Our Recommendations :-
Follow CA Final FB Page

Please provide summary on Ind AS 101 - First-time Adoption of Indian Accounting Standards

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Prity asked almost 3 years ago

Please provide summary on Ind AS 101 - First-time Adoption of Indian Accounting Standards

    13       1 Answer Now Comment Report
5 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Ashika answered over 2 years ago

Hie.... The objective of this IND-AS is to ensure that an entity’s first IND-AS financial statements, and its interim financial reports for part of the period covered by those financial statements, contain high quality information that: (a) is transparent for users and comparable over all periods presented; (b) provides a suitable starting point for accounting in accordance with International Financial Reporting Standards (IND-ASs); and (c) can be generated at a cost that does not exceed the benefits. An entity shall prepare and present an opening IND-AS statement of financial position at the date of transition to IND-ASs. This is the starting point for its accounting in accordance with IND-ASs. An entity shall use the same accounting policies in its opening IND-AS statement of financial position and throughout all periods presented in its first IND-AS financial statements. Those accounting policies shall comply with each IND-AS effective at the end of its first IND-AS reporting period. In particular, the IND-AS requires an entity to do the following in the opening IND-AS statement of financial position that it prepares as a starting point for its accounting under IND-ASs: (a) recognise all assets and liabilities whose recognition is required by IND-ASs; (b) not recognise items as assets or liabilities if IND-ASs do not permit such recognition; (c) reclassify items that it recognised in accordance with previous GAAP as one type of asset, liability or component of equity, but are a different type of asset, liability or component of equity in accordance with IND-ASs; and (d) apply IND-ASs in measuring all recognised assets and liabilities.

    0       0 Comment Report
Important Note – Preparing for CA Final?
CAKART provides Indias top faculty each subject video classes and lectures – online & in Pen Drive/ DVD – at very cost effective rates. Get video classes from CAKART.in. Quality is much better than local tuition, so results are much better.
Watch Sample Video Now by clicking on the link(s) below – 
For any questions Request A Call Back  
Open uri20170510 32134 59004f?1494421790 Anshul Dhawan answered over 2 years ago

The objective of this IND-AS is to ensure that an entity’s first IND-AS financial statements, and its interim financial reports for part of the period covered by those financial statements, contain high quality information that: (a) is transparent for users and comparable over all periods presented; (b) provides a suitable starting point for accounting in accordance with International Financial Reporting Standards (IND-ASs); and (c) can be generated at a cost that does not exceed the benefits. An entity shall prepare and present an opening IND-AS statement of financial position at the date of transition to IND-ASs. This is the starting point for its accounting in accordance with IND-ASs. An entity shall use the same accounting policies in its opening IND-AS statement of financial position and throughout all periods presented in its first IND-AS financial statements. Those accounting policies shall comply with each IND-AS effective at the end of its first IND-AS reporting period. In particular, the IND-AS requires an entity to do the following in the opening IND-AS statement of financial position that it prepares as a starting point for its accounting under IND-ASs: (a) recognise all assets and liabilities whose recognition is required by IND-ASs; (b) not recognise items as assets or liabilities if IND-ASs do not permit such recognition; (c) reclassify items that it recognised in accordance with previous GAAP as one type of asset, liability or component of equity, but are a different type of asset, liability or component of equity in accordance with IND-ASs; and (d) apply IND-ASs in measuring all recognised assets and liabilities

    0       0 Comment Report
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Anil Dhawan answered over 2 years ago

As per Ind AS issued by ICAi The objective of this IND-AS is to ensure that an entity’s first IND-AS financial statements, and its interim financial reports for part of the period covered by those financial statements, contain high quality information that: (a) is transparent for users and comparable over all periods presented; (b) provides a suitable starting point for accounting in accordance with International Financial Reporting Standards (IND-ASs); and (c) can be generated at a cost that does not exceed the benefits. An entity shall prepare and present an opening IND-AS statement of financial position at the date of transition to IND-ASs. This is the starting point for its accounting in accordance with IND-ASs. An entity shall use the same accounting policies in its opening IND-AS statement of financial position and throughout all periods presented in its first IND-AS financial statements. Those accounting policies shall comply with each IND-AS effective at the end of its first IND-AS reporting period. In particular, the IND-AS requires an entity to do the following in the opening IND-AS statement of financial position that it prepares as a starting point for its accounting under IND-ASs: (a) recognise all assets and liabilities whose recognition is required by IND-ASs; (b) not recognise items as assets or liabilities if IND-ASs do not permit such recognition; (c) reclassify items that it recognised in accordance with previous GAAP as one type of asset, liability or component of equity, but are a different type of asset, liability or component of equity in accordance with IND-ASs; and (d) apply IND-ASs in measuring all recognised assets and liabilities. The IND-AS grants limited exemptions from these requirements in specified areas where the cost of complying with them would be likely to exceed the benefits to users of financial statements. The IND-AS also prohibits retrospective application of IND-ASs in some areas, particularly where retrospective application would require judgements by management about past conditions after the outcome of a particular transaction is already known. The IND-AS requires disclosures that explain how the transition from previous GAAP to IND-ASs affected the entity’s reported financial position, financial performance and cash flows.

    0       0 Comment Report
Open uri20170510 32134 1ue0f38?1494421710 rohit agarwal answered almost 3 years ago

The objective of this IND-AS is to ensure that an entity’s first IND-AS financial statements, and its interim financial reports for part of the period covered by those financial statements, contain high quality information that: (a) is transparent for users and comparable over all periods presented; (b) provides a suitable starting point for accounting in accordance with International Financial Reporting Standards (IND-ASs); and (c) can be generated at a cost that does not exceed the benefits. An entity shall prepare and present an opening IND-AS statement of financial position at the date of transition to IND-ASs. This is the starting point for its accounting in accordance with IND-ASs. An entity shall use the same accounting policies in its opening IND-AS statement of financial position and throughout all periods presented in its first IND-AS financial statements. Those accounting policies shall comply with each IND-AS effective at the end of its first IND-AS reporting period. In particular, the IND-AS requires an entity to do the following in the opening IND-AS statement of financial position that it prepares as a starting point for its accounting under IND-ASs: (a) recognise all assets and liabilities whose recognition is required by IND-ASs; (b) not recognise items as assets or liabilities if IND-ASs do not permit such recognition; (c) reclassify items that it recognised in accordance with previous GAAP as one type of asset, liability or component of equity, but are a different type of asset, liability or component of equity in accordance with IND-ASs; and (d) apply IND-ASs in measuring all recognised assets and liabilities. The IND-AS grants limited exemptions from these requirements in specified areas where the cost of complying with them would be likely to exceed the benefits to users of financial statements. The IND-AS also prohibits retrospective application of IND-ASs in some areas, particularly where retrospective application would require judgements by management about past conditions after the outcome of a particular transaction is already known. The IND-AS requires disclosures that explain how the transition from previous GAAP to IND-ASs affected the entity’s reported financial position, financial performance and cash flows.

    10       1 Comment Report
Data?1494421730 rohit awasthi answered almost 3 years ago

Dear Friend > Ind AS 101 - First-time Adoption of Indian Accounting Standards An entity moving from Indian GAAP to Ind AS needs to apply the requirements of Ind AS 101. It applies to an entity’s first Ind AS financial statements and the interim reports presented under Ind AS 34, ‘Interim financial reporting’, which are part of that period. The basic requirement is for full retrospective application of all Ind AS, effective at the reporting date. However, there are a number of optional exemptions and mandatory exceptions to the requirement of retrospective application. The exemptions cover standards for which it is considered that retrospective application could prove too difficult or could result in a cost likely to exceed related benefits to users. The exemptions are optional. Any, all or none of the exemptions may be applied. there are mandatory exceptions in applying the Ind AS requirements as summarised below: -- Derecognition of financial assets and liabilities -- Hedge accounting -- Non-controlling interests -- Classification and measurement of financial assets -- Impairment of financial assets -- Embedded derivatives -- Government loans -- Estimates Comparative information is prepared and presented on the basis of Ind AS. Almost all adjustments arising from the first-time application of Ind AS are adjusted against opening retained earnings (or, if appropriate, another category of equity) of the first period that is presented on an Ind AS basis. Disclosures of certain reconciliations from Indian GAAP to Ind AS are required. Thanks

    2       1 Comment Report
Get Notifications
Videos
Books
Notes
Loading
SIGN UP
Watch best faculty demo video classes

These top faculty video lectures will
help u prepare like nothing else can.