What is the Difference between AS 3 and Ind - AS 7?
Dear Rohit, Difference b/w IND AS 7 AS 3 1 Specifically includes bank overdrafts which are repayable on demand as a part of cash and cash equivalents. While Existing AS 3 is silent on this aspect 2 Treatment of cash payments to manufacture or acquire assets held for rental to others and subsequently held for sale in the ordinary course of business as cash flows from operating activities while as-3 Does not contain such requirements. 3 Treatment of cash receipts from rent and subsequent sale of such assets as cash flow from operating activity while AS-3 Does not contain such requirements. 4 Specifically requires adjustment of the profit or loss for the effects of ‘undistributed profits of associates and non-controlling interests’ while determining the net cash flow from operating activities While AS-3 Does not contain such requirements 5 Does not contain such requirements While Existing AS-3 Cash flows associated with extraordinary activities to be separately classified as arising from operating, investing and financing activities. 6 Requires to disclose the amount of cash and cash equivalents and other assets and liabilities in the subsidiaries or other businesses over which control is obtained or lost while as-3 Does not contain such requirements Any other query feel free to contact us.