Comparative Analysis Of Indian GAAP, IFRS AND IND AS
IOSR Journal of Business and Management (IOSR-JBM)e-ISSN: 2278-487X, p-ISSN: 2319-7668. Volume 21, Issue 3. Ser. III (March. 2019), PP 55-68www.iosrjournals.orgComparative Analysis of Indian GAAP, IFRS AND IND ASParmjot Kaur, Dr. Balwinder Singh, Dr. Amit Madhav BhattacharyaCorresponding Author: Parmjot KaurAbstract: IFRS is not a monster which is going to gobble up the existing financial reporting system practicesby corporate in India. Implementation of convergence with IFRS is not at all a complex exercise giving tension,stress and sleepless nights to CEOs and CFOs. It is the refined system of international financial reporting,which is going to be benefited to all the corporate in the world. For achieving this goal of convergence, there isa need to identify the key difference between IFRS and Indian Accounting Standards. This study makes anattempt to do comparative analysis of IFRS, IGAAP and Ind AS by highlighting the major differences whichneed immediate attention for successful convergence.Keywords: I GAAP, Ind AS, IFRS, comparison, ---------------------------------------------Date of Submission: 27-02-2019Date of acceptance: ----------------------------------- ----------I. IntroductionTo make the globe a world market International Accounting Standards Board (IASB) framedInternational monetary news Standards (IFRS) for making uniformity in Accounting everywhere theglobe.International monetary news Standards (IFRS) adopted by International Accounting Standards Board(IASB) may be a standardized format of economic news that's gaining momentum worldwide and may be asingle consistent accounting framework and is probably going to become predominant collection in times toreturn. In this world of globalisation during which Indian economy has conjointly flourished, adopting IFRSwouldn't solely build Indian firms at par with different world firms however shall conjointly. There are certaindeviations in Ind AS from IFRS. However, few deviations are unavoidable due to the regulatory and legalframework as well as business practices which are peculiar to economic environment in India. In order tominimize the deviations, there is a need to discuss the deviations with IASB to see if IFRSs could incorporatethe Indian concerns and thereby reduce the deviations. This paper thoroughly studied the various books, conceptpapers, and research papers to make a comparative analysis of I GAAP, IFRS and Ind AS.II. Literature ReviewDeming (2005) discussed the worldwide status of IFRS and widespread use of international accountingstandards . prior to 2005, the use of IFRSs were generally viewed as aspirational in nature and not mandated inany jurisdiction. In 2005, 94 countries permit the use of IFRS in publicly traded companies. IFRS changed thestatus of worldwide accounting environment and being placed as accounting principles that govern the financialstatements of businedd entities and its reporting instead of US GAAP. Ray (2011) examined the rationale behindIFRS adoption in accounting scenario and the divergence existed between IFRS and Indian GAAP. The studyconcluded that a common global reporting language will ensure that investors funds will be moved easily withinthe global market and IFRS implementation in India will enhance investors‟ confidence about investing inIndian economy and IFRS implementation will provide opportunity for comparability of financial statementsprepared all over the world for cross border investment. Struharova et al (2012) evaluated the challenges &opportunities of IFRS & its impact on Czech co.s along with its best way of harmonization . the study concludeddifference between IFRS & Cz GAAP , tax legislation and cost of IFRS as challenges and betterunderstandability & comparability of financial statements, accurate information and better relationship withcompany stakeholders as benefits of IFRS, percentage of companies adopting IFRS was increasing but still itwas very low. The study recommended permission as a best way of harmonization of Czech economy. BanjiFajonyomi & James S Kehinde (2013) evaluated the ability of IFRS to be able to redress the mistakes and alsothe difference addressed by the IFRS as compare to GAAP and its impact on Nigerian companies. The studyused survey method by applying a questionnaire for data collection and used chi square for the analysis of data.The study revealed that IFRS will bring standardization and uniqueness in financial reports across the globe andsuggested that not to be placed overreliance on standard without adequate measure to enforce compliancecommittee should be set up to ensure adequacy of standards across the nation . Sawani (2009) studied thechanges in accounting environment at global level by implementing IAS as compared to US GAAP. The studyshowed that IFRS implementation proved as high quality financial reporting framework. The companies, lendersDOI: 10.9790/487X-2103035568www.iosrjournals.org55 Page
Comparative Analysis Of Indian Gaap, Ifrs And Ind As Parmjot Kaurand investors preferred convergence of domestic accounting standards with International Accounting Standardsto create a high quality framework. There were some factors relating to worldwide convergence of IFRS i.e.social and cultural values, political system& legal laws, business activities, economic condition of a country,capital markets and cooperative efforts by a nation.„Objectives of the study:1. To theoretically compare the I GAAP, IFRS and Ind AS.2. To suggest the measure to reduce the deviations in Ind AS as compare to IFRS.III. Research MethodologyFor this study the researcher thoroughly studied the various books, concept papers, and research papersto make a comparative analysis of I GAAP, IFRS and Ind AS. Theoretical analysis of various literature havebeen used to made the difference between three major forms of financial reporting standards in India.Analysis:This paper thoroughly studied the various books, concept papers, and research papers to make acomparative analysis of I GAAP, IFRS and Ind AS.Analysis:Comparative analysis of I GAAP , IFRS And Ind AS has been made in table given flowstatementsBank overdraftCash flows uringINDIAN GAAPAS 1 disclosure of accountingpolicies.AS 5 net profit / loss for the period,prior period items and change inaccounting policies(a) Balance sheet,(b) Statement of Profit & loss(c) Cash flow statement(d) Explanatory notes withsignificant accounting policiesComparative figures for one yearare also to be presented.IFRSIAS 1 ancialposition .(b)Statement of income withprofit / loss(c)Statement of cash flows(d)Statement of changes inequity(e)Notes with summary ofsignificant accounting policiesComparative figures for one year arealso to be presented.IND ASInd AS 1 presentation offinancial statements(a)balance sheet atthe end of the peiodincludingchangesinequity(b)Statementofprofit / loss(c)Cashflowstatement(d)Explanatorynotes with significantaccounting policiesComparative figures forone year are also to bepresented.No format prescribed .Under Schedule VI of companiesAct 1956 have providedOnly illustrative formats have beengiven.AS 2 valuation of inventoriesIAS 2 inventoriesInd AS 2 inventoriesNo scope exemption for anyinventories held by commoditytradersClassification of inventories as perschedule VI :Raw material,Work in progressFinished goodsStock in tradeStores and sparesLoose toolsOthersAS 3 cash flow statementsIAS 2 does not applies to stock of suchmaterialSame as IFRSNo specific requirements.Same as IFRSFinancing activitiesto be classified as operating,financing and investing activities.Cash &cash equivalentsCash flow statements do not reflect anyitems as extraordinaryFor financial entities: Interestspaid/received are to be received asfinancing activities.Dividend paid to be classified asfinancing activities.AS 4 – contingencies and ng activitiesin a manner consistent from time totime.Same as indian GAAPIAS 10 – events after the reportingInd AS 10 – events afterDOI: 10.9790/487X-2103035568Classification should be appropriate toentity.IAS 7 statement of cash flowswww.iosrjournals.orgInd AS 7 statement of cashflowsSame as IFRSSame as IFRS56 Page
Comparative Analysis Of Indian Gaap, Ifrs And Ind As Parmjot Kaurafter the reportingperiodprimaryliteratureDividendsoccurring after the balance sheetdateperiodthe reporting perioddividends declared or proposedafter balance sheet date but beforeapproval of financial statements willhave to be recorded as a liability.Declared dividend to be trrecognisedin the period when it is declaredSame as IFRSInd AS 8 – Accountingpolicies,changesinAccounting Estimates andErrorsAccountingpolicies, tureAS 5- net profit or loss forthe period, prior period itemsand changes in accountingpoliciesIAS 8 – Accounting policies, changesin accounting estimates and errorschangesinaccounting policiesChangesinaccountingpolicies should be made onlyif it is required by law forcompliance with an AS or forappropriate presentation ofthe financial statements on aprospective basis.Requires retrospective application ofchanges in accounting policies byadjusting the gap balance of everyaffected element of equity for theearliest previous amount given andtherefore the different comparativeamounts for each period presented as ifthe new accounting policy had alwaysbeen applied, unless transitionalprovision of an AS requires otherwise.IAS 8 covers all the items in financialstatements as propr period itemsDefinition of priorperiod itemsProperty , plantand equipmentAS 5 covers only income andexpenses in the definition of priorperiod EDASSETSIND AS 16- Property,plant and equipmentProperty under development for futureuse as property held for investment isexcluded from the scope of IAS 16 andcovered by IAS 40, investmentproperty.It will be treated as change inaccounting estimates and appliedprospectivelySame as IFRSRevaluations are required to be madewith sufficient regularity to ensure thatthe carrying amount does not differmaterially from that which would bedetermined using fair value at the endof the reporting period.Same as IFRSEstimates of residual values arerequired to be updated at least once atyear endSame as IFRSAS 7 construction contractsIAS 11 construction contractsInd AS 11 constructioncontractsAS 7 does not refer to fair value andstates that con trcat revenue ismeasured at the considerationreceivedAS9RevenuerecognitionGuidance Note on accounting forUnder IAS 11 , construction revenue ismeasured at the fair value of theconsideration received or receivable.Same as IFRSRevenue is the gross inflow of cash,receivables or other considerationRevenue is that the gross influx ofeconomic advantages throughout theThere is No exemption from AS 10for property under development forfuture use as property held forinvestment.Change in methodof depreciationRequiresretrospectiverecomputation of depreciation and anyexcess or deficit is required to beadjusted in the period in which suchchange is affected. Such a change istreated as a change in accountingpolicy and its effect is quantifiedand disReplacement costsclosed.No specific requirements onfrequency of revaluation.Residual valueConstructioncontrcats- primaryliteratureMeasurement ofconstructionrevenueRevenue- primaryliteratureDefinitionSame as IFRSIAS 16- Property, plant and equipmentIFRIC 1 – changes in existingdecommissioning, Restoration andSimilar LiabilitiesScopeRevaluationSame as IFRSEstimates of residual value arenot required to be updated atyear endDOI: 10.9790/487X-2103035568IAS 18 – Revenuewww.iosrjournals.orgSame as IFRSInd AS 18 – Revenue IndAS 18 – appendix A, B, CSame as IFRS57 Page
Comparative Analysis Of Indian Gaap, Ifrs And Ind As Parmjot Kaurarising in the course of the ordinaryactivities from sale of goods, fromthe rendering of services, and fromthe use by others of enterpriseresources yielding interest, royaltiesand dividends.RevenuerecognitionAS 9 does not contain any suchstipulationRevenuefronservice renderingAS 9 allows complete servicecontract method or proportionatecompletion methodAS 9 requires interest income to berecognisedonatimeatproportionate basisInterest incomeamount arising within the course of thenormal activities of associate degreeentity once those inflows end in willincrease inequity, apart from will increase aboutcontributions from equity participants.Amounts collected on behalf of thirdparties such as sales and service taxesand value added taxes are excludedfrom revenues.Under IAS 18 revenue from sale ofgoods cannot be recognised whereentity retains continuing managerialownership or effective control over thegoodsIAS 18 allows only percentage ofcompletion methodSame as IFRSSame as IFRSIAS 18 requires effective interestmethod prescribed in IAS 39 to befollowed for interest of financial gainrecognition.Same as IFRSForeign exchange -primaryliteratureAS 11 - The Effects of Changes inForeign Exchange RatesIAS 21 - The Effects of Changes inForeign Exchange RatesInd AS 21 - The Effects ofChangesinForeignExchange RatesfunctionalpresentationcurrencyForeign currency is a currency otherthan the reporting currency which isthe currency in which financialstatements are presented. There isno concept of functional currencyFunctional currency is thecurrency of the primary economicenvironment in which the entityoperates. Foreign currency could be acurrency aside from the purposefulcurrency.Accounted for as a derivative.Same as IFRSAS 11 provides separate treatmentfor integral and non integraloperations.Makes no distinction between anintegral foreign operation and nonintegral operation as done in AS 11.Same as IFRSAS 12 - Accounting for GovernmentGrantsIAS 20 - Accounting for GovernmentGrants and Disclosure of GovernmentAssistanceDoes not deal with disclosure ofgovernment assistance other than inthe form of government grants.IAS 20 Deals with government grantsas well as disclosure of governmentassistance.Ind AS 20 - Accountingfor Government GrantsandDisclosureofGovernment AssistanceSame as IFRSNo specific guidance.Same as IFRSandforward contractsTreatmnentforintegral and nonintegral operationsGovernmentGrants - primaryliteratureGovernmentassistanceForward contracts not intended fortrading or speculation purposes.Same as IFRSnon-monetarygovernment grantsIf the asset is given by thegovernment at a discounted price,the asset and the grant is accountedat the discounted purchase price.Benefit of government loans withbelow market rate of interest should beaccounted for as government grantmeasured as the difference between theinitial carrying amount of the loandetermined according to IAS 39 andthe resultants proceedings received.The asset and the grant may beaccounted at fair value. Alternatively,these can be recorded at nominalamountInvestmentproperty: primaryliteratureMeasurementAS 13 Accounting for investmentIAS 40 investment propertyInd AS 40 investmentpropertyClassified as long term investmentand measured at cost lessimpairment. As per schedulr VI ,they are classified as non currentinvestments.AS 14 – Accounting forAmalgamationsInvestment property can be measuredusing the cost or the fair value model,with changes in fair value recognisedin profit or loss.Investment properties aremeasured using cost modelonly.IFRS 3 (2008) – BusinessCombinationsInd AS 103 – BusinessCombinationsThere is no comprehensivestandarddealing with allApplies to a transaction or othereventin which an acquirer obtains control ofSimilar to IFRS exceptthat Ind AS103 containsgovernment loanswith below marketrate of interestBusinesscombinationsprimary literatureBusinessCombinationsDOI: 10.9790/487X-2103035568www.iosrjournals.orgThe asset and the grantshould be accounted at fairvalue.58 Page
Comparative Analysis Of Indian Gaap, Ifrs And Ind As Parmjot Kaur– scopebusiness combinations. Guidancefor amalgamations is contained inAS 14. AS 21 deals withinvestments in subsidiaries and AS10 deals with a demerged unitacquired in a slump sale.Valuation of assetsand liabilitiesEmployee benefits:primary literatureValuation at carrying valueDefinitionsBorrowing costsprimary literatureScopeone or more businesses.IFRS 3 doesnot apply to: i) The formation of a jointarrangement inthe financial statementsof the joint arrangement itselfii) Combinations of entities orbusiness under common controliii) Acquisition of an asset or group ofassets that do not constitute a business.Valuation at fair valueguidance on commoncontrol transactions.AS 15 (Revised 2005) – EmployeeBenefitsIAS 19 - Employee BenefitsInd AS 19 - EmployeeBenefitsThe distinction between short-termand other long-term employeebenefits depends on whether theyfall wholly due within 12 after theend of the reporting period in whichthe employees provided the relatedservice.AS 16 - Borrowing CostsThe distinction between short-term andother long-term employee benefitsdepends on whether they are due to besettled within 12 months after the endof the reporting period in which theemployees render the related service.Same as IFRSIAS 23 - Borrowing CostsSame as IFRSNo such scope exception similar toIFRS/ Ind AS is available.Borrowing costs need not becapitalized in respect of i. qualifyingassets measured at fair value (e.g.biological assets) ii. Inventoriesmanufactured or produced, in largequantities on a repetitive basis This isan optionDescriptions of specific componentsare linked to effective interest rate.Same as IFRSRequires disclosure of capitalizationrate used to determine the amount ofborrowing costIFRS 8 operating segmentsSame as IFRSIFRS 8 is applicable to the separate andconsolidated financial statements of anentity/groupwith a parent: Whose debt or equity instruments aretraded in a public market.Segment profit or loss is reported onthe same measurement basis which isused by the chief operatingdecision maker. There is no definitionfor differential profits losses forindividual segments.Same as IFRSInd AS 108 is applicabletocompanies to which IndASsnotifiedundertheCompanies Actapply.Same as IFRScomponentsofborrowing costsNo reference to effective interestrate. AS 16 requires amendment onAS 30 becoming mandatory.Disclosureofcapitalisation rateDoes not require such disclosureSegments- primaryliteratureScopeAS 17 segment reportingmeasurementSegment information is prepared inconformity with the accountingpolicies adopted for preparing andpresenting the financial statementsof the enterprise as a whole.Segment revenue, segment expense,segment result, segmentasset and segment liability havebeen defined.Related PartyDisclosures primary literatureAS 18 – Related PartyDisclosuresIAS 24 – Related PartyDisclosuresdefinitionrelatedpartyofParties are considered to be relatedif at any time during the reportingperiod one party has the ability tocontrol the other party .A related party is a person or entitythat is related to the entity that ispreparing its financial statements(reporting entity):definition of closemember of thefamilyThere is no definition of closemember of the family. Instead theterm“relative”hasbeendefinedinrelation to an individual asthespouse, son, daughter, brother,sister, father, mother who maybeexpected to influence, or beinfluenced by, that individual inClose members of the family of aperson are the family members whomay be expected to influence, and beinfluenced by, that person intheir dealings with the entity andinclude:a) that person‟s children andspouse or domestic partner;b) children of that person‟s spouse orApplicability of the standard is notlinked to the listing status of anentity.DOI: 10.9790/487X-2103035568www.iosrjournals.orgSame as IFRSInd AS 23 - BorrowingCostsSame as IFRSInd AS 108 operatingsegmentsSame as IFRS59 Page
Comparative Analysis Of Indian Gaap, Ifrs And Ind As Parmjot Kaurhis/her dealings with the reportingenterprise.items tobe disclosedLeases – primaryliteratureinterest inleasehold landoperatinglease rentals –recognitionEarnings Per Share–primary literatureScopedomestic partner; andc) dependents ofthat person or that person‟s spouse ordomestic partner.If an entity has related partytransactions during the periodcovered by the financialstatements, the amount of suchtransactions and the amount ofoutstanding balances includingcommitments need to be disclosed.Similar to IFRS with theinclusionof father, mother, brotherand sisterin the definition of closemembersof the familyIAS 17 – LeasesInd AS 17 – LeasesLeasehold land is recorded andclassified as fixed assets.Recognised as operational leaseor finance lease as per definition andclassification criteria. An importantthought in such determination is thatland has associate degree of indefiniteeconomic life.Lease payments under an operatinglease should be recognised as anexpense in the statement of profitand loss on a straight-line basis outof lease term unlessanother systematic basis is the betterrepresentative of the time pattern ofthe user‟s benefit.Lease incomefrom operational leases ought to berecognised with in the statement ofprofit and loss on a straight-linebasis over the lease term, unlessanother systematic basis is morerepresentative of the time patternwithin which profit derived fromthe employment of the leased assetis diminished.AS 20 – Earnings Per ShareSimilar to Indian GAAPSimilar to IFRS exceptthat aproperty interest in anoperatinglease cannot be accountedfor asinvestment property as thefair valuemodel is not permissiblebyInd AS 40.Ind AS 17 contains a carveout forescalation of operatinglease rentalsthat are in line with theexpectedgeneral inflation. Sincethese areprimarily to compensatethe lessorfor expected inflationaryvalue will increase, theseshould not bestraight-lined by the lessoras wellas the lessee.IAS 33 – Earnings Per ShareInd AS 33 – Earnings PerShareApplicability of the standard is notlinked to the listing status of anentity.IAS 33 is applicable to theseparate and consolidated financialstatements of an entity/group with aparent: Whose ordinary shares orpotential ordinary shares are traded in apublic market (a domestic or foreignstock exchange or an overthecounter market, including local andregional markets); or That files, or isin the process of filing, its financialstatementswithasecuritiescommission or other regulativeorganisation for theaim of issuing stock in a publicmarket.When associate degree entity presentseachseparate and consolidated financialstatements, EPS is required to bepresented only in the consolidatedfinancial statements. An entity coulddisclose EPS in its separatefinancial statements voluntarily.The statement of comprehensiveincome will present basic and dilutedearnings per share from continuingoperations and ifapplicable, basic and dilutedInd AS 33 is applicable tocompaniesthathaveissued ordinaryshares to which Ind ASsnotifiedunder the Companies Actapply.If an entity has related partytransactions during the periodcovered by the financialstatements,the enterprise shoulddisclose the volume of transactionseither as an amount or as anappropriate proportion and amountsor appropriate proportionsof outstanding items.AS 19 – Leasesdisclosure inseparate financialstatementsAS 20 requires disclosure of basicand diluted EPS information bothin the separate and consolidatedfinancial statements of the parent.disclosureofEarnings per SharefromcontinuinganddiscontinuedThere is No separate disclosure forEPSfrom continuing and discontinuingoperations.DOI: 10.9790/487X-2103035568www.iosrjournals.orgEPS is neededto bepresented inEach consolidated as wellasseparatefinancialstatements.Same as IFRS60 Page
Comparative Analysis Of Indian Gaap, Ifrs And Ind As Parmjot Kauroperationsearnings per share fromdiscontinued operations. EPS fromdiscontinuedoperationsmayalternatively be disclosed in the notes.IAS 27 (2008) - ConsolidatedandSeparateFinancialStatementsIFRS 10 – ConsolidatedFinancial StatementsIFRS 12 – Disclosure ofInterestsin Other EntitiesConsolidatedFinancialStatements–primary literatureAS 21 - Consolidated FinancialStatementsFinancialStatements – scopein which theyconsolidate theirinvestmentsinsubsidiariesinaccordance withIAS 27.Indian GAAP does not specifyentities that are needed to presentconsolidatedstatements.ifconsolidated financial statements arepresented then the financialstatements must be presented. TheSecurities and Exchange Board ofIndia requires entities listed and tobe listed to present consolidatedfinancial statements.A parent is required to prepareconsolidated financial statementsA parent need not prepare consolidatedfinancial statements only if all thefollowing conditions are met: the entity is itself a wholly ownedor a partially owned subsidiary and itsother owners have not objected to theentity not presenting consolidatedstatements; the entity‟s debt or equityinstruments are not traded in a publicmarket; the entity is not in a process offiling its financial statements for thepurposes of issuing any class ofinstruments in a public market; and The ultimate or any intermediateparent of the entity producesconsolidatedfinancialstatementsavailable for public use that complywith IFRSs.potentialrightsvotingPotential voting rights are notcontemplated in assessing control.Same as IFRSuniformaccounting policiesIf not practicable to use uniformaccountingpoliciesinthepreparation of consolidated financialstatements, that fact should bedisclosedtogetherwiththeproportions of the items in theconsolidated statements in whichdifferent accounting policies havebeen applied.The presence and effect of potentialrights that arePresently in exercise and can beconverted , including potential votingrightswithanother entity, arecontemplated when assessing controlConsolidated financial statementsshould be prepared using commonaccounting policies. No exception isprovidedreporting datesThedifferencebetweenthereporting date of the subsidiary andthe parent company shallnot bemore than six months.The difference between the reportingdate of the subsidiary and parentmustbe three months or less than threemonths.Same as IFRSIncome taxes primary literatureAS 22: accounting for taxes onincomeIAS 12: Income TaxesInd AS 12 income taxesDeferredtaxesDeferred tax arises in respect ofrecognition of items of profit or lossfor the purpose of financialreporting and for income taxpurposeIt is computed for temporary differencebetween the carrying amount of anasset or liability in the statement offinancial position and its tax base.Same as IFRSDeferred taxesrecognizedfordifferences.Deferred tax are recognized for alltemporarydifferencebetweenaccounting and tax base of assets andliabilities except to the extent whicharise from (a) initial recognition ofgoodwill (in case of deferred taxliability) or (b) asset or liability in aSame as IFRSincomeRecognitionofdeferred tax assetsand liabilitiesDOI: 10.9790/487X-2103035568are generallyalltimingwww.iosrjournals.orgInd AS 27 - Consolidatedand Separate l StatementsInd AS 112 – DisclosureofInterests in Other EntitiesInd AS does not mandatepresentation of financialstatements as these areregulated by governingstatutes in India.Same as IFRS61 Page
Comparative Analysis Of Indian Gaap, Ifrs And Ind As Parmjot Kaurtransaction which (i) is not a businesscombination; and (ii) at the time of thetransaction,affectsneithertheaccounting nor the tax profitIAS 28 - Investments in AssociatesInvestmentsinAssociatesprimary literatureAS 23 - Accounting for Investmentsin Associates in ConsolidatedFinancial StatementsVital influenceIt is the power to participate in thefinancial and/or operating policydecisions of the investee but notcontrol over those policiesIt is the power for participation in thefinancialandoperatingpolicydecisions taken by the investee but nothaving control over those policies.Same as IFRSPotential voting rights are notconsideredinassessingsignificant influence.The existence and effect of potentialvoting rights are considered whenassessing significant influence .Same as IFRSCurrently there is no exemption forinvestments made by venture capitalorganizations, mutual funds, unittrusts and similar entities fromapplying the equity method. Thelimited revision to AS 23, onbecoming effective, eliminates thisdifference between AS 23 and IAS28.Loss in excess of the carryingamount of investment is notrecognized.Investments by venture capitalorganizations, mutual funds, unit trustsandsimilarentitiesincludinginvestment-linked insurance funds areexempted from applying equitymethod,Investments by venturecapital organizations areexempted from applyingequity method, if anelection is made tomeasure such investmentsat FVTPL under Ind AS39Losses recognized under the equitymethod in excess of the investor‟sinvestment in ordinary shares areapplied to other components of theinvestor‟s interest such as long-termloansSame as IFRSdisposalsNo specific guidance.Same as IFRSuniformaccounting policiesIf not practicable to use uniformaccounting polices while applyingthe equity method, that fact shouldbe disclosed together with a briefdescription of the differencesbetween the accounting policies.On disposal resulting in loss ofsignificant influence, the remaininginvestment is remeasured at fair value,with gain or loss recognized in profit orloss.Uniform accounting policies must befollowed while applying the equitymethod. No exception is provided.separate f inancialstatements of theinvestorAt cost less impairment loss.The limi
Cash flow statements AS 3 cash flow statements IAS 7 statement of cash flows Ind AS 7 statement of cash flows Bank overdraft Financing activities Cash &cash equivalents Same as IFRS Cash flows from extra ordinary items to be classified as operating, financing and investing activities. Cash flow statements do not reflect any
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Total Quarterly Revenue and Operating Margin 1Refer to slide 9 for an explanation of non-GAAP revenue CC growth rate as compared to the comparable prior period. 2Non-GAAP Operating Margin is the proportion of non-GAAP income from operations as a percentage of GAAP revenue and is a non-GAAP financial measure.Refer to the Appendix for an explanation of which items are excluded from our non-GAAP .
US GAAP' is to help readers identify the significant differences and similarities between Indian GAAP, IFRS, as issued by the IASB, and US GAAP. This publication primarily focuses only on recognition and measurement principles and certain presentation requirements. This publication includes only those key similarities and differences that in .
2016 Global Communications GAAP Summit. Global Communications GAAP Summit PwC Fi Dolan Welcome and introduction June 2016 2. What's in the news? Global Communications GAAP Summit . Global Communications GAAP Summit PwC June 2016 28. Sale and leaseback transactions Sale at more than fair value Represents financing from buyer to seller .
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The presentation of the company's non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company's financial results prepared in accordance with GAAP, and the company's non-GAAP measures may be different from non-GAAP measures used by other
This presentation includes a reconciliation of certain non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with U.S. GAAP. Projected GAAP financial measures and reconciliations of projected non-GAAP financial
1.1 Definition, Meaning, Nature and Scope of Comparative Politics 1.2 Development of Comparative Politics 1.3 Comparative Politics and Comparative Government 1.4 Summary 1.5 Key-Words 1.6 Review Questions 1.7 Further Readings Objectives After studying this unit students will be able to: Explain the definition of Comparative Politics.
