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Non IFRS Comparative Information And Historical Summaries Of IFRS Standards 1

Non IFRS Comparative Information And Historical Summaries Of IFRS Standards 1 : Some entities present historical summaries of selected data for periods before the first period for which they present full comparative information in accordance with IFRSs. This IFRS does not require such summaries to comply with the recognition and measurement requirements of IFRSs. Furthermore, some entities present comparative information in accordance with previous GAAP as well as the comparative information required by IAS 1. In any financial statements containing historical summaries or comparative information in accordance with previous GAAP, an entity shall:
(a) label the previous GAAP information prominently as not being prepared in accordance with IFRSs; and
(b) disclose the nature of the main adjustments that would make it comply with IFRSs. An entity need not quantify those adjustments.

Non IFRS Comparative Information And Historical Summaries Of IFRS Standards 1

Non IFRS Comparative Information And Historical Summaries Of IFRS Standards 1 : To comply with paragraph , an entity’s first IFRS financial statements shall include:
(a) reconciliations of its equity reported in accordance with previous GAAP to its equity in accordance with IFRSs for both of the following dates:
(i) the date of transition to IFRSs; and
(ii) the end of the latest period presented in the entity’s most recent annual financial statements in accordance with previous GAAP.
(b) a reconciliation to its total comprehensive income in accordance with IFRSs for the latest period in the entity’s most recent annual financial statements. The starting point for that reconciliation shall be total
comprehensive income in accordance with previous GAAP for the same period or, if an entity did not report such a total, profit or loss under previous GAAP.
(c) if the entity recognised or reversed any impairment losses for the first time in preparing its opening IFRS statement of financial position, the disclosures that IAS 36 Impairment of Assets would have required if the
entity had recognised those impairment losses or reversals in the period beginning with the date of transition to IFRSs.

Non IFRS Comparative Information And Historical Summaries Of IFRS Standards 1

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Non IFRS Comparative Information And Historical Summaries Of IFRS Standards 1 : If an entity uses fair value in its opening IFRS statement of financial position as deemed cost for an item of property, plant and equipment, an investment property, an intangible asset or a right-of-use asset , the entity’s first IFRS financial statements shall disclose, for each line item in the opening IFRS statement of financial position:
(a) the aggregate of those fair values; and
(b) the aggregate adjustment to the carrying amounts reported under previous GAAP.

Similarly, if an entity uses a deemed cost in its opening IFRS statement of financial position for an investment in a subsidiary, joint venture or associate in its separate financial statements , the entity’s first IFRS separate financial statements shall disclose:
(a) the aggregate deemed cost of those investments for which deemed cost is their previous GAAP carrying amount;
(b) the aggregate deemed cost of those investments for which deemed cost is fair value; and
(c) the aggregate adjustment to the carrying amounts reported under previous GAAP.

Non IFRS Comparative Information And Historical Summaries Of IFRS Standards 1

Non IFRS Comparative Information And Historical Summaries Of IFRS Standards 1 : If an entity elects to measure assets and liabilities at fair value and to use that fair value as the deemed cost in its opening IFRS statement of financial position because of severe hyperinflation, the entity’s first IFRS financial statements shall disclose an explanation of how, and why, the entity had, and then ceased to have, a functional currency that has both of the following characteristics:
(a) a reliable general price index is not available to all entities with transactions and balances in the currency.
(b) exchangeability between the currency and a relatively stable foreign currency does not exist.

Each such interim financial report shall, if the entity presented an interim financial report for the comparable interim period of the immediately preceding financial year, include:
(i) a reconciliation of its equity in accordance with previous GAAP at the end of that comparable interim period to its equity under IFRSs at that date; and
(ii) a reconciliation to its total comprehensive income in accordance with IFRSs for that comparable interim period (current and year to date). The starting point for that reconciliation shall be total comprehensive income in accordance with previous GAAP for that period or, if an entity did not report such a total, profit or
loss in accordance with previous GAAP.

Non IFRS Comparative Information And Historical Summaries Of IFRS Standards 1

Non IFRS Comparative Information And Historical Summaries Of IFRS Standards 1 : As required by IFRS 9, at the date of transition to IFRSs an entity shall:
(a) measure all derivatives at fair value; and
(b) eliminate all deferred losses and gains arising on derivatives that were reported in accordance with previous GAAP as if they were assets or liabilities.

Non IFRS Comparative Information And Historical Summaries Of IFRS Standards 1

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Ind AS Super summary of IFRS Notes

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List Of Indian As Convergence With Ifrs

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Comparison of IFRS as applicable on 1st April 2011 with Ind AS placed at MCA’s website

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INTRODUCTION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

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Non IFRS Comparative Information And Historical Summaries Of IFRS Standards 1

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