1. Awareness Programme on Ind AS

2. Topics Overview of Ind AS Convergence Process
Roadmap for implementation of Ind AS
Carve-outs made in Ind AS

3. Overview of Ind AS

4. Background
Need for International Financial Reporting Standards?

5. Key Terms - IFRS
IASB : International Accounting Standards Board (formerly IASC)
IASC : International Accounting Standards Committee (now IASB)
IFRIC : International Financial Reporting Interpretation Committee
SIC : Standard Interpretations Committee (now IFRIC)
IFRS : International Financial Reporting Standards (formerly IAS)
IAS : International Accounting Standards (now IFRS)
FASB : Financial Accounting Standards Board in the US
IFAC : International Federation of Accountants

6. Key Terms - IFRS
International Financial Reporting Standards (IFRSs) are Standards and Interpretations issued by the International Accounting Standards Board (IASB). They comprise: (a) International Financial Reporting Standards (developed by the IASB); (b) International Accounting Standards (developed by the IASC); (c) IFRIC Interpretations (developed by the IFRIC Committee); and (d) SIC Interpretations (developed by the SIC Committee).

7. Key Terms – Ind AS MCA : Ministry of Corporate Affairs
NACAS : National Advisory Committee on Accounting Standards
ASB : Accounting Standard Board of ICAI
Ind AS : Indian Accounting Standards
AS : Accounting Standards
Indian GAAP : Indian Generally Accepted Accounting Principles

8. Total Number of IFRS Standards 18 IFRIC Interpretations70
16 IFRSs
28 IASs
18 IFRIC Interpretations
Interpretations
8 SIC

9. IFRSs IAS Name IAS 1 Presentation of Financial Statements IAS 2
Sr. No.
IAS
Name 1
IAS 1
Presentation of Financial Statements 2
IAS 2
Inventories
IAS 3
Consolidated Financial Statements Superseded in 1989 by IAS 27 and IAS 28
IAS 4
Depreciation Accounting Withdrawn in 1999
IAS 5
Information to Be Disclosed in Financial Statements Superseded by IAS 1 effective 1 July 1998
IAS 6
Accounting Responses to Changing Prices Superseded by IAS 15, which was withdrawn December 2003 3
IAS 7
Statement of Cash Flows 4
IAS 8
Accounting Policies, Changes in Accounting Estimates and Errors
IAS 9
Accounting for Research and Development Activities Superseded by IAS 38 effective 1 July 1999 5
IAS 10
Events After the Reporting Period 6
IAS 11
Construction Contracts (Will be superseded by IFRS 15 as of 1 January 2018) 7
IAS 12
Income Taxes

10. IFRSs
Sr. No.
IAS
Name
IAS 13
Presentation of Current Assets and Current Liabilities Superseded by IAS 39 effective 1 July 1998
IAS 14
Segment Reporting Superseded by IFRS 8 effective 1 January 2009
IAS 15
Information Reflecting the Effects of Changing Prices Withdrawn December 2003 8
IAS 16
Property, Plant and Equipment 9
IAS 17
Leases (Will be superseded by IFRS 16 as of 1 January 2019) 10
IAS 18
Revenue (Will be superseded by IFRS 15 as of 1 January 2018)
IAS 19
Employee Benefits (1998) Superseded by IAS 19 (2011) effective 1 January 2013 11
IAS 19
Employee Benefits (2011) 12
IAS 20
Accounting for Government Grants and Disclosure of Government Assistance 13
IAS 21
The Effects of Changes in Foreign Exchange Rates
IAS 22
Business Combinations Superseded by IFRS 3 effective 31 March 2004 14
IAS 23
Borrowing Costs 15
IAS 24
Related Party Disclosures

11. IFRSs
Sr. No.
IAS
Name
IAS 25
Accounting for Investments Superseded by IAS 39 and IAS 40 effective 2001 16
IAS 26
Accounting and Reporting by Retirement Benefit Plans 17
IAS 27
Separate Financial Statements (2011)
IAS 27
Consolidated and Separate Financial Statements Superseded by IFRS 10, IFRS 12 and IAS 27 (2011) effective 1 January 2013 18
IAS 28
Investments in Associates and Joint Ventures (2011)
IAS 28
Investments in Associates Superseded by IAS 28 (2011) and IFRS 12 effective 1 January 2013 19
IAS 29
Financial Reporting in Hyperinflationary Economies
IAS 30
Disclosures in the Financial Statements of Banks and Similar Financial Institutions Superseded by IFRS 7 effective 1 January 2007
IAS 31
Interests In Joint Ventures Superseded by IFRS 11 and IFRS 12 effective 1 January 2013 20
IAS 32
Financial Instruments: Presentation 21
IAS 33
Earnings Per Share 22
IAS 34
Interim Financial Reporting
IAS 35
Discontinuing Operations Superseded by IFRS 5 effective 1 January 2005

12. IFRSs IAS Name IAS 36 Impairment of Assets IAS 37
Sr. No.
IAS
Name 23
IAS 36
Impairment of Assets 24
IAS 37
Provisions, Contingent Liabilities and Contingent Assets 25
IAS 38
Intangible Assets 26
IAS 39
Financial Instruments: Recognition and Measurement Superseded by IFRS 9 where IFRS 9 is applied 27
IAS 40
Investment Property 28
IAS 41
Agriculture

13. IFRSs
Sr. No.
IFRS
Name 29
IFRS 1
First-time Adoption of International Financial Reporting Standards 30
IFRS 2
Share-based Payment 31
IFRS 3
Business Combinations 32
IFRS 4
Insurance Contracts 33
IFRS 5
Non-current Assets Held for Sale and Discontinued Operations 34
IFRS 6
Exploration for and Evaluation of Mineral Assets 35
IFRS 7
Financial Instruments: Disclosures 36
IFRS 8
Operating Segments 37
IFRS 9
Financial Instruments (effective for periods beginning on or after 1 January 2018) 38
IFRS 10
Consolidated Financial Statements 39
IFRS 11
Joint Arrangements 40
IFRS 12
Disclosure of Interests in Other Entities 41
IFRS 13
Fair Value Measurement 42
IFRS 14
Regulatory Deferral Accounts (Effective for periods beginning on or after 1 January 2016) 43
IFRS 15
Revenue from Contracts with Customers (Effective for periods beginning on or after 1 January 2018) 44
IFRS 16
Leases (Effective for periods beginning on or after 1 January 2019)

14. IFRSs SIC Name SIC-7 Introduction of the Euro SIC-10
Sr. No.
SIC
Name 1
SIC-7
Introduction of the Euro 2
SIC-10
Government Assistance – No Specific Relation to Operating Activities
SIC-12
Consolidation – Special Purpose Entities Superseded by IFRS 10 and IFRS 12 effective 1 January 2013
SIC-13
Jointly Controlled Entities – Non-Monetary Contributions by Venturers Superseded by IFRS 11 and IFRS 12, effective for annual periods beginning on or after 1 January 2013 3
SIC-15
Operating Leases – Incentives (Will be superseded by IFRS 16 as of 1 January 2019) 4
SIC-25
Income Taxes – Changes in the Tax Status of an Enterprise or its Shareholders 5
SIC-27
Evaluating the Substance of Transactions in the Legal Form of a Lease (Will be superseded by IFRS 16 as of 1 January 2019) 6
SIC-29
Disclosure – Service Concession Arrangements 7
SIC-31
Revenue – Barter Transactions Involving Advertising Services (Will be superseded by IFRS 15 as of 1 January 2017) 8
SIC-32
Intangible Assets – Web Site Costs

15. IFRSs
Sr. No.
IFRIC
Name 9
IFRIC 1
Changes in Existing Decommissioning, Restoration and Similar Liabilities 10
IFRIC 2
Members' Shares in Co-operative Entities and Similar Instruments
IFRIC 3
Emission Rights Withdrawn June 2005 11
IFRIC 4
Determining Whether an Arrangement Contains a Lease (Will be superseded by IFRS 16 as of 1 January 2019) 12
IFRIC 5
Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds 13
IFRIC 6
Liabilities Arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment 14
IFRIC 7
Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies
IFRIC 8
Scope of IFRS 2 Withdrawn effective 1 January 2010 15
IFRIC 9
Reassessment of Embedded Derivatives 16
IFRIC 10
Interim Financial Reporting and Impairment
IFRIC 11
IFRS 2: Group and Treasury Share Transactions Withdrawn effective 1 January 2010 17
IFRIC 12
Service Concession Arrangements 18
IFRIC 13
Customer Loyalty Programmes (Will be superseded by IFRS 15 as of 1 January 2017)

16. IFRSs
Sr. No.
IFRIC
Name 19
IFRIC 14
IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction 20
IFRIC 15
Agreements for the Construction of Real Estate (Will be superseded by IFRS 15 as of 1 January 2017) 21
IFRIC 16
Hedges of a Net Investment in a Foreign Operation 22
IFRIC 17
Distributions of Non-cash Assets to Owners 23
IFRIC 18
Transfers of Assets from Customers (Will be superseded by IFRS 15 as of 1 January 2017) 24
IFRIC 19
Extinguishing Financial Liabilities with Equity Instruments 25
IFRIC 20
Stripping Costs in the Production Phase of a Surface Mine 26
IFRIC 21
Levies

17. (as appendices to respective Ind ASs)
Total Number of Ind ASs 40
26+14 Ind ASs
Interpretations
(as appendices to respective Ind ASs)

18. Ind ASs Ind ASs Name Ind AS 1 Presentation of Financial Statements
Sr. No.
Ind ASs
Name 1
Ind AS 1
Presentation of Financial Statements 2
Ind AS 2
Inventories 3
Ind AS 7
Statement of Cash Flows 4
Ind AS 8
Accounting Policies, Changes in Accounting Estimates and Errors 5
Ind AS 10
Events after the Reporting Period 6
Ind AS 11
Construction Contracts (will be superseded by Ind AS 115) 7
Ind AS 12
Income Taxes 8
Ind AS 16
Property, Plant and Equipment 9
Ind AS 17
Leases 10
Ind AS 18
Revenue (will be superseded by Ind AS 115) 11
Ind AS 19
Employee Benefits 12
Ind AS 20
Accounting for Government Grants and Disclosure of Government Assistance

19. Ind ASs Ind Ass Name Ind AS 21
Sr. No.
Ind Ass
Name 13
Ind AS 21
The Effects of Changes in Foreign Exchange Rates 14
Ind AS 23
Borrowing Costs 15
Ind AS 24
Related Party Disclosures 16
Ind AS 27
Separate Financial Statements 17
Ind AS 28
Investments in Associates and Joint Ventures 18
Ind AS 29
Financial Reporting in Hyperinflationary Economies 19
Ind AS 32
Financial Instruments: Presentation 20
Ind AS 33
Earnings per Share 21
Ind AS 34
Interim Financial Reporting 22
Ind AS 36
Impairment of Assets 23
Ind AS 37
Provisions, Contingent Liabilities and Contingent Assets 24
Ind AS 38
Intangible Assets

20. Ind ASs Ind Ass Name Ind AS 40 Investment Property Ind AS 41
Sr. No.
Ind Ass
Name 25
Ind AS 40
Investment Property 26
Ind AS 41
Agriculture 27
Ind AS 101
First-time Adoption of Indian Accounting Standards 28
Ind AS 102
Share-based Payment 29
Ind AS 103
Business Combinations 30
Ind AS 104
Insurance Contracts 31
Ind AS 105
Non current Assets Held for Sale and Discontinued Operations 32
Ind AS 106
Exploration for and Evaluation of Mineral Resources 33
Ind AS 107
Financial Instruments: Disclosures 34
Ind AS 108
Operating Segments 35
Ind AS 109
Financial Instruments 36
Ind AS 110
Consolidated Financial Statements

21. Ind ASs Ind Ass Name Ind AS 111 Joint Arrangements Ind AS 112
Sr. No.
Ind Ass
Name 37
Ind AS 111
Joint Arrangements 38
Ind AS 112
Disclosure of Interests in Other Entities 39
Ind AS 113
Fair Value Measurement 40
Ind AS 114
Regulatory Deferral Accounts

22. Carve-outs in Ind AS

23. Adoption vs Convergence
IFRS adoption: A country adopting IFRS is implementing IFRS into its legislation in exact form as issued by IASB.
IFRS convergence: A country converging to IFRS cooperates with IASB to mutually develop compatible accounting and financial reporting standards (i.e. with few carve outs).
These carve outs have been made to fill up the gap/differences in application of Accounting Principles Practices and economic conditions prevailing in the country of implementation.

24. Key Carve Outs
Ind AS 1 (Presentation of Financial Statements) and Ind AS 10 (Event after the Reporting Period)
In case of long term loan arrangement, for breach of material provision on or before the end of reporting period, with the effect that the liability becomes payable on demand on the reporting date.
Any waiver or rectification of such breach subsequent to year end before the approval of the financial statements for issue are considered as adjusting event and continues to classify as non-current labilities. Under IFRS, it is considered as non-adjusting event.
Particular
IFRS
Ind AS
Breach of material provision of long term loan arrangements
Current liabilities
Non-current waived or rectified subsequent to year end before financial are approved for issue

25. Key Carve Outs 2. Ind AS 17 (Leases)
The straight lining of lease rentals under operating lease arrangements may not be required in cases where periodic rent escalation is due to inflation.
IFRS does not provide an exception to straight lining of lease rentals where rent escalation is due to inflation.
Particular
IFRS
Ind AS
Lease arrangement with periodic rent escalation
Straight line over the lease term
Escalation is due to inflation then no straight lining required

26. Key Carve Outs 3. Ind AS 18 (Revenue)
IFRIC 15 on Agreement for Construction of Real Estate prescribes that construction of real estate should be treated as sale of goods and revenue should be recognised when the entity has transferred significant risks and rewards of ownership and retained neither continuing managerial involvement nor effective control.
IFRIC 15 has not been included in Ind AS 18. Instead, a footnote has been given specifying that the Guidance Note on the subject being issued by the Institute of Chartered Accountants of India shall be followed.
Particular
IFRS
Ind AS
Agreement for Construction of Real Estate
IFRIC 15 on Agreement for Construction of Real Estate
As per Guidance Note issued by ICAI

27. Key Carve Outs
4. Ind AS 21 (The Effects of Changes in Foreign Exchange Rates)
Ind AS provides an option to continue with the policy adopted for accounting for exchange differences arising from the translation of long-term foreign currency monetary items recognized 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.
Particular
IFRS
Ind AS
Exchange differences arising from the translation of long-term
foreign currency monetary items
Charge to statement of profit and loss
Continue with previous GAAP policy of such item outstanding as on the date of transition

28. Key Carve Outs
5. Ind AS 28 (Investment on Associate and Joint Ventures)
Uniform accounting policies may not be used by the investors of an associate in case it is impracticable under Ind AS. This carve out has been made because the investor does not have ‘control’ over the associate.
Particular
IFRS
Ind AS
Accounting policies of an associate for the purpose of equity method of accounting by investor
Uniform
Uniform ‘unless impracticable to do so’
Paragraph 35 of Ind AS 28 requires use of uniform accounting policies, unless, in case of an associate, it is impracticable, which IAS 28 does not provide. This change has been made because the investor does not have ‘control’ over the associate, it may not be able to influence the associate to prepare additional financial statements or to follow the accounting policies that are followed by the investor.

29. Key Carve Outs
6. Ind AS 28 (Investment on Associate and Joint Ventures)
On the lines of Ind AS 103, Business Combinations, to transfer excess of the investor’s share of the net fair value of the investee’s identifiable assets and liabilities over the cost of investment in capital reserve whereas in IFRS (IAS 28), it is recognised in profit or loss.
Particular
IFRS
Ind AS
Excess of the investor’s share of the net fair value of the investee’s identifiable
assets and liabilities over the cost of investment
Recognised in statement of profit and loss
In equity as capital reserve

30. Key Carve Outs 7. Ind AS 32 (Financial Instruments : Presentation)
Ind AS states that where the exercise price for the conversion of the FCCB (Foreign currency convertible bonds) is fixed, irrespective of any currency, it is to be classified as equity rather than as an embedded derivative.
IFRS on the other hand, requires that where the conversion of bond into equity shares is fixed, but the exercise price for such conversion is defined in currency other than the functional currency of the entity, the conversion aspect is to be accounted as embedded derivative.
Particular
IFRS
Ind AS
Classification of (FCCB)
Embedded derivative
Equity

31. Key Carve Outs 8. Ind AS 40 (Investment Property)
Alternative option to value Investment Property subsequently at each reporting date on fair value is not allowed instead it will be valued only at cost.
Particular
IFRS
Ind AS
Subsequent Measurement at reporting date
Cost or fair value
Cost

32. Key Carve Outs 9. Ind AS 101 (First-time Adoption of Ind AS)
Allowing the use of carrying cost of Property, Plant and Equipment (PPE) on the date of transition in accordance with existing GAAP as its deemed cost instead of retrospective application of IAS 16 or fair value.
Particular
IFRS
Ind AS
Carrying of cost of PPE on the date of transition
Apply IAS 16 retrospectively or at fair value
Carrying value as per previous GAAP

33. Key Carve Outs 10. Ind AS 103 (Business Combinations)
Ind AS 103 requires bargain purchase gain arising on business combination to be recognized as other comprehensive income and accumulated in equity as capital reserve, unless there is no clear evidence for classifying the business combination as a bargain purchase. In this case, it is to be recognized directly in equity as capital reserve.
IFRS 3 requires the same to be recognized in profit or loss.
Particular
IFRS
Ind AS
Bargain purchase gain
Recognised in statement of profit and loss
Equity as capital reserve

34. Roadmap for implementation of Ind AS

35. Convergence Road Map
For companies other than banking companies, insurance companies and non-banking finance companies, implementation of Ind AS is as follows:
On voluntary basis:
For accounting periods beginning on or after 1 April 2015, with the comparatives for the periods ending 31 March 2015 or thereafter.
On mandatory basis
For accounting periods beginning on or after 1 April 2016, with comparatives for the periods ending 31 March 2016, or thereafter, for:
all companies having net worth of Rs. 500 cr or more.
holding, subsidiary, joint venture or associate companies of the above companies.

36. Convergence Road Map On mandatory basis (cont.)
For accounting periods beginning on or after 1 April 2017, with comparatives for the periods ending 31 March 2017, or thereafter, for:
companies whose equity and/or debt securities are listed or are in the process of being listed on any stock exchange in India or outside India and having net worth of less than Rs. 500 cr
unlisted companies having net worth of Rs. 250 cr or more (less than Rs. 500 cr)
holding, subsidiary, joint venture or associate companies of the above class of companies.

37. Convergence Road Map
The net worth shall be calculated in accordance with the stand-alone financial statements of the company as on 31st March, 2014 or the first audited financial statements for accounting period which ends after that date.
Once Ind AS are applied voluntary or mandatorily it is irrevocable and not require to prepare another set of financials as per AS.
Application is for both standalone as well as consolidated financial statements if threshold criteria met.

38. Convergence Road Map
Scheduled Commercial Banks, (excluding RRBs), Insurers/Insurance Companies and Non-Banking Finance Companies (NBFCs), will start in phase manner from the accounting period beginning 1 April 2018.
Urban Co-operative Banks (UCBs) and Regional Rural Banks (RRBs) shall not be required to apply Ind AS and shall continue to comply with the existing standards for time being.

39. Convergence Process

40. Steps Check the period of applicability as per Road Map
Identify GAAP differences
Ascertain implication on financial reporting, business process, IT, tax, etc.
Project planning
Implementation i.e. Transition to Ind AS as per Ind AS 101: First-time Adoption of Indian Accounting Standards
Post implementation review (continuous process)
Design and planning
This phase involves setting up the project infrastructure, the project management function,
including conversion roadmap and change management strategy. The aim of this phase is to setup
a core Ind AS team, framing conversion time-tables and deciding on detailed way-forward.
Formation of the project structure, project charter, communication plan, training plan and
expanded conversion roadmap are typical outputs from this phase.
• Solution development
The objective of this phase is to identify solutions to various issues identified in relation to
accounting and reporting, tax, business process and system changes. Typical output from this
phase comprises Ind AS accounting manuals, group reporting packages, Ind AS skeleton
accounts, group accounting policies, technical papers on Ind AS accounting issues, crystallizing
the impact on current and deferred tax, developing solutions for tax functions and identifying
processes, which need to be re-designed, modified or developed.
• Implementation
This phase involves roll out of solutions developed in the previous phase. In this phase the
company will conduct a process of dry-run of financial statements to ensure that before the
reporting deadline, the company is geared up to prepare Ind AS financial statements. Following
dry-run accounts, the company will roll-out final deliverables, i.e., the opening Ind AS balance
sheet and the first Ind AS financial statements. All business and process solutions developed will
also be implemented to facilitate the company transition to the new reporting framework.
• Post-implementation
This phase involves an assessment of how various solutions developed work in the
implementation phase and the identification of any issues in the operational model. These issues
are tackled in this phase to ensure successful on-going functioning of systems and processes in
IFRS reporting regime. On-going update training is also provided, to ensure that the company’s
personnel are updated with latest Ind AS developments, and also changes are made in systems
and processes. IFRS manuals will also need to be regularly updated for changes in IFRS.

41. Objective of Ind AS101
The objective of Ind AS 101 is to ensure that an entity’s first Ind AS financial statements, and its interim financial reports for part of the period covered by those financial statements, contain high quality information that:
is transparent and comparable over all periods presented
provides a suitable starting point for accounting under Indian Accounting Standards (Ind AS)
can be generated at a cost that does not exceed the benefits to users

42. Illustration - Ind AS Adoption Timeline
Entity will produce its first Ind AS statements ending on 31/03/2017 which is at least two years after the date of transition to Ind AS (01/04/2015)
Entity will have one year of full comparative information
The opening statement of balance sheet is prepared 'as at' the date of transition to Ind AS (01/04/2015) but using Standards effective at the first Ind AS reporting date (i.e. 31/03/2017).

43. Recognition and Measurement
The Starting Point:
An entity shall prepare an opening Ind AS balance sheet at the date of transition to Ind AS.
Accounting Policies:
Same accounting polices at opening and throughout all period presented with exceptions.
Other standards:
Not to apply different version of other standards that were effective at earlier dates.
May apply a new Ind AS that is not yet mandatory if that Ind AS permits early application
Subject to the exceptions and exemptions listed in Ind AS 101, transitional provisions in other Standards do not apply.
Accounting policies
An entity shall use the same accounting policies in its opening IFRS statement of financial position and throughout all periods presented in its first IFRS financial statements. Those accounting policies shall comply with each IFRS effective at the end of its first IFRS reporting period for its first IFRS financial statements with some exemptions (see voluntary exemptions).
Other Standards
An entity shall not apply different versions of the Standards that were effective at earlier dates. An entity may apply a new IFRS that is not yet mandatory if that IFRS permits early application.
Subject to the exceptions and exemptions listed in IFRS 1, transitional provisions in other Standards do not apply to a first-time adopter’s transition to IFRS.
Opening statement of financial position
An entity shall, in its opening IFRS statement of financial position:
recognise all assets and liabilities whose recognition is required by IFRS
not recognise items as assets or liabilities if the Standards do not permit such recognition
reclassify items that it recognised under previous GAAP as one type of asset, liability or component of equity, but are a different type of asset, liability or component of equity under IFRS
apply IFRS in measuring all recognised assets and liabilities
Adjustments
The adjustments resulting between the accounting policies that an entity uses in its opening IFRS and those used under its previous GAAP shall be recognised directly in retained earnings (or, if appropriate, another category of equity) at the date of transition to IFRS.

44. Recognition and Measurement - contd.
Opening balance sheet: An entity shall, in its opening Ind AS balance sheet:
recognise all assets and liabilities whose recognition is required by Ind AS
not recognise items as assets or liabilities if the Standards do not permit such recognition
reclassify items that it recognised under previous GAAP as one type of asset, liability or component of equity, but are a different type of asset, liability or component of equity under Ind AS
apply Ind AS in measuring all recognised assets and liabilities
Adjustments
The adjustments resulting between the accounting policies that an entity uses in its opening Ind AS and those used under its previous GAAP shall be recognised directly in retained earnings (or, if appropriate, another category of equity) at the date of transition to Ind AS.
Accounting policies
An entity shall use the same accounting policies in its opening IFRS statement of financial position and throughout all periods presented in its first IFRS financial statements. Those accounting policies shall comply with each IFRS effective at the end of its first IFRS reporting period for its first IFRS financial statements with some exemptions (see voluntary exemptions).
Other Standards
An entity shall not apply different versions of the Standards that were effective at earlier dates. An entity may apply a new IFRS that is not yet mandatory if that IFRS permits early application.
Subject to the exceptions and exemptions listed in IFRS 1, transitional provisions in other Standards do not apply to a first-time adopter’s transition to IFRS.
Opening statement of financial position
An entity shall, in its opening IFRS statement of financial position:
recognise all assets and liabilities whose recognition is required by IFRS
not recognise items as assets or liabilities if the Standards do not permit such recognition
reclassify items that it recognised under previous GAAP as one type of asset, liability or component of equity, but are a different type of asset, liability or component of equity under IFRS
apply IFRS in measuring all recognised assets and liabilities
Adjustments
The adjustments resulting between the accounting policies that an entity uses in its opening IFRS and those used under its previous GAAP shall be recognised directly in retained earnings (or, if appropriate, another category of equity) at the date of transition to IFRS.

45. Exceptions / Exemptions
Exception to the retrospective application to other Ind AS:
Mandatory
Voluntary

46. Presentation and Disclosure
Components and reconciliations to be presented in first Ind AS financial statements along-with notes, say for 31 March 2017.
31 Mar’17
31 Mar’16
1 Apr’15
Balance Sheet as on date
Yes
Income statement for the period
n/a
Cash flow statement for the period
Statement of changes in equity for the period
Reconciliation of equity to Indian GAAP No
Reconciliation of total comprehensive income to Indian GAAP
Explanation of material adjustments to cash flow statement prepared under Indian GAAP

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