differences of as and ind as and carve out and carve in are given

1. S.NO BASIS OF DIFFFERENCES AS IND AS
1 STATEMENT OF COMPLAINCE r a
2 GOING CONCERN TEST r a
3 NATURE WISE CLASSIFICATION OF EXPENSES r a
4 SOCE r a
5
ADDITIONAL B/S REQIUREMENT FOR CHANGE IN
POLICIES r a
6 FS DEALT-BREACH OF COVENANT r a
7 PRUDENCE CONCEPT EXPLAINED a r
BASIS OF DIFFFERENCES IAS-1 IND AS-1 AS
1 BREACH OF COVENANT TREATED AS CL
minor breach-remain ncl
major breach-cl
minor breach-remain ncl
major breach-cl
2 SPL APPROACH SINGLE OR DUAL(P/L AND OCI) SINGLE(P/L AND OCI) SINGLE(P/L)
3 PL ITEM NATURE WISE OR FUNCTION WISE NATURE WISE NATURE WISE
4 PERIOD OF FS ATLEAST 12M OR 52 WEEK ATLEAST 12M ATLEAST 12M
5 TERMS
STATEMENT OF FINANCIAL POSITION
AND STATEMENT OF PERFORMACE B/S AND P/L B/S AND P/L

2. BASIS OF DIFFERENCES AS-13 IND AS-40 IAS-40
SCOPE
LAND AND B/D
SHARE AND DEBENTURES HELD AS INVESTMENT INVESTMENT PROPERTY ONLY INVESTMENT PROPERTY ONLY
INTIAL RECOGNITION PRINCIPLE DEFINED
-FEB
-COST CAN BE MEASURED RELIABLY NO YES YES
CLASSIFICATION(C.I AND N.C.I) YES(INVESTMENT PROPERTY ALWAYS-NCI) NO NO
REVALUATION NO NO NO
SUBSEQUENT RECOGNITION OF INVESTMENT PROPERTY COST-PROVISION FOR PERMANENT DECLINE COST-DEPT-IMP LOSS COST OR REVALUATION MODEL ALLOWED

3. S.NO BASIS OF DIFFERENCES AS-26 IND AS 38 IAS 38
DEFINITION
1 I.A ARE ASSETS WHICH ARE
-IDENTIFIABLE a a a
-NON MONETARY a a a
-WITHOUT PHYSICAL SUBSTANCE a a a
-HELD FOR USE IN PRODUCTION OR SERVICES a
Not defined in the definition but the same is
provided in the subsequent para
Not defined in the definition but the same is
provided in the subsequent para
2 I.A BY WAY OF EXCHANGE
FAIR VALUE OF ASSETS GIVEN OR
FAIR VALUE OF ASSETS OBTAINED WHICHEVER
IS MORE CLEARY EVIDENT
FAIR VALUE OF ASSETS ACQUIRING I.ASSETS
IF FOLLOWING CONDITIONS ARE SATISFIED
1 COMMERCIAL SUBSTANCE
2 F.V IS RELIABLE
FAIR VALUE OF ASSETS ACQUIRING I.ASSETS
IF FOLLOWING CONDITIONS ARE SATISFIED
1 COMMERCIAL SUBSTANCE
2 F.V IS RELIABLE
3 REVALUATION NOT ALLOWED ALLOWED ALLOWED
4
I.A - BY WAY OF GOVT GRANT
RECORD AT NOMINAL VALUE FAIR VALUE NOMINAL VALUE OR FAIR VALUE

4. BASIS OF DIFFERENCES AS-25 IND AS-34 IAS 34
STATEMENT OF COMPLIANCE r a a
SOCE r a a
ADDITIONAL B/S REQIUREMENT FOR
CHANGE IN POLICIES r a a
IF CONSOLIDATED F.S IS PREPARED BY
THE ENTITY
IFI
-STANDALONE BASIS
-CONSOLIDATED BASIS CONSOLIDATED BASIS ONLY CONSOLIDATED BASIS ONLY
DISCLSOURES UPON CONTINGENCIES CONTINGENT LIABILITY
CONTINGENT LIABILITY AS
WELL AS CONTINGENT ASSETS
CONTINGENT LIABILITY AS
WELL AS CONTINGENT ASSETS
SPL Approach single single single or dual
Clarification on non applicablility of
interim financial results by this standard Guidance note clarified itself no clarification

5. S NO BASIS OF DIFFERENCES AS-17
1 TYPES OF SEGMENT
-BUSINESS SEGMENT
-GEOGRAPHICAL SEGMENT
2 BASIS OF IDENTIFICATION OF SEGEMENT RISK & REWARDS
3 SELECTION OF REPORTABLE SEGMENTS SAME
4 AGGREGATION BASIS* NOT PROVIDE
5
DEFINITION OF SEGEMENT
REVENUE,RESULTS,ASSETS ETC PROVIDE
6 DISCLOSURES
7 DISCLOSURES IN PRIMARY
SEGMENT
3 DISCLOSORES IN SECONDARY
SEGMENT

6. IND AS -108
-OPERATING SEGMENTS
CHIEF OPERATING DECISION MAKER
SAME
PROVIDE
DOESNOT PROVIDE. IT IS BASED ON
THE MANAGEMENT DECISION
ALONG WITH PRIMARY DISCLOSURES
OF AS-17 FOLLOIWNG ADDITIONAL
DISCLOSURES ARE ALSO REQUIRED
1 REVENUE FROM PRODUCT
2 REVENUE FROM MAJOR CUSTOMER
3 REVENUE FROM MAJOR AREAS

7. BASIS OF DIFFERENCES AS-22 IND AS-12 IAS-12
APPROACH INCOME BASED/INCOME STATEMENT BALANCE SHEET BALANCE SHEET
DTA/DTL CREATION ON
AMALGAMTOION NO YES YES
RATE OF TAX GENERAL RATE OF TAX
RATE OF TAX WHICH IS APPLICABLE
ON TIMING DIFFERENCES(LIKE LAND
REVALUATION REQUIRED CAPITAL
GAIN TAX)
RATE OF TAX WHICH IS
APPLICABLE ON TIMING
DIFFERENCES(LIKE LAND
REVALUATION REQUIRED CAPITAL
GAIN TAX)
FOR CREATING
DTA,PRUDENCE CHECK
VCCE(LOSS) OR REASONABLE CERTAINITY
AS THE CASE MAY BE PROBABILITY OF RECOVERY PROBABILITY OF RECOVERY
CONCEPT OF PERMANENT
DIFF YES NO NO
TREATMENT OF MAT , TAX
HOLIDAY IS GIVEN?? YES SILENT SILENT
TREATMENT ON
REVALUATION OF
ASSETS(LIKE LAND) NO TREATMENT
DTL CREATED, DIFF TRFR TO G/W OR
C/R
DTL CREATED, DIFF TRFR TO G/W
OR P/L

8. S.NO BASIS OF DIFFERENCES AS-11 IND AS 21 IAS 21
1 FUNCTIONAL CURRENCY r a a
2 Concept of presentation currency applicability r a a
3 Foreign operation conversion NIFO or IFO NIFO ONLY.IFO DOES NOT EVEN EXIST
NIFO ONLY.IFO DOES NOT
EVEN EXIST
4
DEALING OF HEDGEING CONTRACTS OF FOREIGN
EXCHANGE a r r
5 CAPITALISAITION OF LTFCMI a
if on any assets capitalisation was done then the same will be
applied in IND AS
but for the purpose of the new machine the amount of
exchange differences will be transfer to the p/l account r
Presentation currenncy is a currency which is used for the purpose of the conversion from functional currency of the financials to the govt, shareholders.

9. SNO BASIS OF DIFFERENCES AS-16 IND AS 23 IAS 23
1
REVALUATION OF ASSETS UNDER
CONSTRUCTION r a a
2
whether standard apply in case of revaluation
of assets(i.e capitalisation of the borrowing
cost) a r r
3 B.COST INCLUDES
1 INTT AND RELATED CHARGES RATE OF INTT EFFECTIVE RATE OF INTEREST EFFECTIVE RATE OF INTEREST
2 FINANCE CHARGE UNDER FL a a a
3 E DIFF TO THE EXTENT TREATED AS B COST a a a
4 AMORTISATION OF ANCILIARY COST a r r
5 AMORTISATION OF PREMIUM/ DISCOUNT
ON SALES a r r
4 SUBSTANTIAL PERIOD OF TIME EXPLAINED MANAGEMENT JUDGEMENT MANAGEMENT JUDGEMENT
5 DISCLOSURE RATE OF GENERAL BORROWING r a a
6
if parent company borrows fund and invest in
the subsidiary then
-in standalone b/s
-in consolidated b/s
-trfr to p/l
-trfr to p/l
-trfr to p/l
-treated as incurred on QA and
hence capitalised
-trfr to p/l
-treated as incurred on QA and
hence capitalised
7 TREARTMENT OF EXCHANGE DIFFERENCE
UPTO THE LOCAL BORROWING OR
EXCHANGE DIFF(LOWER)
CLARITY ON TYPES OF EXCHANGE
DIFF IS TO BE TREATED AS B.COST OR
NORMAL EXCHANGE DIFF NO GUDIANCE ON TREATMENT

10. SNO BASIS OF DIFFERENCE AS-15 IND AS -19 IAS -19
1 DISCOUNT RATE YIELD ON GOVT BONDS
INDIAN OPERATION- YIELD ON GOVT BONDS
FOREIGN OPERATION- YIELD ON HIGH QUALITY
CORPORATE BOND ALWAYS YIELD ON HIGH QUALITY BOND
2
TRFR OF GAIN/LOSS
ON PA AND PVDBO TO P/L OCI OCI
3 APPLICATION WTD ALL DIRECTOR ALL DIRECTOR
4 ACTURIAL REPORT NOT MANDATED MANDATORY FOR ALL COMPANY MANDATORY FOR ALL COMPANY
5 MINIMUM FUNDIND NO GUIDANCE GUIDANCE PRESCRIBED GUIDANCE PRESCRIBED

11. SNO BASIS OF DIFFERENCE A-28 IND AS -36 IAS 36
1 BIOLIGICAL ASSETTS SILENT N.A N.A
2 INVESTMENT N.A
APPLIES INVESTMENT ONLY IN THE
SUBSY, ASSOCIATE AND JV
APPLIES INVESTMENT
ONLY IN THE SUBSY,
ASSOCIATE AND JV
3
IMPAIRMENT LOSS ON
G/W
CANNOT REVERSED
UNLESS JUSTIFIED CANNOT REVERSED CANNOT REVERSED
4
NOT ALLOCATED OF
G/W AND CORPORATE
ASSETS
WE APPLY TOP DOWN
APPROACH NO TOP DOWN APPROACH
NO TOP DOWN
APPROACH

12. BASIS OF DIFFERENCE AS-24 IND AS -105
apply on ONLY WITH DCO DCO AND DISPOSAL ASSETS
SALE OF SUBSY NOT A DCO DCO
DISPOSAL GROUP MEANS GROUP OF ASSETS, WHICH IS NOT HELD FOR USE, NON CURRENT IN NATURE AND EXPECTED
REALISATION THRU SALE OF ASSETS

13. BASIS OF DIFFERENCES AS-2 IND AS-2
BORROWING COST SILENT(BUT WE CAPITALISED) SHOULD BE CAPITALISED
DEFFERED PAYMENT PURCHASE SILENT
FINANCE COST WILL BE
CAPITALISED
COST FORMULA FIFO OR W AVG
BEST SUITABLE
METHOD(FIFO WAVG OR
ANY OTHER)
NRV SILENT FAIR VALUE OF PRODUCT
GENERAL SPARE PART((i.e not
specific to any machine) considered as a stock SILENT

14. BASIS OF DIFFERENCE AS-29 IND AS -37
DISCOUNTING OF PROVISION NO IF REQUIRED
CONTINGENT ASSETS DISCLOSED IN THE DIRECTORS REPORT DISCLOSED IN NOTES TO ACCOUNTS
PROVISION IS MADE DUE TO LAW, AGREEMENT, CUSTOM, PRACTICES LEGAL OBLIGATION AND CONSTRUCTIVE OBLIGATION BASICALLY TERMS HAVE THE SAME MEANING
ONEROUS CONTRACT PROVISOION SHOULD BE CREATED
PROVISOION SHOULD BE CREATED AND ALSO CHECK THE
IMPAIRMENT ON THE ASSETS ON THE WHICH THE
ONEROUS CONTRACT IS BEING EXCUTING

15. BASIS OF DIFFERENCE AS-12 IND AS 20 IAS 20
DEPRECIATION ON FA GRANT TREATED ON
GROSS BASIS
OR NET BASIS GROSS BASIS
GROSS BASIS
OR NET BASIS
GRANT IN KIND RECORDING AT NOMINAL VALUE
CREDITED TO DEFFERED
GRANT
CREDITED TO C/R OR DEFFERED
GRANT
AT FV OR NOMINAL VALUE
GOVT GRANT WHOSE VALUE CANNOT BE
PLACED NO TREATMENT NOTES TO ACCOUNTS NOTES TO ACCOUNTS

16. AS-19 IND AS-17 IAS-17
APPLIES TO LAND r a a
INTIAL COST PAID BY LESSOR P/L OR CAPITALISE CAPITALISE CAPITALISE
INFLATION BASED OPERATING LEASE RENTALS silent on issues no equated in ssilent on issues

17. SNO BASIS OF DIFFERENCES AS-7 IND AS -11
1 INCLUSION OF BORROWING COST IN CONTRACT COST CAPITALISED NOT SPECIFICALLY PROVIDED
2
FAIR VALUE RECOGNITION ON THE CONTRACT REVENUE
CONSIDERATION IS RECEIVED OR RECEIVABLE DOES NOT RECOGNISED RECOGNISED
3 ACCOUNTING FOR SERVICE CONCESSION SERIVICE NOT DEAL DEAL
SERVICE CONCESSION SERIVICE:
THE ARRANGEMENT WHERE PRIVATE SECTOR
ENTITY CONSTRUCTS OR UPGRADE THE
INFRASTRUCTURE TO PROVIDE THE PUBLIC
SERVICE AND OPERATES FOR A SPECIFIED NO. OF
YEAR

18. BASIS OF DIFFERENCES AS-9 IND AS -18 IAS-18
DEFINITION
COVERS ONLY SALES OF GOODS, RENDERING OF
SERVICES, AND YIELD FROM RESOURCES LIKE
INTEREST, ROYALTY
COVERED EVERY REVENUE EXCEPT
CONTRIBUTION FROM EQUITY
PARTICIPANT
MEASUREMENT OF REVENUE RECOGNISED AT NOMINAL AMOUNT RECEGNISED AT FV
BARTER TRANSACTIONS NOT DEALT GUIDANCE IS PROVIDED
RECOGNITION OF SEPARATELY IDENTIFIABLE
COMPONENTS OF SINGLE TRANSACTION NOT DEALT GUIDANCE IS PROVIDED
RECOGNITION OF INTEREST ON TIME PROPORTION BASIS EFFECTIVE INTEREST METHOD
GUIDANCE REGARDING REVENUE
RECOGNITION IN SPECIFIC CASES(LIKE
DISCOUNTED GOODS OR SERVICES NOT DEALT GUIDANCE IS PROVIDED
DISCLOSURE OF EXCISE DUTY
AS A DEDUCTION FROM THE REVENUE FROM
SALES TRANSACTION NOT DEALT
DISCLOSURE REQUIREMENT LESS DETAILS MORE DETAILS
ACCOUNTING FOR CONSTRUCTION OF REAL
ESTATE
-
SEPARATE GUIDANCE NOTE
ISSUED BY THE ICAI ON THIS ISSUE
TREATED AS SALE OF GOODS AND REVENUE
AND SHOULD BE RECOGNISED WHEN
SIGNIFICANT RISK AND REWARDS
TRANSFERRED