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Difference between AS 1 and Ind - AS 1

Open uri20170510 32134 1ue0f38?1494421710 asked

What is the difference between AS 1 and Ind - AS 1?

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4 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

1 IND AS 1 deals with presentation of financial statements. While AS 1 deals with disclosure of accounting policies. 2 Scope is wider. While Scope is comparatively narrow. 3 Explicit statement in the financial statements of compliance with all the Indian Accounting Standards. Further, Ind AS 1 allows deviation from a requirement of an accounting standard. While No such prohibition 4 Requires presentation and provides criteria for classification of Current / Non- Current assets / liabilities. While Such bifurcation is not required. 5 Prohibits presentation of any item as extraordinary Item in the statement of profit and loss or in the notes. While No such prohibition.

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Open uri20170510 32134 59004f?1494421790 answered

Ind AS 1 is based on the IAS 1. The major differences between IAS 1 and AS 1 are discussed hereinafter. Differences due to removal of alternatives 1.Unlike IAS 1, AS 1 does not provide any option with regard to the presentation of financial statements. 2.Unlike IAS 1, AS 1 does not provide any option with regard to additional disclosures regarding share capital, e.g., number of shares authorised, issued, fully paid, etc. and regarding nature and purpose of reserves, etc., to be made on the face of the balance sheet or in the notes. 3.In India, the laws governing the companies, banking enterprises and insurance enterprises prescribe detailed formats for the financial statements to be followed by respective enterprises.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Difference between Ind As 1 And AS-1 1 IND AS 1 deals with presentation of financial statements. While AS 1 deals with disclosure of accounting policies. 2 Scope is wider. While Scope is comparatively narrow. 3 Explicit statement in the financial statements of compliance with all the Indian Accounting Standards. Further, Ind AS 1 allows deviation from a requirement of an accounting standard. While No such prohibition 4 Requires presentation and provides criteria for classification of Current / Non- Current assets / liabilities. While Such bifurcation is not required. 5 Prohibits presentation of any item as extraordinary Item in the statement of profit and loss or in the notes. While No such prohibition. 7 Requires classification of expenses to be presented based on nature of expenses. While No specific restriction.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Dear Rohit, Difference between Ind As 1 And AS-1 1 IND AS 1 deals with presentation of financial statements. While AS 1 deals with disclosure of accounting policies. 2 Scope is wider. While Scope is comparatively narrow. 3 Explicit statement in the financial statements of compliance with all the Indian Accounting Standards. Further, Ind AS 1 allows deviation from a requirement of an accounting standard. While No such prohibition 4 Requires presentation and provides criteria for classification of Current / Non- Current assets / liabilities. While Such bifurcation is not required. 5 Prohibits presentation of any item as extraordinary Item in the statement of profit and loss or in the notes. While No such prohibition. 7 Requires classification of expenses to be presented based on nature of expenses. While No specific restriction. Any other query feel free to contact us.

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