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Please provide summary on Ind AS 114 - Regulatory Deferral Accounts

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Prity asked about 3 years ago

Please provide summary on Ind AS 114 - Regulatory Deferral Accounts

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2 Answers
Open uri20170510 32134 1ue0f38?1494421710 rohit agarwal answered about 3 years ago

Please provide summary on Ind AS 114 - Regulatory Deferral Accounts The objective of this Standard is to specify the financial reporting requirements for regulatory deferral account balances that arise when an entity provides goods or services to customers at a price or rate that is subjectt rate regulation. The Standard requires limited changes to the accounting policies that were applied in accordance with previous generally accepted accounting principles (previous GAAP) for regulatory deferral account balances, which are primarily related to the presentation of these accounts. The requirements of this Standard permit an entity within its scope to continue to account for regulatory deferral account balances in its financial statements in accordance with its previous GAAP when it adopts Ind ASs, subject to the limited changes. In addition, this Standard provides some exceptions to, or exemptions from, the requirements of other Standards. All specified requirements for reporting regulatory deferral account balances, and any exceptions to, or exemptions from, the requirements of other Standards that are related to those balances, are contained within this Standard instead of within those other Standards.

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Data?1494421730 rohit awasthi answered about 3 years ago

Dear Friend > Ind AS 114 - Regulatory Deferral Accounts Regulatory deferral account balances arise when an entity provides goods or services to customers at a price or rate that is subject to rate regulation. The standard permits the rate regulated entity to account for ‘regulatory deferral account balances’ in accordance with the previous GAAP in its initial adoption and the subsequent financial periods. The entities are permitted to continue to apply the previous GAAP accounting policies for the recognition, measurement, impairment and derecognition of regulatory deferral account balances except if the change makes the financial statements more relevant to the economic decision-making needs of users and no less reliable, or more reliable and no less relevant to those needs. However, the presentation of such amounts shall comply with the presentation requirements of this standard, which may require changes in the entity’s previous GAAP presentation policies. Thanks

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