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Ind AS 20 on Accounting for Government Grants and Disclosure of Government Assistance and AS 12 on Accounting for Government Grants

(i)              Ind AS 20 deals with the other forms of government assistance which do not fall within the definition of government grants. It requires that an indication of other forms of governm…

Ind AS 10, Events after the Reporting Period and existing AS 4, Contingencies and Events occurring after the Balance Sheet Date

(i)              In Ind AS 10, material non-adjusting events are required to be disclosed in the financial statements, whereas the existing AS 4 requires the same to be disclosed in the report of…

Ind AS 16 Property, Plant and Equipment, and existing AS 10, Accounting for Fixed Assets and AS 6, Depreciation Accounting

Ind AS 16 deals with accounting for property, plant and equipment which are covered by existing AS 10, Accounting for Fixed Assets . Ind AS 16 also deals with depreciation of property, plant and…

Ind AS 7, Statement of Cash Flows and the existing AS 3, Cash Flow Statements

(i)           Ind AS 7 specifically includes bank overdrafts which are repayable on demand as a part of cash and cash equivalents, whereas the  existing AS 3 is silent on this aspect (refer para…

Ind AS 1, Presentation of Financial Statements and existing AS 1 (issued 1979), Disclosure of Accounting Policies

Ind AS 1 generally deals with presentation of financial statements, whereas existing AS 1 (issued1979) deals only with the disclosure of accounting policies. The scope of Ind AS 1 is thus much …
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