| Significant Difference between Accounting Standards and IFRS/IAS |
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| AS-1 Disclosure of A/c-ing Policies |
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| Points |
AS-1 |
IFRS/IAS-1 |
| Statement showing changes in equity |
does not prescribe such statement |
F.S include statement showing changes in equity |
| presumption about fair presentation |
no such presumption |
application of IFRS lead to fair presentation |
| specific disclosure for departure from IFRS/AS |
no such disclosure |
specific disclosure |
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| AS-3 Cash Flow Statement |
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| Points |
AS-3 |
IFRS/IAS-7 |
| separate disclosure of Extra Ordinary Items |
required |
does not require |
| distinction b/w Bank borrowings & Bank overdraft |
no distinction |
make distinction.Bank Borrowings are considered financing activities and Bank O.D are considered part of cash equivalents. |
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| AS-4 Contingencies & Event occuring after the B.S Date |
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| Points |
AS-4 |
IFRS/IAS-10 |
| treatment of Proposed Dividend |
treated as adjusting event |
Proposed Dividend after balance sheet date but before the date of the F.S is non-adjusting event. |
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| AS-5 Net Profit or Loss for the period,Extraordinary Items,Changes in A/c-ing Estimates |
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| Points |
AS-5 |
IFRS/IAS-8 |
| treatment of Prior Period Items |
disclosed in the F.S for the period in which the error is found.i.e. Prospective effect |
Subject to practicability,an entity shall correct material prior period errors retrospectively by: (a) Restating the comparative amounts for the prior period presented in which the error occured,or (b) if the error occured before that restating the opening balances of assets,liabilities and equity. |
| Disclosure of Extraordinary Items |
specifically require certain items to be disclosed as extraordinary items |
prohibits any items to be disclosed as extraordinary items |
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| AS-6 Depreciation Accounting |
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| Points |
AS-6 |
IFRS/IAS-16 |
| Change in Depreciation method |
regarded as change in an accounting policy, therefore retrospective effect required. |
regarded as change in an accounting estimate, therefore retrospective effect not required. |
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| AS-6 Depreciation Accounting |
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| Points |
AS-6 |
IFRS/IAS-16 |
| Change in Depreciation method |
regarded as change in an accounting policy, therefore retrospective effect required. |
regarded as change in an accounting estimate, therefore retrospective effect not required. |
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| AS-10 A/c-ing for Fixed Assets |
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| Points |
AS-10 |
IFRS/IAS-16 |
| Revaluation of F.A |
allowed |
allowed but with detailed guidelines. |
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| AS-12 A/c-ing for Government Grant |
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| Points |
AS-12 |
IFRS/IAS-20 |
| measurement of non-monetary grants |
does not state about Fair Value |
talks about Fair Value |
| Grant in the nature of Promoter Contribution |
credited to Capital Reserve |
treated as deffered income |
| Refund of Govt. Grant |
Extraordinary Item as per AS-5 |
Change in Estimate |
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| AS-9 Revenue Recognisition |
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| Points |
AS-9 |
IFRS/IAS-18 |
| provision for Revenue Swaps (Exchange Transaction) |
no provision |
contain the provision of Revenue Swap. When goods or services are exchanged or swapped for goods or services which are of a similar nature & value, the exchange is not regared as a trxn which generates revenue. When goods or services are exchanged for dissimilar goods or services, the ex. is regarded as trxn which generate revenue. |
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| AS-17 Segment Reporting |
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| Points |
AS-17 |
IFRS-8 |
| Applicability |
Level-1 & Non-SMEs |
Enterprise whose equity or debt security are publicly traded or in the process, but does include other. |
| A/c-ing Policies |
Segement information should be prepared in conformity with Accounting Policies adopted for preparation & presentation of A/c-ing policies |
does not prescribe the a/c-ing policies to be used. Therefore, permits alternative basis of A/c-ing for segment. |
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| AS-18 Related Party Disclosure |
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| Points |
AS-18 |
IFRS/IAS-24 |
| State controlled Entities |
excludes from RP |
within the scope of RPD |
| Pricing Policy |
no specific disclosure require |
needs to be disclosed |
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| AS-19 A/c-ing for Leases |
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| Points |
AS-19 |
IFRS/IAS-17 |
| Applicability to use land |
not applicable |
applicable |
| Onerous lease |
not dealt however AS-29 deals for the purpose of making provision for losses |
IAS-37 deals with onerous contract |
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| AS-20 Earning Per Share |
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| Points |
AS-20 |
IFRS/IAS-33 |
| Share application money |
treated as potential equity shares |
does not specify anything |
| Disclosure |
parent's seprate F.S as well as in Consolidated F.S |
Consolidated F.S |
| Guidance |
provides guidance on the basis of apportionment of profits over different classes of equity shares |
silent about it |
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| AS-21 Consolidated F.S |
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| Points |
AS-21 |
IFRS/IAS-27 |
| Goodwill |
determind on historical cost basis; no prescripttion for amortisation of goodwill |
determined at fair value;amortisation is provided. |
| Differential period |
dates of parent & subsidiary,if do not coincide should not exceed six months. |
three months |
| Deferred Tax |
no principle |
if IT have been paid on inter company profits on assets remaining within the group,those tax are deffered until the related asset are sold in an arm's length transaction. |
| Exception |
severe long term restriction |
no exception |
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| AS-22 A/c-ing for Taxes on Income |
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| Points |
AS-22 |
IFRS/IAS-12 |
| Recognition of DTA |
to the extent there is resonable or virtual certainty of income |
to the extent that it is probable that the enterprise will have sufficient taxable profit. |
| Reconciliation |
does not require numerical reconciliation between tax expenses and pre-tax a/c-ing profit |
requires. |
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| AS-23 A/c-ing for investmets in Associates in Consolidated F.S |
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| Points |
AS-23 |
IFRS/IAS-28 |
| Goodwill |
required to be separately identified & disclosed within the investment |
does not require so |
| equity method, where? |
entity prepares consolidated F.S |
in separate F.S of the investor |
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| AS-24 Discontinuing Operation |
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| Points |
AS-24 |
IFRS-5/IAS-35 |
| Name |
u know |
IFRS-5 "Non current assets held for sale & discontinued operation" |
| Disclosure when |
after "Initial disclosure event" |
after the classification of non-current asset as 'held for sale' |
| valuation of asset |
cost less depreciation |
after the classification of non-current asset as 'held for sale' ,it will be carried at lower of carrying amount and fair value. |
| Disclosure |
through notes to accounts.Only amount of gain or loss is disclosed on the face of P & L a/c. |
A/L presented separately on the face of the B.S & income on the face of the income statement. |
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| AS-26 Intangible Assets |
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| Points |
AS-26 |
IFRS-5/IAS-38 |
| Revaluation of Assets |
not permitted |
permitted |
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| AS-29 Provisions, Contingent Liabilities & Contingent Assets |
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| Points |
AS-29 |
IFRS/IAS-37 |
| disclosure of Contingent Assets |
not required |
required |
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