IFRS, Ind-AS 2014-2019 Application in Indian company, financial organisation International Financial Reporting Standards (IFRS) is a set of accounting standards developed by an independent, not-for-profit organization called the International Accounting Standards Board (IASB).

1. IFRS & IND-AS
(2014-2019)

2. INDEX
1. Why IFRS Important
2. IFRS Definition
3. IFRS COVERAGE
4. IFRS & India-
5. Road Map for IND-AS application
6. Company : IND AS Application
7. NBFC : IND -AS Application
8. Bank : IND -AS Application
9. Insurance : IND -AS Application
10. Term – Lending Refinance Institution : IND -AS Application
11. IND –AS : Non Applicability
12. List of IND-AS , IFRS VS. AS

3. IFRS – WHY IMPOTANT
20
37
31
43
12
16
27
23
42
11
1
8
3
1 1
3 2
5
0 0
0
10
20
30
40
50
Africa Americas Asia-Oceania Europe Middle East
Country - Acceptance / Non-acceptance
IFRS - STANDARD 2017
TOTAL NO OF Jurisdiction Country Accept IFRS
Country Permit or Required IFRS STANDARS Country-Nither permit nor required IFRS Standard

4. IFRS – WHY IMPOTANT
No of country accepted
83%
permit or accepted
IFRS
10%
Country not
accepted IFRS
7%
FIRS - Total Jurisdiction Acceptance / Non acceptance

5. IFRS - Definition
 IFRS Standards are globally recognised set of standards for the
preparation & presentation of financial statements by business entities.
 IFRS are issued by the IASB - International Accounting Standards
board, has a staff of approximately 150 people from 30 countries .
 A set of international accounting standards stating how particular types
of transaction and other event should be reported in financial
statements

6. IFRS - COVERAGE
How to recognised them as
Assets , Liability , Income &
Expense
How to measure those item
How to present them in a set
of financial statement
Related Disclosures about
those Item
Item such as
furniture, material,

7. IFRS AND INDIA
 India has recently adopted new accounting standards, known as Ind-AS (Indian
version of IFRS), that are substantially converged with IFRS Standards.
 Most of the Ind- AS are word-to-word IFRS Standards.
 In India There are 2 set of accounting Standard
 Indian Accounting Standard (Ind-AS) Coverage with IFRS – The Government
of India announced that commercial banks , Insurance companies and non –
bank finance companies will be required to prepare their financial statement
using Ind-AS from 1 April 2018. This is not applicable on Urban Cooperative
Banks (UCBs) and Regional Rural Banks (RRBs) .
 Accounting Standard (AS) - Applicable to all company (Domestic, small
company) if they not adopt IFRS ( Ind –AS).

8. Road Map for IND-AS ( 2014 -2019)
IND –AS (IFRS) -APPLICATION
Company
Phase I =
1.4.2014
Phase-II
1.4.2015
Banking
company
Mandatory Application
1.4.2018
Term Lending
Refinancing
Institution
RRBs
IND-AS Not
Apply
NBFC
Phase-I
1.4.2018
Phase I
1.4.2019
Insurance
company

9. Adoption and Applicability of Ind-AS for company
( Other then Banking co. + Insurance co. +NBFC Co.)
Application Based on
Listing Status + Net Worth Of
Company
Not apply on Company
Listed on
SME Exchange
Company Means*
Holding, subsidiary
Associate and Joint Venture
Company : Ind –AS
MCA Act 16th Feb 2015 (Notification) -Company Rule 2015

10. Company : Ind –AS
Phase – I : Company Rule 2015
Phase I- Mandatory compliance from
1st April 2016
All Company *
(Listed or Unlisted)
Net worth =
500 Cr. or more
Apply Ind-AS Financial Year 2017-
18
Meet above Threshold for the 1st
time as on 31st March , 2017

11. Company : Ind –AS
Phase – II : Company Rule 2015-
Phase II- Mandatory compliance from
1st April 2017
All Listed or in
process of Listing
Company *
Irrespective of their
Net Worth
Unlisted Company*
Net worth = INR
≥ 250 Cr. <500 Cr
Apply Ind-AS Financial Year
2018-19
Meet above Threshold for the
1st time as on 31st March , 2018

12. NBFC
Meaning : For IND-AS
 NBFC- Non Banking Financial Company include As per RBI Act 1934
1. Housing Finance Companies
2. Merchant Banking Companies .
3. Micro Finance Companies.
4. Mutual Benefit Companies.
5. Venture Capital Fund Companies.
6. Stock Broker or Sub – Broker Companies.
7. Nidhi Companies.

13. NBFC
Meaning ……..continue-1
1. Securitisation and Reconstruction Companies
2. Chit Companies
3. Mortgage Guarantee Companies.
4. Pension Fund Companies
5. Assets Management Companies.
6. Core Investment Companies.

14. NBFC : IND-AS
Phase –I :
Mandatory Application
NBFC – Ind AS from 1st April 2018
NBFC Company
Net Worth = More
Then 500 Cr. INR
Apply Ind-AS For
Accounting Period
Beginning on or After
1st April , 2018
Comparative Information
Required
For the period
Ending 31st March 2018

15. NBFC : IND AS
Phase –II
Mandatory Application
NBFC – Ind AS Apply from 1st April 2019
All NBFC Company
All Equity or Debt Securities
Listed or in process of Listing
Net Worth = LESS Then 500 Cr.
NBFC Co- Unlisted.
Net worth =
≥ 250 Cr. <500 Cr
Apply Ind-AS For
Accounting Period
beginning
on or After
1st April , 2019

16. Bank : IND -AS Application
Scheduled
commercial
Bank - Meaning
If meet
specified
Criteria
Mandatory
Application
1.4.2018
RRBs Not
include
Bank listed in 2nd schedule of
RBI Act 1934.
Usually private, foreign & National Bank
operating in India

17. BANK : Guideline issued by RBI
Specified Criteria – Issued by RBI
16th Feb 2016
Apply IND-AS for accounting
period Beginning from
1.4.2018
Comparative for the period
ending
31.3.2018
Apply IND –AS
as per given time .
Not Earlier

18. Insurance: IND -AS Application
Insurance Company -
cover
Apply IND-AS for
accounting period
Beginning from
1.4.2018
Mandatory Application
1.4.2018
Comparative for the
period ending
31.3.2018
Insurance contract = IND-AS 104
Similar to IFRS 4
Financial Instrument = IND-AS 109

19. All India Term-Lending Refinancing
Institution : IND-AS Application
NABARD NHB SIDBI Exim Bank
Apply IND-AS for accounting
period Beginning from
1.4.2018
Comparative for the period
ending
31.3.2018
Apply IND –AS
as per given time .
Not Earlier

20. Entity & Company : IND AS Not Apply
IND-AS Not Apply
NBFCs unlisted
Net worth below
INR 250 Cr.
UCBs
Urban Co-
operative Bank
RRBs
Regional Rural
Bank
Company listed
in SME
Exchange

21. Total No of IFRS & Ind-AS VS AS
IAS & IFRS AS
IAS 1. Presentation of Financial Statements AS-1
IAS-2. Inventories AS-2 (Revised)
IAS 7. Statement of Cash Flow AS-3 (Revised)
IAS 8. Accounting Policies change in Accounting
Estimates and Errors
AS 5 (Revised)
IAS 10. Event after the Reporting period AS-4 (Revised)
IAS 11. Construction Contracts AS-7 (Revised)

22. IFRS & Ind –AS …………...…..Continue-1
IAS & IFRS AS
IAS 12. Income Tax AS 22
IAS 16. Property Plant And Equipment AS 10 & AS 6 (Revised)
IAS 17. Leases AS 19
IAS 18. Revenue AS 9
IAS 19. Employee Benefits AS 15
IAS 20. Accounting for Government Grants and
Disclosure of Government Assistance
AS 12

23. IFRS & Ind –AS …………..…..Continue-2
IAS & IFRS AS
IAS 21. The effect of changes in Foreign
Exchange Rates
AS 11 (Revised)
IAS 22.
IAS 23. Borrowing Costs AS 16
IAS 24. Related Party Disclosures AS 18
IAS 25
IAS 26 Accounting and Reporting By Retirement
Benefit Plans
AS under preparation by ICAI

24. IAS & IFRS AS
IAS 27. Consolidated and Separate Financial
Statement
AS 21
IAS 28. Investment in Associates AS 23
IAS 29. Financial Reporting in Hyperinflationary
Economics
AS Not Relevant for Indian Condition
IAS 30.
IAS 31. Interest in Joint Ventures AS 27
IAS 32. Financial Instrument Presentation AS 31
IFRS & Ind –AS …..……..…..Continue-3

25. IFRS & Ind –AS …………..…..Continue-4
IAS & IFRS AS
IAS 33. Earning per share AS 20
IAS 34. Interim Financial reporting AS 25
IAS 35.
IAS 36. Impairment of Assets AS 28
IAS 37. Provision, Contingent Liabilities and
Contingent Assets
AS 29
IAS 38. Intangible Assets AS 26
IAS 39. Financial instrument : Recognition and
Measurements
AS 30

26. IFRS & Ind –AS …………..…..Continue-5
IAS & IFRS AS
IAS 40. Investment Property AS 13 Partly covered
IAS 41. Agriculture AS Under preparation by ICAI
IFRS 1. First time adoption of IFRS Not Relevant of India at present
IFRS 2. Share based Payment AS Under preparation by ICAI
IFRS 3. Business Combination AS 14
IFRS 4. Insurance contracts AS Under preparation by ICAI

27. IFRS & Ind –AS …………..…..Continue-6
IAS & IFRS AS
IFRS 5. Non Current Assets held for sale and
discontinued operations
AS 24
IFRS 6. Explanation for and evaluation of Mineral
Resources
Covered by Guidance Note on Accounting
for Oil and Gas Producing Activities
IFRS 7. Financial Instruments : Disclosures AS 32
IFRS 8. Operating Segments AS 17
IFRS 9. Financial Instruments AS 30

28. IFRS & Ind –AS …………..…..Continue-6
IAS & IFRS AS
IFRS 10. Consolidated Financial Statements
IFRS 11. Joint Arrangements
IFRS 12. Disclosure of Interests in Other Entities
IFRS 13. Fair Value Measurement
IFRS 14. Regulatory Deferral Accounts
IFRS 15. revenue From Contracts with Customers
IFRS 16. Leases

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