tracking ifrs issue 8 (final)

7/31/2019 Tracking IFRS Issue 8 (Final)

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1. IntroductionIn 2010, ICAI had issued exposure drafts of Indian accounting standards (Ind AS) for

convergence with International Financial Reporting Standards (IFRS). On 14 January 2011,

ICAI posted revised exposure drafts on its website (www.icai.org) which have been

described as near final. This edition of Tracking IFRS highlights the significant differences

between the previously issued Ind AS exposure drafts, revised Ind AS exposure drafts and

IFRS (as effective for annual reporting periods beginning on or after 1 January 2011,

considering earlier applications of IFRS, wherever permitted).

Tracking IFRSInd AS vs. IFRS:Overview of key differences

Issue 8

February 2011

For Private circulation only


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Tracking IFRS | Ind AS vs. IFRS: Overview of key differences 2

2. List of Ind AS and corresponding IFRS

2.A. List of IFRS-converged Indian accounting standards that are being adopted

RevisedInd AS Title of Ind AS

Corresponding IFRSComparisons

IAS/ IFRS IFRIC SIC

Ind AS 101 First Time Adoption of Indian AccountingStandards

IFRS 1 - - Refer section 3.1and Exhibit 1

Ind AS 102 Share-based Payments IFRS 2 - - No significantdifference observed

Ind AS 103 Business Combinations IFRS 3 - - Refer section 3.2

Ind AS 104 Insurance Contracts IFRS 4 - - No significantdifference observed

Ind AS 105 Non-current Assets Held for Sale andDiscontinued Operations

IFRS 5 - - No significantdifference observed

Ind AS 106 Exploration for and Evaluation of MineralResources

IFRS 6 - - No significantdifference observed

Ind AS 107 Financial Instruments: Disclosures IFRS 7 - - Refer section 3.10

Ind AS 108 Operating Segments IFRS 8 - - No significantdifference observed

Ind AS 1 Presentation of Financial Statements IAS 1 - - Refer section 3.3

Ind AS 2 Inventories IAS 2 - - No significant

difference observedInd AS 7 Statement of Cash Flows IAS 7 - - Refer section 3.4

Ind AS 8 Accounting Policies, Changes in AccountingEstimates and Errors

IAS 8 - - No significantdifference observed

Ind AS 10 Events after the Reporting Period IAS 10 IFRIC 17 - No significantdifference observed

Ind AS 11 Construction Contracts IAS 11 IFRIC 15 - Refer section 3.5

Ind AS 12 Income Taxes IAS 12 - SIC 21, 25 No significantdifference observed

Ind AS 16 Property, Plant and Equipment IAS 16 IFRIC 1 - No significantdifference observed

Ind AS 17 Leases IAS 17 IFRIC 4 SIC 15, 27 No significantdifference observed

Ind AS 18 Revenue IAS 18 IFRIC

12,13,18

SIC 29,31 No significant

difference observedInd AS 19 Employee Benefits IAS 19 IFRIC 14 - Refer section 3.6

Ind AS 20 Accounting for Government Grants andDisclosure of Government Assistance

IAS 20 - SIC 10 Refer section 3.7

Ind AS 21 The Effects of Changes in Foreign ExchangeRates

IAS 21 - - Refer section 3.1.v

Ind AS 23 Borrowing Costs IAS 23 - - No significantdifference observed

Ind AS 24 Related Party Disclosures IAS 24 - - No significantdifference observed

Ind AS 27 Consolidated and Separate FinancialStatements

IAS 27 - SIC 12 Refer section 3.8

Ind AS 28 Investments in Associates IAS 28 - - Refer section 3.8and section 3.9

Ind AS 29 Financial Reporting in HyperinflationaryEconomies

IAS 29 IFRIC 7 - No significantdifference observed

Ind AS 31 Interests in Joint Ventures IAS 31 - SIC 13 Refer section 3.8

Ind AS 32 Financial Instruments: Presentation IAS 32 - - Refer section 3.10

Ind AS 33 Earnings per Share IAS 33 - - Refer section 3.11

Ind AS 34 Interim Financial Reporting IAS 34 IFRIC 10 - No significantdifference observed

Ind AS 36 Impairment of Assets IAS 36 - - No significantdifference observed

Ind AS 37 Provisions, Contingent Liabilities andContingent Assets

IAS 37 IFRIC 5, 6 - No significantdifference observed

Ind AS 38 Intangible Assets IAS 38 - SIC 32 No significantdifference observed

Ind AS 39 Financial Instruments: Recognition and

Measurement

IAS 39 IFRIC

9,16,19

- Refer section 3.10

Ind AS 40 Investment Property IAS 40 - - Refer section 3.12


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2.B. Accounting standards that are not being adopted or allowed to be early adopted

PreviousInd AS

Title of Ind ASCorresponding IFRS

ReferencesIAS/ IFRS IFRIC SIC

Ind AS 36 Accounting andReporting byRetirement BenefitPlans

IAS 26 - - Footnote 1

Ind AS 38 Agriculture IAS 41 - - Footnote 2

Ind AS 40Financial Instruments(corresponding toIFRS 9)

IFRS 9 - - Footnote 3

Footnote 1 ICAI had previously issued Ind AS 36 converged with IAS 26 Accounting and Reporting by RetirementBenefit Plans; however, as this standard is not relevant to the companies governed by the Act, ICAI has not issued therevised Ind AS corresponding to IAS 26.

Footnote 2 ICAI had previously issued Ind AS 38 converged with IAS 41 Agriculture; however, subsequently, ICAI andNACAS have prohibited adoption of IAS 41 principles due to concerns in assessing fair value in the agricultural sector inIndia.

Footnote 3 ICAI had previously issued Ind AS 40 converged with IFRS 9 Financial Instruments. However, subsequently,ICAI and NACAS have prohibited early adoption of IFRS 9.

2.C. Framework for the preparation and presentation of financial statements

On 18 January 2011, ICAI has issued the exposure draft ofFramework for the Preparation

and Presentation of Financial Statements. The framework is consistent with IFRS.

Key of terms used in this publication

Act: The Companies Act, 1956

ICAI: the Institute of Chartered Accountants of India

OCI: Other comprehensive income

Previous Ind AS: exposure drafts of Ind AS issued by ICAI in 2010

Revised Ind AS: exposure drafts of Ind AS issued by ICAI in January 2011

SOCE: Statement of changes in equity SOCI: Statement of comprehensive income


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3. Ind AS vs. IFRS: Overview of key differences

3.1. First-time adoption

Particulars Previous Ind AS Revised Ind AS IFRS

Title of Ind AS/IFRS

Ind AS 41 First-time adoptionof Indian AccountingStandards

Ind AS 101 First-timeadoption of Indian AccountingStandards

IFRS 1 First-time adoption ofInternational FinancialReporting Standards

i. Date oftransition

Entities have the option ofselecting the beginning date offinancial year on or after 1

April 2011 as the date oftransition (if they elect not topresent comparativeinformation); or beginning dateof financial year on or after 1

April 2010 as the date oftransition (if they voluntarilyelect to present comparativeinformation).

Entities have to mandatorilytransition as of the beginningdate of financial year on orafter 1 April 2011 and are notrequired to presentcomparative information;however, entities have anoption to presentmemorandum* comparativeinformation based on deemedtransition date as of thebeginning date of immediatelypreceding financial year (on orafter 1 April 2010).

Entities are required to presentcomparatives. The date oftransition is the beginning ofthe earliest period for which anentity presents fullcomparative information underIFRS in its first IFRS financialstatements.

* Note Considerations for compiling memorandum comparatives under revised Ind AS

Entities electing to provide memorandum comparatives will effectively have two dates of transition. For example, forentities, with March 31 year-end, electing to provide memorandum comparatives will have 1 April 2010 as deemed date oftransition and 1 April 2011 as the actual date of transition. For preparing memorandum comparative Ind AS financialstatements, entities shall:

i. apply consistent accounting policies for the first Ind AS financial statements and comparative period; and

ii. apply the optional exemptions consistently as at the date of transition, i.e. beginning date of the financial yearfor which an entity presents financial information under Ind AS and deemed date of transition, i.e. beginningdate of the comparative financial year for which an entity presents financial information under Ind AS.

ii. Additionalcomparatives asper previousGAAP

There is no requirement topresent additionalcomparatives under previousGAAP.

Irrespective of the optionelected for presentation ofmemorandum Ind AScomparatives, the first timeadopter shall present latestcorresponding previousperiods financial statementsprepared as per the previousGAAP (existing Indian GAAP,also refer point iv. for choice ofprevious GAAP). Suchprevious GAAP financialstatements shall be reclassifiedto the extent practicable, whenpresenting its first Ind ASfinancial statements.

There is no requirement topresent additionalcomparatives under previousGAAP.

iii. Choice ofprevious GAAP,and option forentities alreadyfiling IFRSfinancialstatements

It is not mandatory for entitiesto consider existing IndianGAAP as the previous GAAPfor the purpose of transition toInd AS and can use otherGAAP financial statementsbeing presented by them totransition to Ind AS.

It is mandatory for entities toconsider existing Indian GAAPas the previous GAAP (exceptwhen the option to use IFRSfinancial statements is availed)for the purpose of transition toInd AS.

Entities that have filed IFRS

financial statements withregulatory authorities can electto adopt, the balance sheet sofiled as at the end of theimmediately precedingfinancial year as the openingInd AS balance sheet aftermaking adjustments fordifferences between Ind ASand IFRS. Entities electing thisoption are not permitted toavail first-time adoptionexemptions under Ind AS 101.

It is not mandatory for entitiesto consider existing IndianGAAP as the previous GAAPfor the purpose of transition toInd AS and can use otherGAAP financial statementsbeing presented by them totransition to Ind AS.

Note Consequent to different requirements for comparative information, date of transition and choice of previous GAAP,the contents of first Ind AS/ IFRS financial statements differ under the previous Ind AS, revised Ind AS and IFRS. ReferExhibit 1 which illustrates the reporting requirements in the f irst financial statements under the previous Ind AS, revised

Ind AS and IFRS.


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iv. Exemption toconsider previousGAAP carryingvalue of property,plant andequipment (PPE)as deemed cost

There is no exemptionpermitting previous GAAPcarrying values of PPE asdeemed cost (except forcertain specific oil and gasassets).

Entities have an option to useprevious GAAP carrying valuesof PPE as of 31 March 2007(or relevant date immediatelypreceding date where it has adifferent financial year) asdeemed cost under Ind AS. Asimilar exemption is availablefor intangible assets and

investment properties.

There is no exemptionpermitting previous GAAPcarrying value of PPE asdeemed cost under IFRS(except for certain specific oiland gas assets, and rateregulated assets).

v. Exemption forunrealised foreigncurrencyexchangedifferences onlong-termmonetary assetsand liabilities

The unrealised exchangedifferences arising on long-term monetary assets andliabilities are recognisedimmediately in profit or loss.

Revised Ind AS 21 provides anoption to recognise unrealisedexchange differences arisingon translation of long-termmonetary assets and liabilitieseither in equity or in profit orloss. If recognised in equity,the amount so accumulatedshall be transferred to profit orloss over the period of maturityof such long-term monetaryitems in an appropriatemanner. The aforesaid optionis irrevocable and, if elected,should be applied for all long-term monetary items.

Accordingly, an exemption onfirst-time adoption has beenadded to provide that theaforesaid option may beexercised prospectively andsuch unrealised exchangedifferences on said items maybe deemed to be zero on thedate of transition.

The unrealised exchangedifferences arising on long -term monetary assets andliabilities are recognisedimmediately in profit or loss.

vi. Exemption fromretrospectiveapplication ofeffective interestmethod andimpairmentrequirements

If it is impracticable toretrospectively apply theeffective interest method or theimpairment requirements forfinancial instruments, the fairvalue of the financial asset atthe date of transition shall be

the new amortised cost of thatfinancial asset at the date oftransition.

If it is impracticable toretrospectively apply theeffective interest method or theimpairment requirements forfinancial instruments, the fairvalue of the financial asset atthe date of transition shall be

the new amortised cost of thatfinancial asset at the date oftransition.

There is no exemption fromretrospective application ofeffective interest method orthe impairment requirementsfor financial instruments.

3.2. Business combinations



Ind AS 14 BusinessCombinations

Ind AS 103 BusinessCombinations

IFRS 3 BusinessCombinations

i. Common controltransactions

Common control transactionsare excluded from the scope.

Common control transactionsare included in the scope; andadditional guidance isprovided. The additional

guidance provides thatbusiness combinationtransactions between entitiesunder common control shouldbe accounted for using thepooling of interest method.

Common control transactionsare excluded from the scope.

ii. Gain on bargainpurchase

Gain on bargain purchase isrecognised in profit or lossafter reassessment of the fairvalue of assets acquired andliabilities assumed.

Gain on bargain purchase isrecognised in OCI andaccumulated in equity ascapital reserve if there is aclear evidence of theunderlying reason forclassification of the businesscombination as a bargainpurchase; otherwise, theresulting gain is recogniseddirectly in equity as capitalreserve.

Gain on bargain purchase isrecognised in profit or lossafter reassessment of the fairvalue of assets acquired andliabilities assumed.


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3.3. Presentation of financial statements



Ind AS 1 Presentation ofFinancial Statements

Ind AS 1 Presentation ofFinancial Statements

IAS 1 Presentation ofFinancial Statements

i. Classification of

expensesrecognised in profitor loss

Entities can present an

analysis of expensesrecognised in profit or lossusing either nature, orfunctional classification,whichever providesinformation that is reliable andmore relevant.

Entities should present an

analysis of expensesrecognised in profit or lossusing a classification basedonly on the nature of expense.

Entities can present an

analysis of expensesrecognised in profit or lossusing either nature, orfunctional classification,whichever provides informationthat is reliable and morerelevant.

ii. Presentation ofSOCI

SOCI can be presented eitherin a single statement or twoseparate statements.

SOCI is presented only in asingle statement.

SOCI can be presented eitherin a single statement or twoseparate statements.

3.4. Statement of cash flows



Ind AS 3 Statement of CashFlows

Ind AS 7 Statement of CashFlows

IAS 7 Statement of CashFlows

i. Classification ofinterest anddividends paidand received forentities other thanfinancial institution

Interest and dividends paid isclassified as financing cashflows and interest anddividends received is classifiedas investing cash flows.

Interest and dividends paid isclassified as financing cashflows and interest anddividends received is classifiedas investing cash flows.

Interest and dividends paidand received shall bedisclosed separately, and eachshall be classified in aconsistent manner from periodto period as operating cashflows, investing cash flows orfinancing cash flows.

3.5. Construction contracts



Ind AS 7 ConstructionContracts

Ind AS 11 ConstructionContracts

IAS 11 ConstructionContracts;

IFRIC 15 Agreements forConstruction of real Estate

i. Construction ofreal estate

Revenue from agreements forconstruction of real-estate willgenerally be recognised oncompletion of the contract.Percentage of completionmethod to recognise revenueis applied for such contractsonly if such contracts meet thespecified criteria.

Revenue from agreements forconstruction of real-estate isrecognised using percentageof completion without furtherevaluation.

Revenue from agreements forconstruction of real-estate willgenerally be recognised oncompletion of the contract.Percentage of completionmethod to recognise revenueis applied for such contractsonly if such contracts meet thespecified criteria.


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3.6. Employee benefits



Ind AS 15 Employee Benefits Ind AS 19 Employee Benefits IAS 19 Employee Benefits

i. Actuarial gainsand losses forpost-employmentdefined benefitplans and otherlong-termemployee benefitplans

All actuarial gains and lossesfor post-employment definedbenefit plans and other-longterm employment benefit plansare recognised in profit or loss.

All actuarial gains and lossesfor post-employment definedbenefit plans and other-longterm employment benefit plansare recognised in OCI.

Actuarial gains and losses fordefined benefit plans can berecognised using one of thefollowing three alternatives: inprofit or loss; or in OCI orusing corridor approach.

Actuarial gains and losses forother-long term employmentbenefit plans are recognised inprofit or loss.

ii. Discount ratefor employeebenefit obligations

Discount rate used to discountemployee benefit obligationsshall be determined byreference to market yields atthe end of the reporting periodon government bonds only.

Discount rate used to discountemployee benefit obligationsshall be determined byreference to market yields atthe end of the reporting periodon government bonds only.

Discount rate used to discountemployee benefit obligationsshall be determined byreference to market yields atthe end of the reporting periodon high quality corporatebonds. In countries, wherethere is no deep market insuch bonds, the market yields

(at the end of the reportingperiod) on government bondsshall be used.

3.7. Government grants



Ind AS 12 Accounting forGovernment Grants andDisclosure of GovernmentAssistance

Ind AS 20 Accounting forGovernment Grants andDisclosure of GovernmentAssistance

IAS 20 Accounting forGovernment Grants andDisclosure of GovernmentAssistance

i. Loan from

Government at nilor low interestrates

Benefit resulting from

government loan at nil or lowrate of interest is not requiredto be computed by imputationof interest.


government loan at nil or lowrate of interest is recognisedand measured in accordancewith revised Ind AS 39 and thedifference between theproceeds from the loan andthe initial carrying value of theloan is recognised asgovernment grant.


government loan at nil or lowrate of interest is recognisedand measured in accordancewith revised IAS 39 FinancialInstruments: Recognition andMeasurementand thedifference between theproceeds from the loan andthe initial carrying value of theloan is recognised asgovernment grant.

ii. Non-monetarygrants

Grants can be recognisedeither at their fair value or atnominal value.

Grants are recognised only attheir fair value.

Grants can be recognisedeither at their fair value or atnominal value.

iii. Presentation ofgrant related

assets

Grant related assets can bepresented either by setting up

the grant as deferred incomeor by deducting the grant inarriving at the carrying amountof the asset.

Grant related assets arepresented only by setting up

the grant as deferred income.

Grant related assets can bepresented either by setting up

the grant as deferred incomeor by deducting the grant inarriving at the carrying amountof the asset.


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3.8. Consolidation, proportionate consolidation and equity method of accounting



Ind AS 21 Consolidated andSeparate FinancialStatements

Ind AS 23 Investments inAssociates

Ind AS 27 Investments inJoint Ventures

Ind AS 27 Consolidated andSeparate FinancialStatements

Ind AS 28 Investments inAssociates*

Ind AS 31 Investments inJoint Ventures*

IAS 27 Consolidated andSeparate FinancialStatements

IAS 28 Investments inAssociates

IAS 31 Investments in JointVentures

i. Presentation ofconsolidatedfinancialstatements

Presentation of consolidatedfinancial statements ismandatory subject to limitedexceptions.

Revised Ind AS does notmandate presentation ofconsolidated financialstatements as requirements topresent consolidated orseparate financial statementsis regulated by governingstatutes in India.

Presentation of consolidatedfinancial statements ismandatory subject to limitedexceptions.

* Note Investments in associates and joint ventures

Similar to amendments in revised Ind AS 27, revised Ind AS 28 and revised Ind AS 31 do not discuss theapplicability/exemption of/from requirements of the said accounting standards, respectively, as the same is regulated bythe governing statutes in India.

3.9. Investments in associates





IAS 28 Investments inAssociates

i. Uniformaccountingpolicies

The investors financialstatements should be preparedusing uniform accountingpolicies for like transactionsand events in similarcircumstances.

Revised Ind AS provides anexemption from the use ofuniform accounting policies forlike transactions and events insimilar circumstance if it isimpracticable to do so.

The investors financialstatements should be preparedusing uniform accountingpolicies for like transactionsand events in similarcircumstances.

ii. Gain on bargainpurchase

Gain on bargain purchase onacquisition of investment inassociates should be

recognised in profit or loss.


recognised in capital reserve.


recognised in profit or loss.


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3.10. Financial instruments



Ind AS 30 FinancialInstruments: Recognition andMeasurement;

Ind AS 31 FinancialInstruments: Presentation;

Ind AS 32 FinancialInstruments: Disclosures

Ind AS 39 FinancialInstruments: Recognition andMeasurement;

Ind AS 32 FinancialInstruments: Presentation;

Ind AS 107 FinancialInstruments: Disclosures

IAS 39 Financial Instruments:Recognition andMeasurement;

IAS 32 Financial Instruments:Presentation;

IFRS 7 Financial Instruments:Disclosures

i. Conversionoption embeddedin foreigncurrencyconvertible bonds

Conversion option to acquirefixed number of equity sharesfor fixed amount of cash inentitys functional currency onlyis treated as equity. Thus, aconversion option embedded inforeign currency convertiblebonds is treated as embeddedderivative, and accordingly fairvalued through profit or loss atevery reporting period end.

Conversion option to acquirefixed number of equity sharesfor fixed amount of cash in anycurrency (entitys functionalcurrency or foreign currency) istreated as equity andaccordingly is not required tobe remeasured at fair value atevery reporting date.

Conversion option to acquirefixed number of equity sharesfor fixed amount of cash inentitys functional currency onlyis treated as equity. Thus, aconversion option embedded inforeign currency convertiblebonds is treated as embeddedderivative, and accordingly fairvalued through profit or loss atevery reporting period end.

ii. Changes in fairvalue of financial

liabilities due tochanges in creditrisk

In determining the fair value ofthe financial liabilities

designated at fair valuethrough profit or loss uponinitial recognition, any changein fair value due to changes inthe entitys own credit risk areconsidered.


designated at fair valuethrough profit or loss uponinitial recognition, any changein fair value due to changes inthe entitys own credit risk areignored.


designated at fair valuethrough profit or loss uponinitial recognition, any changein fair value due to changes inthe entitys own credit risk areconsidered.

3.11. Earnings per share



Ind AS 20 Earnings perShare

Ind AS 33 Earnings per Share IAS 33 Earnings per Share

i. Presentation of

earnings pershare (EPS)

EPS is required to be

presented in both,consolidated as well asseparate financial statements.

EPS is required to be

presented in both, consolidatedas well as separate financialstatements.

When an entity presents both

consolidated financialstatements and separatefinancial statements, EPS isrequired to be presented only inthe consolidated financialstatements. An entity maydisclose EPS in its separatefinancial statements voluntarily.

3.12. Investment property



Ind AS 37 InvestmentProperty

Ind AS 40 InvestmentProperty

IAS 40 Investment Property

i. Measurementafter initialrecognition

Investment properties can bemeasured using either costmodel or fair value model.

Investment properties aremeasured using only costmodel.

Investment properties can bemeasured using either costmodel or fair value model.


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Exhibit 1

List of reporting requirements for Indian entities for the year 2011-12 (assuming year ends

31 March)

Particulars Under previous Ind AS Under revised Ind AS Under IFRS**

Comparative option electedfor Ind AS

Entities adoptingInd AS without

comparatives

(i.e. transitiondate 1 April2011)

Entities adoptingInd AS with

comparatives


Entities adoptingInd AS without

memorandumInd AScomparatives*


Entities adoptingInd AS with

memorandumInd AScomparatives*

(i.e. transitiondate 1 April2011 anddeemedtransition date

1 April 2010)

Entities adoptingIFRS


1. Financial statements requirements

Ind AS/ IFRS** financial statements for 2011-12 comprising of:

1. Balance sheet as at andSOCE for the year ended 31March 2012

(withcomparatives)

(withmemorandumcomparatives*)

(withcomparatives)

2. Statement of profit and loss(total comprehensive income)for the year ended 31 March2012

(withcomparatives)


(withcomparatives)

3. Statement of cash flows for

the year ended 31 March 2012

(withcomparatives)


(withcomparatives)

4. Related notes to accountsfor the year ended 31 March2012

5. Opening Ind AS/ IFRS**balance sheet on the date oftransition

6. Memorandum* opening IndAS balance sheet on thedeemed date of transition i.e.1 April 2010

7. Reclassified, to the extentpracticable, financialstatements as per previousGAAP for the previous year(i.e. balance sheet, SOCE,statement of profit and loss,statement of cash flows andrelated notes for the yearended 31 March 2011)

(as of 1 April2011)

n/a

x

(withcomparatives)

(as of 1 April2010)

n/a

x

(as of 1 April2011)

n/a


(as of 1 April2011)

(withcomparatives)

(as of 1 April2010)

n/a

x


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Entities adoptingInd AS withoutcomparatives


Entities adoptingInd AS withcomparatives


Entities adoptingInd AS withoutmemorandumInd AScomparatives*


Entities adoptingInd AS withmemorandumInd AScomparatives*

(i.e. transitiondate 1 April2011 anddeemedtransition date1 April 2010)



2. Reconciliations requirements/ explanation of transition to Ind AS/ IFRS**

2.1. Equity reconciliations

1. Reconciliation of equityreported in accordance withInd AS/ IFRS** to equity underprevious GAAP on the date oftransition

(as of 1 April2011)

(as of 1 April2010)

(as of 1 April2011)

(as of 1 April2011)

(as of 1 April2010)

2. Reconciliation of equity inaccordance with Ind AS/IFRS** as at the end of thecomparative period presented(i.e. as at 31 March 2011) toits equity reported inaccordance with previousGAAP

x x x

(based onmemorandumcomparatives*)

3. Reconciliation of equity asat 31 March 2012 asdetermined under Ind AS toequity under previous GAAPas at 31 March 2012

x x x

2.2. Income reconciliations

1. Significant differencesbetween previous GAAP andInd AS in respect of totalcomprehensive income/ profitor loss for the year ended 31March 2012 (for this purpose,the entity assumes that theprevious GAAP would have

continued to be applied foryear ended 31 March 2012)

x x

(for the yearended 31 March2012)

x x

2. Reconciliation of totalcomprehensive income inaccordance with Ind AScompiled on a memorandumbasis to total comprehensiveincome/ profit or loss inaccordance with previousGAAP for the comparativeperiod (i.e. for the year ended31 March 2011)

x x x


x


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Entities adoptingInd AS withoutcomparatives


Entities adoptingInd AS withcomparatives


Entities adoptingInd AS withoutmemorandumInd AScomparatives*


Entities adoptingInd AS withmemorandumInd AScomparatives*

(i.e. transitiondate 1 April2011 anddeemedtransition date1 April 2010)



3. Reconciliation of totalcomprehensive income for theyear ended 31 March 2011under Ind AS/ IFRS** with thetotal comprehensive income/profit and loss for the yearended 31 March 2011 underthe previous GAAP

x


x x


4. Reconciliation of totalcomprehensive income for the

year ended 31 March 2012under Ind AS/ IFRS** with thetotal comprehensive income /profit and loss for the yearended 31 March 2012 underthe previous GAAP (for thispurpose, the entity assumesthat the previous GAAP wouldhave continued to be appliedfor year ended 31 March2012)



x x x

2.3. Others

1. Balance sheet as at 31March 2011 under previousGAAP

x x x x

* Memorandum previous year comparatives under Ind AS would mean memorandum financial statements for the yearended 31 March 2011, with deemed transition date of 1 April 2010. The memorandum comparatives are only forpresentation purpose and the actual transition date to converged accounting standards should be 1 April 2011.

** Considering if the reporting entity adopts IFRS as issued by IASB as its financial reporting framework from 1 April2010.


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Contacts

For more information, please contact:

Ritesh Sanyal

Senior Director

Deloitte Touche Tohmatsu India

Private Limited

+91 80 6627 6111

[email protected]

Yogesh Sharma

Director

Deloitte Touche Tohmatsu India

Private Limited

+91 80 6627 6120

[email protected]

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tracking ifrs issue 8 (final)

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