Table of Contents
What is the date of transition?
Transition Date means the date on which this contract comes into effect for all purposes. Sample 2.
What is the transition date of IFRS in India?
April 1, 2011
The Government of India had committed to convergence of Indian Accounting Standards with IFRS from April 1, 2011.
What is event after the reporting period as per Ind AS?
Events after the reporting period are those events, favourable and unfavourable, that occur between the end of the reporting period and the date when the financial statements are authorised for issue.
How many IND as are applicable?
Presently, the Institute of Chartered Accountants of India (ICAI) has issued 39 Indian Accounting Standards (Ind AS) which have been notified under the Companies (Indian Accounting Standards) Rules, 2015 (‘Ind AS Rules’), of the Companies Act, 2013.
What is the entity’s date of transition to IFRS?
The Company adopted IFRS in preparing its consolidated financial statements for the fiscal year ended March 31, 2017. The date of transition to IFRS is April 1, 2015.
What is Ind AS 101 under IFRS?
As stated above, Ind AS 101 permits an entity to measure items of PPE, investment property, intangible assets and investments in subsidiaries/ associates/joint ventures on the date of transition at either their fair value or their carrying amount in accordance with previous GAAP and use this amount as a measure of …
What is transition amount?
Transition amount has been defined as the amount or the aggregate of amounts adjusted in other equity (excluding capital reserve and securities premium reserve) on the convergence date but excluding certain items.
What is IND 104?
This standard requires limited improvements to accounting by an insurer and disclosure that explains the amounts arising from contracts and helps users understand the nuances of the contracts. …