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List of IFRS corresponding to the Ind AS

 

List of IFRS corresponding to the Ind AS

 

International Financial Reporting Standards in a broad sense comprise:

 

Conceptual Framework for Financial Reporting —stating basic principles and grounds of IFRS

 

IAS—standards issued before 2001 IFRS—standards issued after 2001

 

SIC—interpretations of accounting standards, giving specific guidance on unclear issues IFRIC—newer interpretations, issued after 2001

 

List of IFRS corresponding to the Ind AS notified by the MCA

 

S IFRS/ Indian Accounting Standard Name
No. IAS    
       
1. IAS 1 Ind AS 1 Presentation of Financial Statements
       
2. IAS 2 Ind AS 2 Inventories
       
3. IAS 7 Ind AS 7 Statement of Cash Flows
       
4. IAS 8 Ind AS 8 Accounting Policies, Changes in Accounting
      Estimates and Errors
       
5. IAS 10 Ind AS 10 Events after the Reporting Period
       
6. IAS 11 Ind AS 11 Construction Contracts
       
7. IAS 12 Ind AS 12 Income Taxes
       
8. IAS 16 Ind AS 16 Property, Plant and Equipment
       
9. IAS 17 Ind AS 17 Leases
       
10. IAS 18 Ind AS 18 Revenue
       
11. IAS 19 Ind AS 19 Employee Benefits
       
12. IAS 20 Ind AS 20 Accounting for Government Grants and Disclosure of
      Government Assistance
       
13. IAS 21 Ind AS 21 The Effects of Changes in Foreign Exchange Rates
       
14. IAS 23 Ind AS 23 Borrowing Costs
       
15. IAS 24 Ind AS 24 Related Party Disclosures
       
16. IAS 26 * Accounting and Reporting by Retirement Benefit Plans
       
17. IAS 27 Ind AS 27 Separate Financial Statements
       
18. IAS 28 Ind AS 28 Investments in Associates and Joint Ventures
       

 

19. IAS 29 Ind AS 29* Financial Reporting in Hyperinflationary  
      Economies  
         
20. IAS 32 Ind AS 32 Financial Instruments: Presentation  
         
21. IAS 33 Ind AS 33 Earnings per Share  
         
22. IAS 34 Ind AS 34 Interim Financial Reporting  
         
23. IAS 36 Ind AS 36 Impairment of Assets  
         
24. IAS 37 Ind AS 37 Provisions, Contingent Liabilities and Contingent  
      Assets  
         
25. IAS 38 Ind AS 38 Intangible Assets  
         
26. IAS 39 ** Financial Instruments: Recognition and Measurement  
         
27. IAS 40 Ind AS 40 Investment Property  
         
28. IAS 41 Ind AS 41 Agriculture  
         
29. IFRS 1 Ind AS 101 First-time Adoption of Indian Accounting Standards  
         
30. IFRS 2 Ind AS 102 Share-based Payment  
         
31. IFRS 3 Ind AS 103 Business Combinations  
         
32. IFRS 4 Ind AS 104 Insurance Contracts  
         
33. IFRS 5 Ind AS 105 Non-current Assets Held for Sale and Discontinued  
      Operations  
         
34. IFRS 6 Ind AS 106 Exploration for and Evaluation of Mineral Resources  
         
35. IFRS 7 Ind AS 107 Financial Instruments: Disclosures  
         
36. IFRS 8 Ind AS 108 Operating Segments  
         
37. IFRS 9 Ind AS 109 Financial Instruments  
         
38. IFRS 10 Ind AS 110 Consolidated Financial Statements  
         
39. IFRS 11 Ind AS 111 Joint Arrangements  
         
40. IFRS 12 Ind AS 112 Disclosure of Interest in Other Entities  
         
41. IFRS 13 Ind AS 113 Fair Value Measurement  
         
42. IFRS 14 Ind AS 114 Regulatory Deferral Account  
         
43. IFRS 15 Ind AS corresponding to IFRS Revenue from Contracts with Customers  
    15, IFRS 16  and IFRS 17 are    
44. IFRS 16 Leases  
under formulation*  
         
45. IFRS 17   Insurance Contracts  
         

 

* Since the Core paper on Financial Reporting does not cover Ind AS equivalent to IAS 29, IFRS 15, IFRS 16 and IFRS 17, the same IFRS shall also not form part of the GFRS Paper.

 

 

IFRICs/SICs included in the corresponding Appendices to Ind AS

 

As per the scheme of formulation of Indian Accounting Standards, the interpretations issued by the IASB, IFRIC and SIC added as an appendix with the relevant Ind AS.

 

S IFRIC/ Corresponding Appendix IFRIC/SIC      
No. SIC No. included in Ind AS        
         
1. IFRIC 1 Appendix A to Ind AS 16 Changes in Existing Decommissioning,  
      Restoration and Similar Liabilities  
       
2. IFRIC 2 # Members’  Shares  in  Co-operative  Entities  and
      Similar Instruments      
       
3. IFRIC 4 Appendix C to Ind AS 17 Determining whether an Arrangement contains a
      Lease      
           
4. IFRIC 5 Appendix A to Ind AS 37 Rights to Interests arising from    
      Decommissioning, Restoration and Environmental
      Rehabilitation Funds    
       
5. IFRIC 6 Appendix B to Ind AS 37 Liabilities arising from Participating in a Specific
      Market—Waste Electrical and Electronic
      Equipment      
       
6. IFRIC 7 Appendix A to Ind AS 29 Applying the Restatement Approach under Ind
      AS 29 Financial Reporting in Hyperinflationary
      Economies      
       
7. IFRIC 9 Not included as Ind AS 39 have Reassessment of Embedded Derivatives
    been replaced with Ind AS 109        
       
8. IFRIC 10 Appendix A to Ind AS 34 Interim Financial Reporting and Impairment
         
9. IFRIC 12 Appendix A to Ind AS 11 Service Concession Arrangements  
           
10. IFRIC 13 Appendix B to Ind AS 18 Customer Loyalty Programmes    
       
11. IFRIC 14 Appendix B to Ind AS 19 Ind AS 19 — The Limit on a Defined Benefit Asset,
      Minimum   Funding   Requirements   and   their
      Interaction      
       
12. IFRIC 16 Appendix C to Ind AS 109 Hedges of a Net Investment in a Foreign Operation
       
13. IFRIC 17 Appendix A to Ind AS 10 Distributions of Non-cash Assets to Owners
         
14. IFRIC 18 Appendix C to Ind AS 18 Transfer of Assets from Customers  
       
15. IFRIC 19 Appendix D to Ind AS 109 Extinguishing  Financial  Liabilities  with  Equity
      Instruments      
             

 

16. IFRIC 20 Appendix B to Ind AS 16 Stripping Cost in the Production Phase of a Surface
      Mine
       
17. IFRIC 21 Appendix C to Ind AS 37 Levies
       
18. IFRIC 22 Under formulation (As an Foreign Currency Transactions and Advance
    Appendix to Ind AS 21) Consideration (Effective from 1 January, 2018)
       
19. IFRIC 23 Under formulation (As an Uncertainty over Income Tax Treatments
    Appendix to Ind AS 12) (Effective from 1 January 2019)
       
20. SIC-7 ## Introduction of Euro
21. SIC-10 Appendix A to Ind AS 20 Government Assistance— No Specific Relation to
      Operating Activities
       
22. SIC-15 Appendix A to Ind AS 17 Operating Leases— Incentives
       
23. SIC-25 Appendix A to Ind AS 12 Income Taxes—Changes in the Tax Status of an
      Entity or its Shareholders
       
24. SIC-27 Appendix B to Ind AS 17 Evaluating the Substance of Transactions Involving
      the Legal Form of a Lease
       
25. SIC-29 Appendix B to Ind AS 11 Service Concession Arrangements: Disclosures
       
26. SIC-31 Appendix A to Ind AS 18 Revenue—Barter Transactions Involving
      Advertising Services
       
27. SIC-32 Appendix A to Ind AS 38 Intangible Assets—Web Site Costs
  • Appendix corresponding to IFRIC 2 is not issued as it is not relevant for the companies.

 

  • Appendix corresponding to SIC 7 is not issued as it is not relevant in the Indian context.

 

Since there is no notified Appendix on IFRIC 2, IFRIC 22, IFRIC 23 and SIC 7, they have not been discussed in the Core paper on Financial Reporting. Hence the same shall also not form part of the GFRS Paper.

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