as a financial asset measured at fair value through profit or loss in accordance with paragraph D19A. The entity shall disclose the fair value of financial assets so designated at the date of designation and their....
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....s 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 comprehensive income in accordance with Ind ASs for that comparable interim period (current and year to date). The starting point for that reconciliation shall be total comprehensive income in accordance with previous GAAP for that period or, if an entity did not report such a total, profit or loss in accordance with previous GAAP. (b) In additi....
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....ter 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, Foreign Currency Transactions and Advance Consideration of Ind AS 21 added paragraph D36 in context of foreign currency transactions and advance consideration and in paragraph D1, renumbered item (v) as (ua) and a new item (v) is added in its place. An entity shall apply that amendment when it applies Appendix B of Ind AS 21.] 31[39AD * 45[39AE Ind AS 117, Insurance Contracts, amended paragraphs B1 and D1, deleted the heading before paragraph D4 and paragraph D4, and after paragraph B12 added a heading and paragraph B13. An entity shall apply those amendments when it applies Ind AS 117.] 39A....
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....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 apply the following exceptions: (a) derecognition of financial assets and financial liabilities (paragraphs B2 and B3); (b) hedge accounting (paragraphs B4-B6); (c) non-controlling interests (paragraph B7); 36[(d) classification and measurement of financial instruments (paragraphs B8-B8C);] (e) impairment of financial assets (paragraphs B8D-B8G); 42[(f) embedded derivatives (paragraph B9); (g) government loans (paragraphs B10-B12); 46[(h) insurance contracts (paragraph B13); and] (i) deferred tax related to leases and decommissioning, restoration and similar liabilities (paragraph B14).] Derecognition of financial assets and financial liabilities B2 Except as permitted by paragraph B3, a first-time adopter shall apply the derecognition requirements in Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind ASs. For exa....
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....s: (a) the requirement in paragraph B94 that total comprehensive income is attributed to the owners of the parent and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance; (b) the requirements in paragraphs 23 and B96 for accounting for changes in the parent's ownership interest in a subsidiary that do not result in a loss of control; and (c) the requirements in paragraphs B97-B99 for accounting for a loss of control over a subsidiary, and the related requirements of paragraph 8A of Ind AS 105, Non-current Assets Held for Sale and Discontinued Operations. However, if a first-time adopter elects to apply Ind AS 103 retrospectively to past business combinations, it shall also apply Ind AS 110 in accordance with paragraph C1 of this Ind AS. 37[Classification and measurement of financial instruments] B8 An entity shall assess whether a financial asset meets the conditions in paragraph 4.1.2 or the conditions in paragraph 4.1.2A of Ind AS 109 on the basis of the facts and circumstances that exist at the date of transition to Ind ASs. B8A If it is impracticable to assess a modified time value of money element in accorda....
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....and B8G of this Ind AS. B8E At the date of transition to Ind ASs, an entity shall use reasonable and supportable information that is available without undue cost or effort to determine the credit risk at the date that financial instruments were initially recognised (or for loan commitments and financial guarantee contracts the date that the entity became a party to the irrevocable commitment in accordance with paragraph 5.5.6 of Ind AS 109) and compare that to the credit risk at the date of transition to Ind ASs (also see paragraphs B8EA- B8EB of this Ind AS. B8EA An entity should seek to approximate the credit risk on initial recognition by considering all reasonable and supportable information that is available without undue cost or effort. An entity is not required to undertake an exhaustive search for information when determining, at the date of transition to Ind ASs, whether there have been significant increases in credit risk since initial recognition. If an entity is unable to make this determination without undue cost or effort paragraph B8G of this Ind AS applies. B8EB In order to determine the loss allowance on financial instruments initially recognised (or loan commit....
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.... date of transition to Ind ASs and shall not recognise the corresponding benefit of the government loan at a below-market rate of interest as a government grant. Consequently, if a first-time adopter did not, under its previous GAAP, recognise and measure a government loan at a below-market rate of interest on a basis consistent with Ind AS requirements, it shall use its previous GAAP carrying amount of the loan at the date of transition to Ind ASs as the carrying amount of the loan in the opening Ind AS Balance Sheet. An entity shall apply Ind AS 109 to the measurement of such loans after the date of transition to Ind ASs. B11 Despite paragraph B10, an entity may apply the requirements in Ind AS 109 and Ind AS 20 retrospectively to any government loan originated before the date of transition to Ind ASs, provided that the information needed to do so had been obtained at the time of initially accounting for that loan. B12 The requirements and guidance in paragraphs B10 and B11 do not preclude an entity from being able to use the exemptions described in paragraphs D19-D19C relating to the designation of previously recognised financial instruments at fair value through profit or los....
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....21 retrospectively to those fair value adjustments and goodwill, it shall treat them as assets and liabilities of the entity rather than as assets and liabilities of the acquiree. Therefore, those goodwill and fair value adjustments either are already expressed in the entity's functional currency or are non-monetary foreign currency items, which are reported using the exchange rate applied in accordance with previous GAAP. C3 An entity may apply Ind AS 21 retrospectively to fair value adjustments and goodwill arising in either: (a) all business combinations that occurred before the date of transition to Ind ASs; or (b) all business combinations that the entity elects to restate to comply with Ind AS 103, as permitted by paragraph C1 above. C4 If a first-time adopter does not apply Ind AS 103 retrospectively to a past business combination, this has the following consequences for that business combination: (a) The first-time adopter shall keep the same classification (as an acquisition by the legal acquirer, a reverse acquisition by the legal acquiree, or a uniting of interests) as in its previous GAAP financial statements. (b) The first-time adopter shall recognise all its....
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....and liabilities assumed in that business combination shall be their deemed cost in accordance with Ind ASs at that date. If Ind ASs require a cost-based measurement of those assets and liabilities at a later date that deemed cost shall be the basis for cost-based depreciation or amortisation from the date of the business combination. 21[(f) If an asset acquired, or liability assumed, in a past business combination was not recognised in accordance with previous GAAP, it does not have a deemed cost of zero in the opening Ind AS Balance Sheet. Instead, the acquirer shall recognise and measure it in its consolidated Balance Sheet on the basis that Ind ASs would require in the Balance Sheet of the acquiree. To illustrate: if the acquirer had not, in accordance with its previous GAAP, capitalised leases acquired in a past business combination in which acquiree was a lessee, it shall capitalise those leases in its consolidated financial statements, as Ind AS 116, Leases, would require the acquiree to do in its Ind AS Balance Sheet. Similarly, if the acquirer had not, in accordance with its previous GAAP, recognised a contingent liability that still exists at the date of transition to In....
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....o goodwill that Ind AS 103 would not permit, but were made in accordance with previous GAAP because of adjustments to assets and liabilities between the date of the business combination and the date of transition to Ind ASs. (i) If the first-time adopter recognised goodwill in accordance with previous GAAP as a deduction from equity: (i) it shall not recognise that goodwill in its opening Ind AS Balance Sheet. Furthermore, it shall not reclassify that goodwill to profit or loss if it disposes of the subsidiary or if the investment in the subsidiary becomes impaired. (ii) adjustments resulting from the subsequent resolution of a contingency affecting the purchase consideration shall be recognised in retained earnings. (j) In accordance with its previous GAAP, the first-time adopter may not have consolidated a subsidiary acquired in a past business combination (for example, because the parent did not regard it as a subsidiary in accordance with previous GAAP or did not prepare consolidated financial statements). The first-time adopter shall adjust the carrying amounts of the subsidiary's assets and liabilities to the amounts that Ind ASs would require in the subsidiary's Bala....
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....phs D21 and D21A); 10[(m) financial assets or intangible assets accounted for in accordance with Appendix D to Ind AS 115 Service Concession Arrangements (paragraph D22);] (n) borrowing costs (paragraph D23); (o) [Refer to Appendix 1]; (p) extinguishing financial liabilities with equity instruments (paragraph D25); (q) severe hyperinflation (paragraphs D26-D30); (r) joint arrangements (paragraph D31-D31AL); (s) stripping costs in the production phase of a surface mine (paragraph D32); (t) designation of contracts to buy or sell a non-financial item (paragraph D33); 11[(u) revenue (paragraphs D34-D35)] 12[(ua)] non-current assets held for sale and discontinued operations (paragraph D35AA); and 13[(v) foreign currency transactions and advance consideration (paragraph D36).] An entity shall not apply these exemptions by analogy to other items. Share-based payment transactions D2 A first-time adopter is encouraged, but not required, to apply Ind AS 102 Share-based payment to equity instruments that vested before date of transition to Ind ASs. However, if a first-time adopter elects to apply Ind AS 102 to such equity instruments, it may do so only if the entity ....
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....tion of an item of property, plant and equipment at, or before, the date of transition to Ind ASs as deemed cost at the date of the revaluation, if the revaluation was, at the date of the revaluation, broadly comparable to: ( a ) fair value; or ( b ) cost or depreciated cost in accordance with Ind ASs, adjusted to reflect, for example, changes in a general or specific price index. 3[D7 The elections in paragraphs D5 and D6 are also available for: (a) Omitted*; 23[(aa) right-of-use assets (Ind AS 116, Leases); and] (b) intangible assets that meet: (i) the recognition criteria in Ind AS 38 (including reliable measurement of original cost); and (ii) the criteria in Ind AS 38 for revaluation (including the existence of an active market). An entity shall not use these elections for other assets or for liabilities.] D7AA Where there is no change in its functional currency on the date of transition to Ind ASs, a first-time adopter to Ind ASs may elect to continue with the carrying value for all of its property, plant and equipment as recognised in the financial statements as at the date of transition to Ind ASs, measured as per the previous GAAP and use that as its deemed....
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.... the date of transition to Ind ASs on the following basis: (a) exploration and evaluation assets at the amount determined under the entity's previous GAAP; and (b) assets in the development or production phases at the amount determined for the cost centre under the entity's previous GAAP. The entity shall allocate this amount to the cost centre's underlying assets pro rata using reserve volumes or reserve values as of that date. The entity shall test exploration and evaluation assets and assets in the development and production phases for impairment at the date of transition to Ind ASs in accordance with Ind AS 106, Exploration for and Evaluation of Mineral Resources, or Ind AS 36 respectively and, if necessary, reduce the amount determined in accordance with (a) or (b) above. For the purposes of this paragraph, oil and gas assets comprise only those assets used in the exploration, evaluation, development or production of oil and gas. 24[D8B Some entities hold items of property, plant and equipment, right-of-use assets or intangible assets that are used, or were previously used, in operations subject to rate regulation. The carrying amount of such items might include amounts ....
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....f any prepaid or accrued lease payments relating to that lease recognised in the Balance Sheet immediately before the date of transition to Ind AS. (c) apply Ind AS 36 to right-of-use assets at the date of transition to Ind AS. D9C Omitted* D9D A first-time adopter that is a lessee may do one or more of the following at the date of transition to Ind AS, applied on a lease-by-lease basis: (a) apply a single discount rate to a portfolio of leases with reasonably similar characteristics (for example, a similar remaining lease term for a similar class of underlying asset in a similar economic environment). (b) elect not to apply the requirements in paragraph D9B to leases for which the lease term (see paragraph D9E) ends within 12 months of the date of transition to Ind AS. Instead, the entity shall account for (including disclosure of information about) these leases as if they were short-term leases accounted for in accordance with paragraph 6 of Ind AS 116. (c) elect not to apply the requirements in paragraph D9B to leases for which the underlying asset is of low value (as described in paragraphs B3-B8 of Ind AS 116). Instead, the entity shall account for (including disclos....
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....xchange differences arising from translation of long-term foreign currency monetary items recognised in the financial statements for the period ending immediately before the beginning of the first Ind AS financial reporting period as per the previous GAAP. Investments in subsidiaries, joint ventures and associates D14 When an entity prepares separate financial statements, Ind AS 27 requires it to account for its investments in subsidiaries, joint ventures and associates either: (a) at cost; or (b) in accordance with Ind AS 109. D15 If a first-time adopter measures such an investment at cost in accordance with Ind AS 27, it shall measure that investment at one of the following amounts in its separate opening Ind AS Balance Sheet: (a) cost determined in accordance with Ind AS 27; or (b) deemed cost. The deemed cost of such an investment shall be its: (i) fair value at the entity's date of transition to Ind ASs in its separate financial statements; or (ii) previous GAAP carrying amount at that date. A first-time adopter may choose either (i) or (ii) above to measure its investment in each subsidiary, joint venture or associate that it elects to measure using a deemed c....
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....ties at the same amounts in both financial statements, except for consolidation adjustments. Compound financial instruments D18 Ind AS 32 Financial Instruments: Presentation requires an entity to split a compound financial instrument at inception into separate liability and equity components. If the liability component is no longer outstanding, retrospective application of Ind AS 32 involves separating two portions of equity. The first portion is in retained earnings and represents the cumulative interest accreted on the liability component. The other portion represents the original equity component. However, in accordance with this Ind AS, a first-time adopter need not separate these two portions if the liability component is no longer outstanding at the date of transition to Ind ASs. Designation of previously recognised financial instruments D19 Ind AS 109 permits a financial liability (provided it meets certain criteria) to be designated as a financial liability at fair value through profit or loss. Despite this requirement an entity is permitted to designate, at the date of transition to Ind ASs, any financial liability as at fair value through profit or loss provided the l....
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....alculate the accumulated depreciation on that amount, as at the date of transition to Ind ASs, on the basis of the current estimate of the useful life of the asset, using the depreciation policy adopted by the entity in accordance with Ind ASs. D21A An entity that uses the exemption in paragraph D8A(b) (for oil and gas assets in the development or production phases accounted for in cost centers that include all properties in a large geographical area under previous GAAP) shall, instead of applying paragraph D21 or Appendix A of Ind AS 16: (a) measure decommissioning, restoration and similar liabilities as at the date of transition to Ind ASs in accordance with Ind AS 37; and (b) recognise directly in retained earnings any difference between that amount and the carrying amount of those liabilities at the date of transition to Ind ASs determined under the entity's previous GAAP. 14[Financial assets or intangible assets accounted for in accordance with Appendix D, Service Concession Arrangements to Ind AS 115] D22 A first-time adopter may apply the following provisions while applying the 15[Appendix D to Ind AS 115:] i) Subject to paragraph (ii), changes in accounting policie....
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.... foreign currency. Exchangeability is assessed in accordance with Ind AS 21.] D28 The functional currency of an entity ceases to be subject to severe hyperinflation on the functional currency normalisation date. That is the date when the functional currency no longer has either, or both, of the characteristics in paragraph D27, or when there is a change in the entity's functional currency to a currency that is not subject to severe hyperinflation. D29 When an entity's date of transition to Ind ASs is on, or after, the functional currency normalisation date, the entity may elect to measure all assets and liabilities held before the functional currency normalisation date at fair value on the date of transition to Ind ASs. The entity may use that fair value as the deemed cost of those assets and liabilities in the opening Ind AS Balance Sheet. D30 When the functional currency normalisation date falls within a 12-month comparative period, the comparative period may be less than 12 months, provided that a complete set of financial statements (as required by paragraph 10 of Ind AS 1) is provided for that shorter period. Joint arrangements D31 [Refer to Appendix 1] Joint ventur....
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....lities that have been aggregated into the single line investment balance at the date of transition to Ind ASs. That disclosure shall be prepared in an aggregated manner for all joint ventures at the date of transition to Ind ASs. D31AF After initial recognition at the date of transition to Ind ASs, an entity shall account for its investment in the joint venture using the equity method in accordance with Ind AS 28. Joint operations-transition from the equity method to accounting for assets and liabilities D31AG When changing from the equity method to accounting for assets and liabilities in respect of its interest in a joint operation, an entity shall, at the date of transition to Ind ASs, derecognise the investment that was previously accounted for using the equity method and 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 recognise its share of each of the assets and the liabilities in respect of its interest in the joint operation, including any goodwill that might have formed part of the carrying amount of the investment. D31AH An entity shall determine its interest in the assets and liabilit....
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....ovide a reconciliation between the investment derecognised, and the assets and liabilities recognised, together with any remaining difference adjusted in retained earnings, at the date of transition to Ind ASs. Stripping costs in the production phase of a surface mine D32 A first-time adopter may apply the Appendix B of Ind AS 16 Stripping Costs in the Production Phase of a Surface Mine from the date of transition to Ind ASs. As at transition date to Ind ASs, any previously recognised asset balance that resulted from stripping activity undertaken during the production phase ('predecessor stripping asset') shall be reclassified as a part of an existing asset to which the stripping activity related, to the extent that there remains an identifiable component of the ore body with which the predecessor stripping asset can be associated. Such balances shall be depreciated or amortised over the remaining expected useful life of the identified component of the ore body to which each predecessor stripping asset balance relates. If there is no identifiable component of the ore body to which that predecessor stripping asset relates, it shall be recognised in opening retained earnings a....
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....t Appendix initially recognised before the date of transition to Ind AS Standards.] Appendix E Short-term exemptions from Ind ASs [Refer to Appendix 1] 32[E1 * E2 * E3 * E4 * E5 * E6 * E7 * (*Refer Appendix 1) Uncertainty over income tax treatments E8 A first-time adopter whose date of transition to Ind ASs is before the date of notification of this Appendix may elect not to reflect the application of the Appendix C, Uncertainty over Income Tax Treatments, to Ind AS 12, Income Taxes, in comparative information in its first Ind AS financial statements. An entity that makes that election shall recognise the cumulative effect of applying Appendix C to Ind AS 12 as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at the beginning of its first Ind AS reporting period.] Appendix 1 Note: This Appendix is not a part of the Ind AS 101, First-time Adoption of Indian Accounting Standards. The purpose of this Appendix is only to highlight major differences between Ind AS 101 and corresponding International Financial ....
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....ptions to the retrospective application of other IFRS refer to transitional provisions of other IFRSs. However Ind ASs does not provide transitional provisions, accordingly transitional provisions in other IFRSs have been incorporated in the paragraphs B8A, B8B, B8D, B8E, B8EA and B8EB of Ind AS 101. 7. Certain exemptions in Appendix D of IFRS 1 refer to transitional provisions of other IFRSs. However Ind ASs do not provide transitional provisions, accordingly wherever considered an appropriate transitional provision in other IFRSs has been incorporated in the respective exemptions in Appendix D of Ind AS 101. The following paragraphs in IFRS 1 provide the transitional provisions of other IFRSs which are included in Ind AS 101: (i) Paragraph D4 includes the transitional provisions of IFRS 4 Insurance Contracts; 44[(ii) *****;] (iii) Paragraph D22 includes the transitional provisions of IFRIC 12 Service Concession Arrangements; (iv) Paragraph D25 includes the transitional provisions of IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments; (v) Paragraph D31 includes the transitional provisions of IFRS 11 Joint Arrangements; (vi) Paragraph D32 includes the....
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....nt, investment properties or intangible assets, as the case maybe, are significantly depreciated, impaired or derecognised from the entity's Balance Sheet. 2. Paragraph D9AA has been added to provide for transitional relief while applying Ind AS 17: Leases. D9AA provides an entity to use the transition date facts and circumstances for lease arrangements which includes both land and building elements to assess the classification of each element as finance or an operating lease at the transition date to Ind ASs. Also, 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; any difference between those fair values is recognised in retained earnings. 3. Paragraph D35AA has been added to provide for transitional relief while applying Ind AS 105 - Non-current Assets Held for Sale and Discontinued Operations. Paragraph D35AA provides an entity to use the transitional date circumstances to measure such assets or operations at the lower of carrying value and fair value less cost to sell. 33[9. Paragraphs E1-E2 of Appendix E of IFRS 1 provides 'Short-term exemptions from IFRSs', however Ind A....
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....statements shall disclose, for each line item in the opening Ind AS Balance Sheet: (a) the aggregate of those fair values; and (b) the aggregate adjustment to the carrying amounts reported under previous GAAP." 2. Substituted vide F. No. 01/01/2009-CL-V(Part) - Dated 30-3-2016 before it was read as, "(m) financial assets or intangible assets accounted for in accordance with Appendix C to Ind AS 115 Service Concession Arrangements(paragraph D22); " 3. Substituted vide F. No. 01/01/2009-CL-V(Part) - Dated 30-3-2016 before it was read as, "D7 The elections in paragraphs D5 and D6 are also available for: (a) investment property, accounted for in accordance with the cost model in Ind AS 40, Investment Property; and (b) intangible assets that meet: ( i ) the recognition criteria in Ind AS 38 (including reliable measurement of original cost); and ( i i ) the criteria in Ind AS 38 for revaluation (including the existence of an active market). An entity shall not use these elections for other assets or for liabilities." 4. Substituted vide F. No. 01/01/2009-CL-V(Part) - Dated 30-3-2016 before it was read as, "Financial assets or intangible....
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....109 Financial Instruments and Ind AS 115 Revenue from Contracts with Customer have been issued with consequential amendments in other IFRS including IFRS1. Accordingly, there consequential amendments Ind AS 109 and Ind AS 115 have been incorporated in Ind AS 101." 8. Inserted vide F. No. 01/01/2009-CL-V(Part) - Dated 30-3-2016 9. Inserted vide F. No. 01/01/2009-CL-V(Part VI) - Dated 28-03-2018, w.e.f. 1st day of April, 2018, 10. 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, "2[(m) financial assets or intangible assets accounted for in accordance with Appendix A to Ind AS 11 Service Concession Arrangements (paragraph D22); ]" 11. 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, "(u) revenue from contracts with customers (paragraph D34 - D35); 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....
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....r liability assumed, in a past business combination was not recognised in accordance with previous GAAP, it does not have a deemed cost of zero in the opening Ind AS Balance Sheet. Instead, the acquirer shall recognise and measure it in its consolidated Balance Sheet on the basis that Ind ASs would require in the Balance Sheet of the acquiree. To illustrate: if the acquirer had not, in accordance with its previous GAAP, capitalised finance leases acquired in a past business combination, it shall capitalise those leases in its consolidated financial statements, as Ind AS 17, Leases, would require the acquiree to do in its Ind AS Balance Sheet. Similarly, if the acquirer had not, in accordance with its previous GAAP, recognised a contingent liability that still exists at the date of transition to Ind ASs, 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....
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....n accordance with previous GAAP as that required by Appendix C of Ind AS-17 but at a date other than that required by D9 above, the first-time adopter need not reassess that determination when it adopts Ind ASs. For an entity to have made the same determination of whether the arrangement contained a lease in accordance with previous GAAP, that determination would have to have given the same outcome as that resulting from applying Ind AS 17, Leases, and Appendix C of Ind AS 17." 27. 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 "D9AA When a lease includes both land and building elements, a first time adopter 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. 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)] ....
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....ide NOTIFICATION NO. G.S.R. 419(E) dated 18-06-2021 before it was read as "(d) classification and measurement of financial assets (paragraphs B8- B8C);" 37. Substituted vide NOTIFICATION NO. G.S.R. 419(E) dated 18-06-2021 before it was read as "Classification and measurement of financial assets" 38. Inserted vide Notification No. G.S.R 255(E) dated 23-03-2022 w.e.f. 01-04-2022 39. Substituted vide Notification No. G.S.R 255(E) dated 23-03-2022 w.e.f. 01-04-2022 before it was read as, "(f) cumulative translation differences (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 ....