Clarifications required-indas vs ifrs

Subhendu S Sanyal (B.Com(C.S.),CA FINAL ) (664 Points)

17 February 2016  

This is with reference to the supplementary study material issued by ICAI for IndAS under Paper 1- Financial Reporting ( https://resource.cdn.icai.org/39331bos28801.pdf ) .After each IndAS,  the difference between that IndAS vis a vis  IFRS and Notified AS have been provided.  Also ,the difference between  Ind AS and IFRS have been divided into 2 parts –  differences resulting in Carve Out/ Carve &  differences  NOT resulting in Carve Out/ CarveIn .In view of the above, please clarify the following in this regard: 

  • What do the phrase “Carve Out/ Carve In” mean in this context ? Please explain this  concept with an example using any IND AS.
  • Why all differences between IndAS  and IFRS does NOT result  in Carve Out/ Carve In. Please explain this concept with an example using any IND AS.  
  • Why the concept of Carve Out/ Carve In” is applicable only for differences between IndAS vis a vis IFRS ? Why  such a concept is not applicable for difference between IndAS and  Notified AS ? Please explain this concept with an example using any IND AS.         
  • Whether the phrase ‘Notified AS’ means existing AS ?

          THANKS..