Ind AS - 101 "First Time Adoption of IND AS" Overview

AdminSBS 3,411 views 10 slides Apr 02, 2018
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About This Presentation

Contents:
1. Applicability
2. Definitions
3. Opening Ind AS Balance Sheet
4. Retrospective Application of Ind AS
5. Exemption from Retrospective Application of Ind AS


Slide Content

Ind AS – 101 “First Time Adoption of IND AS” Overview G. Chandra Shekar 2 nd Year Intern M/s SBS and Company LLP [email protected] +91 7416683819 by SBS Hyderabad 24 th March, 2018 1

2 Applicability Definitions Opening Ind AS Balance Sheet Retrospective Application of Ind AS Exemption from Retrospective Application of Ind AS Contents This Photo by Unknown Author is licensed under CC BY-SA

3 Applicability

4 First Time Adopter First Ind AS reporting period First Ind AS Financial Statements Date of Transition Opening Ind AS Balance Sheet Definitions (1/2)

5 ABC LTD ( First Time Adopter ) Date of Transition Date of Applicability 01-04-2015 31-03-2016 01-04-2016 31-03-2017 Definitions (2/2) First Ind AS Financial Statements Opening Ind AS Balance Sheet First Ind AS Reporting Period

6 Particulars 31-03-2017 31-03-2016 01-04-2016 I. Equity and Liabilities XYZ XYZ XYZ II. Assets XYZ XYZ XYZ Opening Ind AS Balance Sheet (1/2) Opening Ind AS Balance Sheet The date of transition On

7 Opening Ind AS Balance Sheet (2/2)

8 Same Accounting Policies shall be used in Opening Ind AS Balance Sheet All periods presented in the financial statements Retrospective Application of IND AS

9 a. Mandatory Exceptions Company is not allowed to apply certain aspects of Ind AS retrospectively b. Optional Exemptions Company may opt to apply some requirements of Ind AS retrospectively Exemption from Retrospective Application of Ind AS

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