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 ?
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