Accounting standards

carve outs are differences between Ind AS and International Accounting standards (IAS) and IFRS.

Ind AS are Existing AS converged with IAS and IFRS

Carve ins are neither differences nor commonalities. Suppose IAS or IFRS says something about one aspect then Ind AS will either say nothing i.e. will remain silent or speak in addition to IAS or IFRS.

Don't worry about Existing AS. Ind AS are improved version of Existing AS.



Note:Those AS developed prior to 2000 are called IAS and post 2000 are called IFRS.So,only IFRS will be developed. IAS will get replaced by new IFRS.Case in point:IFRS 9 and 7 replaced IAS 38.Similarly, Ind AS will replace Existing AS.

Thank you prashant

Originally posted by : Prashant Rajput
	carve outs are differences between Ind AS and International Accounting standards (IAS) and IFRS.Ind AS are Existing AS converged with IAS and IFRSCarve ins are neither differences nor commonalities. Suppose IAS or IFRS says something about one aspect then Ind AS will either say nothing i.e. will remain silent or speak in addition to IAS or IFRS.Don't worry about Existing AS. Ind AS are improved version of Existing AS.Note:Those AS developed prior to 2000 are called IAS and post 2000 are called IFRS.So,only IFRS will be developed. IAS will get replaced by new IFRS.Case in point:IFRS 9 and 7 replaced IAS 38.Similarly, Ind AS will replace Existing AS.

Agree