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List of IFRS Corresponding To The Ind AS: S No. Ifrs/ IAS Indian Accounting Standard Name

The document lists the International Financial Reporting Standards (IFRS) that correspond to the Indian Accounting Standards (Ind AS) notified by the Ministry of Corporate Affairs in India. It provides a table that maps 45 IFRS to their equivalent Ind AS standards and also lists the IFRIC and SIC interpretations that are included as appendices to the relevant Ind AS. The document explains that the Ind AS have been formulated based on the IFRS framework and standards issued by the International Accounting Standards Board.

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11K views4 pages

List of IFRS Corresponding To The Ind AS: S No. Ifrs/ IAS Indian Accounting Standard Name

The document lists the International Financial Reporting Standards (IFRS) that correspond to the Indian Accounting Standards (Ind AS) notified by the Ministry of Corporate Affairs in India. It provides a table that maps 45 IFRS to their equivalent Ind AS standards and also lists the IFRIC and SIC interpretations that are included as appendices to the relevant Ind AS. The document explains that the Ind AS have been formulated based on the IFRS framework and standards issued by the International Accounting Standards Board.

Uploaded by

amitsinghslideshare
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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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 under formulation* Leases

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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