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Ind AS Vs AS #pdf
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AS 1: Accounting Policies Point of Difference AS 1 Ind AS 1 1 Compliance with AS Not required Disclose 2 Extraordinary items Disclose separately Prohibited 3 Opening balance sheet Not required In case of change in policy 4 Statement of change in equity Not required Required 5 Statement of Other Comprehensive Income Not required Below P&L 6 Comparative information Not required Required AS 2: Inventory Point of Difference AS 2 Ind AS 2 1 Inventory of Service Provider Excluded Included 2 Inventory of Commodity trader/ broker Included Excluded 3 Subsequent assessment of NRV Covered in AS 5 Covered in Ind AS 2 4 Inventory purchased on deferred basis Recorded at purchase price Purchase price less interest chargeable beyond normal credit period 5 Machine spares Defined Defined in Ind AS 16 AS 3: Cash flow statements Point of Difference AS 3 Ind AS 7 1 Bank OD Financing Activity Cash Equivalent 2 Asset purchase and sale in rental business Investing Activity Operating Activity 3 Undistributed profits of associate Not covered Deduct from profit while calculating cash flow from OA 4 Cash flow from Extra ordinary Activity Separately disclosed Not covered 5 Sale of subsidiary stake without loss of control Investing Activity Financing Activity 6 Dividend paid in case of Financial Enterprise Operating Activity Financing Activity AS 5: Change in policy, Prior period items and Change in Estimate Point of Difference AS 5 Ind AS 8 1 Extraordinary items Covered Excluded 2 Accounting for change in accounting policy Retrospective calculation, prospective accounting Retrospective calculation retrospective accounting 3 Change in accounting policy in case required by statute Covered Not covered 4 Prior period items Accounting in current year Accounting retrospectively 5 Disclosure requirement Comparatively less Comparatively more AS 4 : Events occurring after balance sheet date Point of Difference AS 4 Ind AS 10 1 Non Adjusting Events Disclose in Directors report Disclose in notes to accounts 2 Proposed dividend Recognize in BS Disclose in notes to accounts 3 Going concern Restate balance sheet Fundamental change in basis of accounting 4 Breach rectified later of long term loan arrangement Not covered Continue to classif y as long term loan AS 22: Income Taxes Point of Difference AS 22 Ind AS 12 1 Approach Income Balance Sheet 2 DTA related to losses and unabsorbed Depreciation Virtual certainty with convincing evidence Probable benefits in future 3 Disclosure Separately Noncurrent asset/ liability 4 Revaluation of Fixed Asset No DTL/DTA DTL @ sale of asset rather than through use 5 Guideline on change in tax status of entity Not covered Covered 6 Deferred taxes related to tax holiday period Covered Not covered AS 6 & 10: Fixed Assets and Depreciation Point of Difference AS 6 and 10 Ind AS 1 6 1 Real Estate developers Excluded Covered 2 Initial recognition criteria Not required Provided 3 Major Repairs P&L Capitalize 4 Immaterial Assets P&L Capitalize 5 Component Approach Not defined Covered 6 Disposal cost Not included in FA Discounted value included in FA 7 Valuation model Cost Cost or Fair Value 8 Revaluation Surplus Part of Reserves Routed through OCI 9 Abnormal cost for Self Constructed asset Included Not included 10 Deferred payment of FA Purchase price Purchase price less discount given beyond normal credit period 11 Review of Residual value Not covered Every year 12 Change in depreciation method Change in policy Change in Estimate 13 Asset held for disposal Covered Covered under Ind AS 105 14 Exchange of asset BV or FV of asset given up whichever is more clearly evident FV of asset given up or received whichever is more clearly evident AS 15: Employee Benefits Point of Difference AS 15 Ind AS 19 1 Constructive (Assumed) Obligation Not Covered Covered 2 Directors in Definition Only whole time All 3 Short term employee benefit Due within 12 months from date of rendering service Due within 12 months from date of reporting date 4 Surplus funds accounting in Multi employer plan Not covered Covered 5 Contribution to multi employer fund Not related party Related party transaction 6 Actuary valuation Over regular interval Ones in every three years 7 Actuarial gains/ losses Recognized In P&L Recognized In OCI AS 19: Leases Point of Difference AS 19 Ind AS 17 1 Land Lease Not Covered Covered 2 Property other than investment property held for operating lease Not Covered Covered 3 Biological asset other than Agriculture Activity Not covered Covered 4 Initial transaction cost for Mfg./ Dealer P&L OL - Amortize FL - P&L 5 Initial transaction cost for Others Option to Amortize or charge to P&L Amortize 6 Cost incurred between inception and commencement of lease Not covered Covered 7 Accounting for incentives Not defined Defined 8 Escalation in lease rent under Operating lease Straight lined Other than related to inflation straight lined AS 12: Government Grant Point of Difference AS 12 Ind AS 20 1 Government Assistance Not Covered Covered 2 Non Depreciable asset received at concessional price Nominal Value Fair Value 3 Deferment of Govt. Grant related to non depreciable asset Not required Covered 4 Deferment of Govt. Grant related to Promoters Contribution Not required Covered 5 Loans at concessional rate Recognized at full amount Recognized at discounted amount AS 11: Foreign Exchange Fluctuation Point of Difference AS 11 Ind AS 21 1 Forward Exchange Contracts Covered Not covered 2 FCMITDA Covered Not Covered 3 Currency Type 1. Reporting Currency 2. Foreign Currency 1. Functional Currency 2. Presentation Currency 3. Foreign Currency AS 16: Borrowing Cost Point of Difference AS 16 Ind AS 23 1 Fair Value Assets Not Excluded Not covered 2 Repetitive inventory Covered Not Covered 3 Interest rate Weighted Avg. for GL and Specific for SL Effective interest rate 4 Substantial period of time Not Defined Defined 5 Disclosure of Capitalization rate Not required Required AS 18: Related Party Disclosure Point of Difference AS 18 Ind AS 24 1 Domestic Partner Not covered Covered 2 State Controlled Enterprise Control of CG/SG Control or Significant influence of CG/SG 3 KMP of holding in case of subsidiary Not covered Covered 4 JV to JV, JV to Associate Not Covered Covered 5 Post Employment Plans Not covered Covered 6 Compensation to KMP Disclose in aggregate Disclose each type separately 7 Govt. Related Entities Exempted Covered AS 20: Earnings Per Share Point of Difference AS 20 Ind AS 33 1 Options related to own share Not covered Covered 2 Basic and Diluted EPs of Continuing and Discontinued Operations Aggregate Separately 3 Extra Ordinary Items Separately Not covered AS 25: Interim Financial Reporting Point of Difference AS 25 Ind AS 34 1 Compliance If interim report prepared Interim report not necessarily as per Ind AS 34 2 Change in Equity Not Required Required 3 Reversal of Impairment Loss related to Goodwill Permitted Not permitted 4 Parents Separate Financial Statements in case of CFS Present both Separate financial statement not required 5 Dividend related to equity and other shares Aggregate Separately 6 Contingent Assets Not disclosed Disclosed 7 Extraordinary items Required Prohibited 8 Comparatives in case of change in policy Not revised Revised AS 28: Impairment Loss Point of Difference AS 28 Ind AS 36 1 Financial assets like subsidiary, JV and Associate Not covered Covered 2 Biological Assets Not excluded Agriculture related not covered 3 Intangible Asset with indefinite Life Not tested every year Tested for impairment every year 4 Reversal of Goodwill Permitted Not permitted 5 Bottom up and Top down test Covered Not covered as goodwill is always allocable AS 29: Contingent Liabilities Point of Difference AS 29 Ind AS 37 1 Constructive Obligation Not Covered Covered 2 Discounting Prohibited Permitted 3 Contingent Assets Not disclosed Disclosed 4 Onerous Contracts No specific guidelines IL to be provided AS 26: Intangible Assets Point of Difference AS 26 Ind AS 38 1 Definition Held for use in admin or production or rental No such requirement 2 Assumed probable benefit No such assumption If IA is purchased 3 Payment on deferred basis Recorded at purchase price Purchase price less interest 4 Exchange of assets No guidelines FV of asset given 5 Government Grant Recorded at nominal value Fair Value 6 Indefinite Life asset Amortized within 10yrs Not amortized, tested for impairment 7 Cessation, de - recognition guidelines Not provided Provided 8 Fair Value model Not given Given 9 Amortization over Useful life vs. legal life Legal life Useful life 10 Residual value Not checked annually Checked annually, no amortization if value more than CA AS 13: Investments Point of Difference AS 13 Ind AS 40 1 Coverage All type of Investments Only properties AS 24: Discontinuing Operations Point of Difference AS 24 Ind AS 105 1 Scope Discontinuing Operations Discontinued Operations and Asset Held For Sale 2 Cash flow statement Separate disclosure No such requirement 3 Time period Not defined 12 months 4 Initial Disclosure Event Defined Not required 5 Measurement of Asset held for disposal Defined in AS 10 Cost or FV wel 6 Abandonment of Asset Considered as discontinuing Disclosed Separately 7 Reclassification as continued asset Not defined Defined AS 17: Segment Reporting Point of Difference AS 17 Ind AS 108 1 Identification of Segment Risk and Return Approach Management Approach 2 Basis of Measurment As per accounting policies defined As defined by Chief Operating Decision Maker 3 Aggregation criteria Not defined Defined 4 Single reportable segment No disclosure Certain disclosures 5 Interest Expense Not presented Presented AS 7 & 9: Construction Contracts and Revenue Recognition Point of Difference AS 7 & 9 Ind AS 115 1 Dividend and interest income Covered Not covered 2 Revenue Recognition Risk and return transferred Control is transferred AS 27 : Joint Venture Point of Difference AS 2 7 Ind AS 11 1 1 Type 1. Jointly controlled operations 2. Jointly controlled assets 3. Jointly controlled entities 1. Joint operation 2. Joint venture 2 Equity method Only proportionate consolidation method Equity method defined 3 Near future disposal Considered joint venture Not considered joint venture 4 Applicability Only in case of CFS Applied in other than separate financial statements 5 Post acquisition reserves Disclosed No such requirement AS 21: Consolidation Point of Difference AS 21 Ind AS 110 1 Mandatory No Yes 2 Control One half of voting rights Investor controls investee 3 More than one parent Disclose Cannot be more than one parent 4 Difference in reporting dates Not more than 6 months 3 months 5 Non controlling interest Presented separately other than equity and liability Presented separately in equity 6 Potential voting rights Not covered Defined 7 Temporary investment Not considered subsidiary No such exemption AS 23: Investment in Associate Point of Difference AS 23 Ind AS 28 1 Significant influence Does not include joint control Includes joint control 2 Potential equity shares Not considered Considered 3 Equity method Only if CFS prepared Statement other than separate financial statement 4 Exemption If fund transfer restriction No such exemption 5 Near future saleable Not considered as Associate Covered under Ind AS 105 6 Difference in reporting dates Can be any period 3 months 7 Uniform accounting policies Not necessary required AS 14: Amalgamation Point of Difference AS 14 Ind AS 103 1 Method of accouting Pooling of interest and purchase method Purchase method 2 Asset and liability under purchase method Cost of fair value Fair value 3 Amortization of goodwill 5yrs Not amortized 4 Reverse acquisition Not covered covered 5 Contingent consideration Not Covered C overed 6 Bargain purchase gain Capital Reserve Other Comprehensive income




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