Drifting on the IFRS highway

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Drifting on the IFRS highway Powered By Docstoc
       M No. 09820375766
        Ind AS                     IFRS                         AS
Ind AS 1 Presentation    IAS 1 Presentation of      AS 1 Disclosures of
of Financial             Financial Statements       Accounting Principles
Statements                                          and Policies
Ind AS 2 Inventories     IAS 2 Inventories          AS 2 Valuation of
Ind AS 7 Statement of    IAS 7 Statement of Cash    AS 3 Cash Flow
Cash Flows               Flows                      Statements
Ind AS 8 Accounting      IAS 8 Accounting         AS 4 Contingencies and
Policies, Changes in     Policies, Changes in     Events occurring after
Accounting Estimates     Accounting Estimates and Balance Sheet Date
and Errors               Errors
Ind AS 10 Events after   IAS 10 Events after the    AS 5 Net Profit or Loss for
the Reporting Period     Reporting Period           the period, Prior Items
Ind AS 10 Appendix A     IFRIC 17 Distribution of   and Changes in
                         Non-cash Assets to         Accounting Policies
Ind AS 11 Construction      IAS 11 Construction           AS 7 Construction
Contracts                   Contracts                     Contracts
Ind AS 11 Appendix A        IFRIC 12 Service
(deferred)                  Concession
Ind AS 11 Appendix B        Arrangements
(deferred)                  SIC 29 Disclosure – Service
                            Concession Arrangements
Ind AS 12 Income Taxes      IAS 12 Income Taxes           AS 22 Accounting for Taxes
Ind AS 12 Appendix A        SIC 21 Income Taxes –         on Income
                            Recovery of Revalued Non-
                            Depreciable Assets
Ind AS 12 Appendix B        SIC 25 Income Taxes –
                            Changes in the Tax Status
                            of an Enterprise or its
Ind AS 16 Property, Plant   IAS 16 Property, Plant and    AS 10 Accounting for Fixed
and Equipment               Equipment                     Assets
                                                          AS 6 Depreciation
Ind AS 16 Appendix A   IFRIC 1 Changes in Existing
                       Decommissioning, Restoration
                       and Similar Liabilities
Ind AS 17 Leases       IAS 17 Leases                      AS 19 Leases
Ind AS 17 Appendix A   SIC 15 Operating Leases –
Ind AS 17 Appendix B   SIC 27 Evaluating the Substance of
                       Transaction involving the Legal
                       Form of a Lease
                       IFRIC 4 Determining Whether an
Ind AS 17 Appendix C   Arrangement contains a Lease
Ind AS 18 Revenue      IAS 18 Revenue                     AS 9 Revenue
Ind AS 18 Appendix A   SIC 31 Revenue – Barter            Recognition
                       Transactions Involving Advertising
                       IFRIC 13 Customer Loyalty
Ind AS 18 Appendix B   Programmes
                       IFRIC 18 Transfer of Assets from
Ind AS 18 Appendix C
Ind AS 19 Employee          Ind AS 19 Employee          AS 15 Employee Benefits
Benefits                    Benefits
Ind AS 19 Appendix A        Ind AS 19 Appendix A
Ind AS 20 Accounting For    Ind AS 20 Accounting For    AS 12 Accounting for
Government Grants and       Government Grants and       Government Grants
Disclosure of Government    Disclosure of Government
Assistance                  Assistance
Appendix A Government       Appendix A Government
Assistance – No Specific    Assistance – No Specific
Relation in Operating       Relation in Operating
Activities                  Activities
Ind AS 21 The Effects of    Ind AS 21 The Effects of    AS 11 The Effects of
Changes in Foreign          Changes in Foreign          Changes in Foreign
Exchange Rates              Exchange Rates              Exchange Rates

Ind AS 23 Borrowing Costs   Ind AS 23 Borrowing Costs   AS 16 Borrowing Costs
Ind AS 24 Related     IAS 24 Related Party Disclosure   AS 18 Related Party
Party Disclosure                                        Disclosures
No Near Final Draft   IAS 26 Accounting and             No standard
                      Reporting by Reporting by
                      Retirement Benefits Plans
Ind AS 27             IAS 27 Consolidated Separated     AS 21 Consolidated Financial
Consolidated and      and Financial Statements          Statements
Separated Financial
Statements            SIC 12 Consolidation – Special
Ind AS 27 Appendix    Purpose Entities
Ind AS 28 Investment IAS 28 Investment in Associates    AS 23 Accounting for
in Associates                                           Investments in Associates in
                                                        Consolidated Financial
Ind AS 29 Financial   IAS 29 Financial Reporting in     No standard
Reporting in          Hyperinflationary Economies
Economies             IFRIC 7 Applying the
Ind AS 29 Appendix    Restatement Approach under
A                     IAS 29 Financial Reporting in
                      Hyperinflationary Economies
Ind AS 31 Interest in Joint   IAS 31 Interest in Joint Ventures    AS 27 Financial
Ventures                                                           Reporting of Interests in
Ind AS 31 Appendix A          SIC 13 Jointly Controlled Entities   Joint Ventures
                              – Non-Monetary Contributions
                              by Venturers
Ind AS 32 Financial           IAS 32 Financial Instruments:        AS 31 Financial
Instruments: Presentation     Presentation                         Instruments :
Ind AS 32 Appendix B                                               Presentation
Ind AS 33 Earning Per         IAS 33 Earning Per Share             AS 20 Earnings per Share
Ind AS 34 Interim             IAS 34 Interim Financial             AS 25 Interim Financial
Financial Reporting           Reporting                            Reporting
Ind AS 34 Appendix A
                              IFRIC 10 Interim Financial
                              Reporting and Impairment.
Ind AS 36 Impairment Of       IAS 36 Impairment Of Assets          AS 28 Impairment of
Assets                                                             Assets
Ind AS 38 Intangible          IAS 38 Intangible Assets             AS 26 Intangible Assets
Ind As 38 Appendix A          SIC 32 Intangible Assets –
                              Website Costs
Ind AS 37 Provisions,    IAS 37 Provisions, Contingent        AS 29 Provisions, Contingent
Contingent Liabilities   Liabilities and Contingent Assets    Liabilities and Contingent
and Contingent Assets                                         Assets
Ind AS 37 Appendix A     IFRIC 5 Rights to Interest Arising
                         from Decommissioning,
                         Restoration and Environmental
                         Rehabilitation Funds
Ind AS 37 Appendix B     IFRIC 6 Liabilities Arising from
                         Participating in a Specific Market
                         – Waste Electrical and Electronic
Ind AS 39 Financial      IAS 39 Financial Instruments :       AS 30 Financial Instruments
Instruments :            Recognition and Measurement          : Recognition and
Recognition and                                               Measurement
Measurement              IFRIC 9 Reassessment of
Ind AsS39 Appendix C     Embedded Derivatives
                         IFRIC 16 Hedges of a net
Ind AS 39 Appendix D     Investment in Foreign Operation
                         IFRIC 19 Extinguishing Financial
Ind AS 39 Appendix E     liabilities with Equity
Ind AS 40 Investment         IAS 40 Investment Property   No standard
No near Final Draft          IAS 41 Agriculture           No standard

Ind AS 101 First Time        IFRS 1 First Time Adoption   No standard
Adoption of Indian           of International Financial
Accounting Standards         Reporting Standards
Ind AS 102 Share Based       IFRS 2 Share Based Payment   No standard
Ind AS 103 Business          IFRS 3 Business              No standard
Combination                  Combination
Ind AS 39 Insurance          IFRS 4 Insurance Contracts   No standard
Ind AS 105 Non-Current       IFRS 5 Non-Current Assets    No standard
Assets Held for Sale and     Held for Sale and
Discontinuing operations     Discontinuing operations

Ind AS 106 Exploration for   IFRS 6 Exploration for and   No standard
and Evaluation of Mineral    Evaluation of Mineral
Resources                    Resources
Ind AS 107 Financial        IFRS 7 Financial              No standard
Instruments : Disclosures   Instruments : Disclosures
Ind AS 108 Operating        IFRS 8 Operating Segments     No standard
No Near Final Draft         IFRS 9 Financial              No standard
Not covered in Ind AS       IFRIC 2 Members’ Share in     No standard
It was earlier covered in   Co-operative Entities and
Exposure Draft              Similar Instruments
Not covered in Ind AS       IFRIC 15 Agreements for the   No standard
It was earlier covered in   Construction of Real Estate
Exposure Draft
Now covered in Ind AS 11
Not covered in Ind AS       SIC 7 Introduction of Euro    No standard
Not Relevant in India
            AND AS.
              IND AS                                    Indian GAAP (AS)

IND AS-1      •IND AS–1 prescribes minimum              •In AS 1 there is no separate
Presentatio   structure of financial statements and     standard for disclosure. For
n&            contains guidance on disclosures.         Companies, format and disclosure
Disclosures   •Allows only single statement approach.   requirements are set out under
              •It requires only nature wise             Schedule VI of the Companies Act.
              classification of expenses.               •Revised Schedule VI is in
              •It requires a Statement of Changes in    accordance with requirements of
              Equity to be shown as part of the         IND AS 1.
              Balance Sheet.

              •IND AS–1 requires disclosure of •No such requirement under Indian
              critical    judgments       made   by GAAP.
              management in applying accounting
                                                    •AS-5      specifically  requires
              •IND AS-1 prohibits any items to be disclose of certain items as Extra-
              disclosed as extra-ordinary items.    ordinary items.
IND               AS    Non-Current if the agreement to    There is no guidance under the
1,Presentation of       refinance      or    reschedule    IGAAP. Generally, not disclosed
financial               payments on a long-term basis is   as payable within twelve months
statements-             completed before the end of the    after the balance sheet date if the
classification     of   reporting period.                  agreement to refinance or
financial liabilities                                      reschedule payments is completed
under refinancing                                          after the balance sheet date and
arrangements.                                              before the date of approval of
                                                           financial statements.

IND               AS    Non-current if the lender has      There is no guidance under the
1,Presentation of       agreed before the end of the       IGAAP.
financial               reporting period to provide a      Generally, not disclosed as
statements-             period of grace of minimum         payable within twelve months of
classification     of   twelve    months    after    the   the balance sheet date if the lender
financial liabilities   reporting period within which      has agreed after the balance sheet
upon violation of       the breach can be rectified and    date and before the approval of
covenants.              the lender cannot demand           financial statements not to
                        immediate payment                  demand immediate payments.
IND AS-2      IND AS–2 prescribes same cost formula to be used               AS–2 requires that the formula used in
Inventories   for all inventories having a similar nature and use to         determining the cost of an item of inventory
              the entity.                                                    needs to be selected with a view to providing
                                                                             the fairest possible approximation to the cost
                                                                             incurred in bringing the item to its present
                                                                             location and condition. However, there is no
                                                                             stipulation for use of same cost formula in
                                                                             AS–2 as compared to IFRS.

              There are certain additional requirement in IND AS–            No such guidance
              2 which are not contained in AS–2 which are as

              1. IND AS 2 does not apply to inventories held by
              commodity brokers-traders who measures their
              inventory at fair value less cost to sells are recognized in
              profit or loss in the period of change.

              2.Purchase of inventory on deferred settlement terms –
              excess over normal price is to be accounted as interest
              over the period of financing.

              3. Exchange differences are not includible in inventory
IND AS-7     IND AS 7                                           AS 3
Cash Flow    No exemption.                                      Exemption for SME‟s.
             Bank overdrafts are to be treated as a component   Bank Overdraft are considered as financing
             of cash/cash equivalents under IND AS–7.           activity.

             IND AS–7 prohibits separate disclosure of          AS–3 requires disclosure of extraordinary
             extraordinary items in Cash Flow Statements.       items.

             IND AS–7 deals with cash flows of consolidated     AS–3 does not deal with cash flows relating
             financial statements.                              to consolidated financial statements.
IND AS-8       IND AS 8                                  AS 5
Prior Period   In case of change in accounting policy, No specific guidance given except for
Items and      IND AS–8 requires retrospective effect to    change in method of depreciation
Changes in     be given by adjusting opening retained       should be considered as change in
Accounting     earnings.                                    accounting policy and is accounted
Policies                                                    retrospectively. The effect of
                                                            changes in accounting policies are
                                                            reflected in the current year P&L.

               The definition of prior period items is AS–5 covers only incomes and
               broader under IND AS–8 as compared to      expenses in the definition of prior
               AS–5 since IND AS–8 covers all the         period items.
               items in the financial statements
               including balance sheet items.

               IND AS–8 requires retrospective AS–5 requires prior period items to be
               restatement of prior period figures by included in the determination of
               restatement of opening balances of     net profit or loss for the current
               assets, liabilities and equity for the period
               earliest period practicable.
           New accounting pronouncements that have Not required.
           been issued but are not yet effective as at
           the end of the reporting period are
           disclosed. Known or reasonably estimable
           information relevant to assessing the
           possible impact of the new accounting
           pronouncements      on    the     financial
           statements on initial application is

IND AS- IND AS–10 provides that proposed               AS-4 specifically requires
10        dividend should not be shown as liability.   such disclosure as the
Events                                                 same is mandated by
after the                                              statutory requirement.
IND AS Revenue Recognition for real estate AS 7
11        developer included in scope of IND AS 11. No such guideline.
ng     of
IND AS-12   Deferred taxes are computed for        Deferred taxes are computed
Income      temporary differences between          for timing differences in
Taxes .     the carrying amount of an asset or     respect of recognition of
            liability in the statement of          items of profit or loss for the
            financial position and its tax base    purposes      of      financial
                                                   reporting and for income
            Deferred tax asset is recognised for   Deferred tax asset for unused
            carry forward unused tax losses        tax losses and unabsorbed
            and unused tax credits to the          depreciation is recognised
            extent that it is probable that        only to the extent that there is
            future taxable profit will be          virtual certainty supported by
            available against which the unused     convincing evidence that
            tax losses and tax credits             sufficient    future     taxable
            can be utilised.                       income will be available
                                                   against which such deferred
                                                   tax assets can be realised.
Recovery of     Measurement of deferred tax liability or      No specific guidance
Revalued        asset arising from revaluation is based on
Non-            the tax consequences from the sale of asset
Depreciable     rather than through use.

Changes in      Current and deferred tax consequences are No specific guidance
Tax             included in the profit or loss of the period
Status of an    of change unless the consequences relate
Entity or its   to transactions or events recognised outside
Shareholders    profit or loss either in other comprehensive
                income or directly in equity in the same or
                a different period.
IND AS-     IND AS–16         mandates     component AS–10 recommends but does not force component
            accounting.                              accounting.
Property,   Depreciation is based on useful life.     Depreciation is based on higher of useful life or
Plant &                                               Schedule XIV rates. In practice, more companies use
                                                      Schedule XIV rates.
nts.        Major repairs and overhaul expenditure Major repairs and overhaul expenditure are expensed.
            are capitalized as if it is a separate AS–10 provides that only that expenditure which
            component.                                increases the future benefits from the existing asset
                                                      beyond its previously assessed standard of
            Under IND AS–16, if subsequent costs performance is included in the gross book value, e.g.
            are incurred for replacement of a part of an increase in capacity.
            an item of fixed assets, such costs are
            required to be capitalized and
            simultaneously the replaced part has to
            be de-capitalized.

            In case of change in method of            AS–6 requires retrospectively recomputation of
            depreciation, IND AS–16 requires effect   depreciation and any excess or deficit on such
            to be given prospectively. Change in      recomputation is required to be adjusted in the period
            method of depreciation is treated as      in which such change is effected. AS–6 considers this
            change in accounting estimate under       as change in accounting policy.
            IND AS–16.
Estimates of residual value needs to Estimates of residual value are not
be updated.                          updated.

Revaluation    is   an    allowed No need to update revaluation regularly.
alternative treatment; however,
revaluation will have to be done

Depreciation on revaluation portion Depreciation on revaluation portion can
cannot be recouped out of be recouped out of revaluation reserve.
revaluation reserve and will have to
be charged to the P&L account and
transfers from revaluation to
retained earnings are made directly
and not through profit or loss

Provision on site–restoration and No guidance in the standard. However,
dismantling is mandatory.         guidance note on oil and gas issued by
                                  ICAI requires capitalization of site
                                  restoration cost.
IND       IND AS 17 – Leases                 AS 19 - Leases
Leases.   Determining Whether an             No guidance.
          Arrangement Contains a Lease
          (Notification deferred)

          Service Concession Arrangements    No guidance.
          (Notification deferred)

IND AS Recognised as operating lease (i.e.   Leasehold land is recorded and classified
17,      Prepayment)                         as fixed assets.
Leases -
d land
IND AS 17,      For finance leases other than those        Initial direct costs are either recognised
Leases -        involving manufacturer or dealer           immediately in the statement of profit and
initial         lessors, initial direct costs are          loss or allocated against the finance income
direct costs    included in the measurement of the         over the lease term.
of lessors      finance lease receivable and reduce
for assets      the amount of income recognised over
under a         the lease term.
finance lease
                Initial lease costs incurred by Initial lease costs incurred by manufacturer
                manufacturer or dealer lessors are or dealer lessors are recognised as expense
                recognised as expense when selling at the inception of the lease.
                profit is recognised.
IND AS 17,      Initial direct costs incurred by lessors   Initial direct costs incurred by lessors are
Leases -        are added to the carrying amount of        either deferred and allocated to income
initial         the leased asset and recognised as an      over the lease term in proportion to the
direct costs    expense over the lease term on the         recognition of rent income, or are
of lessors      same basis as lease income.                recognised as an expense in the statement
for assets                                                 of profit and loss in the period in which
under                                                      they are incurred.
Lease              Lease incentives (such as rent- No specific guidance.
incentives         free period) are recognised by
                   both the lessor and the lessee as a
                   reduction of rental income and
                   expense, respectively, over the
                   lease term.
Evaluating         If a series of transactions involves No specific guidance.
the Substance of   the legal form of a lease and can
Transactions       only be understood with reference
Involving the      to the series as a whole, then the
Legal Form of a    series is accounted for as a single
Lease.             transaction.
IND AS-18,    IND AS 18 – Revenue                            AS 9 - Revenue Recognition
              IND AS–18 requires effective interest AS–9 requires interest income to be
              method to be followed for interest recognized on a time proportion basis.
              income recognition.

              Under IND AS–18, payments received AS–9 permits recognition when the
              in advance for goods yet to be goods are manufactured, identified and
              manufactured or third party sales cannot ready for delivery in such cases.
              be recognized as revenue until such
              goods are delivered to the buyer.

Transfer of
Assets from   In the utilities industry, an entity may       No guidance
Customers     receive from its customers items of
              property, plant and equipment that must
              be used to connect those customers to a
              network and provide them with ongoing
              access to a supply of commodities such as
              electricity, gas or water. Alternatively, an
              entity may receive cash from customers for
              the acquisition or construction of such
              items of property, plant and equipment.
              Typically, customers are required to pay
              additional amounts for the purchase of
              goods or services based on usage.
IND AS 18,    Requires recognition using percentage of         Completed service contract method or
Revenue -     completion method. Revenues from                 proportionate completion method permitted.
              installation      fees     and      production   Revenues from installation fees and
services      commission are recognised with reference         production commission are recognised
rendered.     to stages of completion, unless the              when installation and production is
              installation is incidental to sale.              completed, unless the installation is
                                                               incidental to sale.

              Fair value of services provided is measured      No specific guidance in AS 9. However the
Barter        with reference to non-barter similar             guidance note on Accounting for Dot-com
transaction   transactions that occur frequently, represent    companies provides similar guidance for
s involving   a substantial number of the transactions,        advertising barter transactions.
advertising   consideration involves cash or other
              securities that has a reliable measure of
services      fair value and do not involve transaction
              with the same counterparty to the barter

Customer      Award credits are accounted for as a        No specific guidance.
              separate identifiable component of a sales
Loyalty       transaction, with the consideration
Programs      allocated between the awards credit and the
              other components of sale.
IND AS-         IND AS 19 - Employee Benefits                     AS 15 (Revised 2005) - Employee
19,                                                               Benefits
Accounting      All actuarial gains and losses for post-          All actuarial gains and losses
for actuarial
gains and
                employment defined benefit plans and              for post-employment defined
losses          other-long term employment benefit                benefit plans and other-long
                plans are recognised in OCI.                      term employment benefit
                                                                  plans are recognised in Profit
                                                                  and Loss Account

                Under IND AS–19, the liability for termination Termination benefits are dealt with
                benefits has to be recognized based on constructive under AS–29, which are required to be
                obligation for e.g. Announcement of a formal plan. recognized based on legal obligation
                                                                    rather than constructive obligation.

                Under IND AS there is no concept of deferral.     VRS expenditure can be deferred under
                                                                  Indian GAAP over 3-5 years.
The Limit on a    Addresses when refunds or reductions are       No specific guidance
Defined Benefit   regarded as available for recognition of an
Asset, Minimum    asset; how funding requirements in future
Funding           may effect the availability of reductions in
Requirements      future contributions and when minimum
and their         funding requirement may give rise to a
IND AS-20, In case of non- monetary assets acquired AS-12   requires              accounting       at
Governme at nominal/concessional rate, IND AS–20 acquisition cost.
nt Grants  permits accounting either at fair value.

Grants        Requires presentation of such grants in       Requires presentation      either on
relating to   balance sheet only by setting up the grant    reduction of assets method or deferred
              as deferred income. Thus, the option to       income method.
              present such grants by deduction of the
              grant in arriving at the carrying amount of
              the asset is not available under Ind AS 20.

              IND AS–20 requires separate disclosure of AS-12 has           no   such    disclosure
              unfulfilled  conditions    and      other requirement
              contingencies if grant has been
IND AS 20, Prohibited to be classified as an                Classified as an extraordinary item.
Governme extraordinary item.
nt Grants -
IND AS-21,     IND AS 21 - The Effects of Changes in AS 11 - The Effects of Changes in
Foreign        Foreign                               Foreign Exchange Rates
Exchange.      Exchange Rates

IND AS 21,     Functional currency is the currency of   Foreign currency is a currency
Effects of     the primary economic environment in      other than the reporting currency
Changes in     which the entity operates. Foreign       which is the currency in which
Foreign        currency is a currency other than the    financial statements are presented.
Exchange       functional currency.                     There is no concept of functional
Rates                                                   currency.
- functional   Presentation currency is the currency
and            in which the financial statements are
presentation   presented.
IND AS 21,           Exchange differences arising on      Similar to IFRS, except that exchange
Effects of           translation or settlement of         differences on translation of monetary foreign
Changes in           foreign currency long term           currency liabilities incurred upto the end of the
                     monetary items are recognised in     accounting periods commencing on or before
                     equity in the period in which they   31 March 2004 towards acquisition of fixed
Exchange Rates -     arise.                               assets are capitalised in the carrying amount of
exchange                                                  these assets.

                     Exchange        differences    on    Exchange differences on monetary items, that
                     monetary items, that in substance,   in substance, form part of net investment in a
                     form part of net investment in a     foreign operation, are recognised in Foreign
                     foreign operation, are recognised    Currency Translation Reserve both in the
                     in profit or loss in the period in   separate and consolidated financial statements.
                     which they arise in the separate
                     financial statements and in other
                     comprehensive income in the
                     consolidated financial statements.
IND AS 21, Effects   Change in functional currency is Change in reporting currency is not dealt
of Changes in        applied prospectively.           with in AS 11, though reason for change is
Foreign Exchange                                      required to be disclosed.
Rates - change in
IND AS 21,    Assets and liabilities should     Translation of financial statements to the reporting
Effects of    be translated from functional     currency of the parent/investee depends on the
Changes in    currency     to    presentation   classification of that operation as integral or non
Foreign       currency at the closing rate at   integral.
Exchange      the date of the statement of
Rates -       financial position; income and    In the case of an integral operation, monetary assets
translation   expenses at actual/average        are translated at closing rate; non-monetary items
              rates for the period; exchange    are translated at historical rate if they are valued at
in the
              differences are recognised in     cost and at closing rate if they are valued on other
              other comprehensive income        valuation basis and income and expense items are
d financial   and recycled to profit or loss    translated at historical/average rate. Exchange
statements    on disposal of the operation.     differences are taken to the statement of profit and

                                                For non-integral operations, closing rate method
                                                should be followed (i.e. all assets and liabilities are
                                                to be translated at closing rate while profit and loss
                                                account items are translated at actual/average rates).
                                                The resulting exchange difference is taken to
                                                reserve and is recycled to profit and loss on the
                                                disposal of the non-integral foreign operation.
IND AS     Accounted for as a • Forward contracts not intended for trading or speculation
21,        derivative.        purposes:
Effects of                    (i) Any premium or discount arising at the inception of a
Changes                       forward exchange contract is amortised as expense or income
in                            over the life of the contract.
Foreign                       (ii) Exchange differences on such a contract are recognised in
Exchange                      the statement of profit and loss in the reporting period in
                              which the exchange rates change. Exchange difference on a
Rates -
                              forward exchange contract is the difference between
                              (a) the foreign currency amount of the contract translated at
contracts                     the exchange rate at the reporting date, or the settlement date
                                  where the transaction is settled during the
                                  reporting period, and
                                  (b) the same foreign currency amount translated at the latter of
                                  the date of inception of the forward exchange contract and the
                                  last reporting date.

                                  • Forward exchange contract intended for
                                  trading or speculation purposes:
                                  The premium or discount on the contract is ignored and at
                                  each balance sheet date, the value of the contract is marked to
                                  its current market value and the gain or loss on the contract is
IND AS-23,   IND AS–23 prescribes borrowing AS–16 mandates capitalization of
Borrowing    costs to be recognized as expense as borrowing costs, where the relevant
Costs        benchmark treatment. It allows conditions are fulfilled.
             capitalization   as    an    allowed

             IND AS–23 requires disclosure of AS-16 does          not   require   such
             capitalization rate used to determine disclosure.
             the amount of borrowing.
IND AS-24,    The definition of related party under IND AS–24,            AS–18 does not include this relationship.
              includes post employment benefit plans (e.g. gratuity
Related       fund, pension fund) of the enterprise or of any other
Party         entity, which is related party of the enterprise.
              The definition of key management persons (KPMs)             AS–18 read with ASI–18 exclude non–
              under IND AS–24 includes any director whether               executive directors from the definition of
              executive or otherwise i.e. Non – executive directors       key management persons. AS–18 does not
              are also related party. Further , under ins–24 , if any     specially cover indirect authority &
              person has indirect authority and responsibility for        responsibility.
              planning , directing & controlling the activities of the
              enterprise , he will be treated as a key Management
              Person (KPMs)

              Father, mother, brother and sister relatives as specified   AS–18 covers relatives of KPMs.
              under the meaning of relative under the Companies
              Act, 1956 are added in the definition of the „close
              members of the family of a person

              IND AS–24 requires compensation to KPMs to be               AS–18 read with ASI–23 requires
              disclosed category wise including share based               disclosure of remuneration paid to key
              payments.                                                   management persons but does not mandate
                                                                          category wise disclosures.

              IND AS–24 mandates that no disclosure should be             AS–18 contains no such stipulations.
              made to the effect that related party transactions were
              made on arms length basis unless terms of the party
              transaction can be substantiated.
No concession is provided under IND AS-24 where AS-18 provides exemption                    from
disclosure of information would conflict with the duties disclosure in such cases
of confidentiality in terms statute or regulating authority.

Under IND AS-24, the definition of “control” is            Under AS-18, the definition is wider
restrictive as it requires power to govern the financial   as it refers to power to govern the
and operating policies of the management of the            financial and/or operating policies of
enterprise.                                                the management.

                                                          AS-18       includes    control   over
The definition of “control” under IND AS-24 is composition of Board of Directors in
restrictive on the count that it does not include control the definition of “control”.
over the composition of board of directors.
                                                          No such disclosure requirement is
IND AS-24 requires disclosure of terms and conditions contained in AS-18.
of outstanding items pertaining to related parties.
                                                          AS-18 Prescribe presumption of
IND AS-24 does not prescribe a significant rebuttable significant influence if 20% or more
presumption of influence.                                 of the voting power held by any party.

                                                           Transactions between state controlled
No exemption.                                              enterprises are not required to be
                                                           disclosed under AS-18
IND AS-     Under IND AS-27, it is mandatory to         Under AS-21, it is not mandatory to prepare CFS.
27,         prepare CFS and an entity should prepare    However, listed companies are mandatorily required
            separate financial statements in addition   by the terms of listing agreement of SEBI to prepare
Consolid    to CFS only if local regulations so         and present consolidated financial statements.
ated and    require.
Statemen    Under IND AS-27, a subsidiary cannot Under AS-21 .a subsidiary can be excluded from
            be excluded from consolidation under consolidation if (1) the subsidiary is acquired and held
ts.         any circumstances.                   with an intention to dispose ;(2) the subsidiary
                                                 operates under severe long term restrictions impairing
                                                 its ability to transfer funds to parent.

            Under IND AS -27 while determining AS-21 is silent.
            whether entity has power to govern
            financial and operating policies of other
            entity, potential voting rights currently
            exercisable should be considered.

            Under IND AS -27 the definition of          Control means the ownership directly or indirectly
            “control” requires power to govern the      through subsidiary (ies), of more than one-half of the
            financial and operating policies of the     voting power of an enterprise; or control over
            management of the enterprise.               composition of board of directors for obtaining
                                                        economic benefits.
Use of uniform accounting policies for like AS-21,gives exemption from following uniform
transactions while preparing CFS          is accounting policies if the same is not
Mandatory under IND AS-27.                   practicable.

Under IND AS-27, minority interests has to Under AS-21, minority interest has to be
be disclosed within equity but separate from separately disclosed from liability and equity of
parent shareholders equity.                  parent shareholder.

Under IND AS 103, goodwill/capital reserve Under AS-21, goodwill/capital reserve on
on consolidation is computed on fair values consolidation is computed on the basis of
of assets/liabilities.                      carrying value of assets/liabilities.

Under IND AS-27, 3 months‟ time gap is Under AS-21, six months time gap is allowed.
permitted between balance sheet dates of
financial statements of Subsidiary and parent.

IND AS-27, prescribes that deferred tax
adjustment as per IND AS-12 should be No deferred tax is to be created on unrealized
made in respect of timing difference arising profit.
out of elimination of unrealized profit.
Acquisition      accounting   requires   Under AS–21, for computing parent’s
drawing up of financial statements as    portion of equity in a subsidiary at the
on the date of acquisition for           date on which investment is made, the
computing parent’s portion of equity     financial statements of immediately
in a subsidiary.                         preceding period can be used as a basis of
                                         consolidation if it is impracticable to draw
                                         financial statement of the subsidiary as on
                                         the date of investment.

                                         AS–21 requires additional disclosure of
IND AS–27 does not require additional    list of all subsidiaries including the name,
disclosure of list of all subsidiaries   country of incorporation, proportion of
including the name, country of           ownership interest and if different,
incorporation,      proportion      of   proportion of ownership interest and if
ownership interest and if different,     different, proportion of voting power held.
proportion of voting power held.

Requires consolidation of SPV’s when
certain criteria’s are met.          No such guidance under AS–21.
IND AS-28, Under IND AS-28, potential voting currently        Under ASI-28 potential voting rights
Investments exercisable are to be considered in assessing     are not considered for determining
in          Significant influence                             voting power in Assessing significant
               As per IND AS-28, difference between Under AS-23, no period is Specified.
               balance sheet date of investor and associate Only consistency is mandated.
               Cannot be more than three months.

               In case uniform accounting Policies are not    Under AS-23, if it is not Practicable
               followed by Investor & investee, necessary     to make such Adjustments, exemption
               adjustments have to be made While              is given; but appropriate disclosures
               preparing consolidated Financial statements    are made.
               of investor.

               While recognizing losses of Associates/joint   Under AS-23, losses are to be
               ventures under IND AS-28, carrying amount      recognized to the extent of
               of investment in equity & other long term      Investment plus             incurred
               interests to be considered.                    Obligations plus payments made
                                                              Towards guaranteed obligations.

               Under IND AS-28, it is necessary to subject If decline in value of investment in an
               the investments in associates/joint ventures associate is permanent, Provision for
               to the test of impairment.                   diminution to be Made. Impairment
                                                            testing is Not required under AS-23.
IND AS-31,     Under IND AS–31, when the investments There is no such provision under AS–
Financial      are made by venture capital organization, 27 and there is no separate standard on
Reporting      mutual funds, unit trusts and similar entities financial instruments.
               then those investments are classified as
of Interests
               held for trading and accounted for as per
in Joint       IND AS–39.
               IND AS–31 not to apply if parent is exempt There is no such specific provision
               from preparing CFS under IND AS–27. under AS–27.
               Similar exemption for investor satisfying
               same conditions as parent.

               IND AS–31 permits both proportionate AS–27 permits only proportionate
               consolidation method and equity method consolidation method.
               for recognizing interest in a jointly
               controlled equity in CFS. Equity method
               prescribed in IND AS–31 is similar to that
               prescribed in IND AS–28.

               Accounting for subsidiary where joint        Accounting for subsidiary where joint
               control is established through contractual   control    is     established     through
               agreement should be done as joint venture,   contractual agreement should be done
               i.e. either proportionate consolidation or   as subsidiary – i.e. Full consolidation.
               equity accounting as the case may be.
IND AS-32,    IND AS–32, IND AS–39 and       AS–30 and AS–31 corresponding to IND
Financial     IFRS-7 deal with financial     AS–39 and IND AS–32 respectively
Instruments   instruments and entity‟s own   have been issued. It is recommendatory
              equity in detail including     in 2009 and mandatory from 2011. It
              matters relating to hedging.   may however be noted that these
                                             standards have not yet been incorporated
                                             in the Companies (Accounting Standard)
IND AS-   IND AS-33 deals with computation of EPS in case       AS-20 does not contain any such provision.
          of Shared – based payment transactions.               The Guidance note issued by ICAI on
   33,                                                          “Employee Share-based Payments” deals with
Earning                                                         the same.
Per       IND AS-33 prescribes treatment of written put
Share     options & forward purchase contracts in computing     AS-20 is silent on this aspect.

          IND AS-33 requires changes in accounting policy       AS-20 does not permit such treatment.
          to be given retrospective effect for computing EPS,
          which means EPS to be adjusted for prior period
                                                                AS-20 requires EPS/DEPS with and without
          IND AS-23 does not require disclosure of EPS with     extra – ordinary items to be disclosed
          and without extra – ordinary item.                    separately.

          IND AS-33 does not deal with treatment of             Under AS-20 application money held pending
          application money held pending allotment.             allotment should be included in the
                                                                computation of diluted EPS.

          IND AS -33 requires disclosure of anti dilutive       AS-20 does not mandate such disclosure.
          instruments even though they are ignored for the
          purpose of computing dilutive EPS

          IND AS-33 does not require disclosure of face         Disclosure of face value is required under AS-
          value of share.                                       20.
IND AS-34,    IND AS 34 - Interim Financial AS 25 - Interim Financial Reporting
Interim       Reporting
Financial                                   AS 25 is similar to IND AS 34 and
Reporting -                                 there are no material differences
Primary                                     between the two standards
IND AS 34,    Same accounting policies as Similar to IFRS
Interim       used in annual financial
Financial     statements are used in the
Reporting -   preparation of interim financial
Accounting    statements.
              If there is a change in
              accounting policy in the interim
              period, previously reported
              interim periods are restated.
IND AS-36,   Ind AS 36                             AS 28
Impairment   Impairment losses on goodwill are not Impairment losses on goodwill are
of Assets    subsequently reversed.                subsequently reversed only if the
                                                   external     event    that     caused
                                                   impairment of goodwill no longer
                                                   exists and is not expected to recur.

             Goodwill acquired on business Goodwill is allocated to CGU‟s
             combination is allocated to each CGU based on bottom-up and top-down
             based on the benefit it would enjoy tests.
             from the synergies of the combination.
IND AS-37,    IND AS-37 requires discounting of AS–29 prohibits discounting.
Provisions,   Provisions.
Assets and    IND AS–37 requires provisioning on AS–29 requires recognition based on legal
Contingent    the basis of constructive obligation on obligation.
Liabilities   restructuring costs.

              IND AS–37 requires disclosure of AS–29 prohibits it.
              Contingent Assets in Financial

              IND AS–37 provides certain basis and AS–29 does not contain any such guidance
              statistical methods to be followed for and relies on judgment of management.
              arriving at the best estimate of the
              expenditure for which provision is
                                                     AS–29 defines present obligation and
              IND AS–37 defines obligation but does possible obligation as well.
              not make a distinction between present
              obligation and possible obligation.

              IND AS 37 gives an exception to this AS 29 states that future operating losses
              principle ie. Losses related to onerous upto the date of restructuring are not
              contract.                               included in a provision.
IND AS-38, There is no presumption under IND AS– Under AS–26, there is a rebuttable
Intangible 38 as regards useful life of an intangible presumption that the useful life of
Assets     asset.                                     intangible assets will not exceed 10 years.

              Under IND AS–38, intangible assets          There is no concept of indefinite useful life
              having “Indefinite useful life” cannot be   in AS–26. Theoretically, even for such
              amortized. Indefinite useful life means     assets, amortization would be mandatory,
              where, based on analysis, there is no       though the threshold period could exceed
              foreseeable limit to the period over        beyond 10 years.
              which the asset is expected to generate
              net cash inflow for the entity.
              Indefinite is not equal to infinite. Such
              assets should be tested for impairment at
              each balance-sheet date & separately

              IND AS – 38 does not require any AS – 26 requires test of impairment to be
              impairment testing if there are no applied even if there is no indication of that
              indications of impairment.         asset being impaired for following assets:-
                                                 *Intangible asset not yet available for use
                                                 *Intangible asset amortized over > 10
Under IND AS–38, if Intangible There is no such stipulation under AS–26.
Asset is „held for sale‟ then
amortization should be stopped.

Under IND AS – 38, R&D AS–26 is silent on this.
expenditure that relates to an in-
process R&D project acquired
separately or in a business
combination shall be accounted as
Intangible Asset.

Under IND AS–38, Revaluation AS–26 does not permit revaluation model.
Model is allowed for accounting
Intangible Asset provided active
market exists.

Web site costs shall be recognised   No guidance.
IND AS-40,    IND AS 40 - Investment Property   There is no equivalent standard on
Investment                                      investment property. At present,
Property –                                      covered by AS 13 - Accounting for
Primary                                         Investments.
Investment    Investment properties can be Classified as long-term investments
Property –    measured using the cost model. and measured at cost less impairment.
IND AS-       IND AS 102 - Share-based           There is no equivalent standard.
102,          Payment    (covers   share-based
Share based   payments both for employees and     However ICAI has issued a guidance note on
              non-employees and transactions     Accounting    for   Employee     Share-based
payment -
              involving receipt of goods and     Payments. This guidance note deals only with
Primary       services).                         employee share-based payments.
                                                 The SEBI has also issued the Securities
                                                 and Exchange Board of India (Employee
                                                 Stock Option Scheme and Employee Stock
                                                 Purchase Scheme) Guidelines, 1999.
Share-        Recognise as an expense over the No guidance.
based         vesting period.
payment -     Goods and services in a share-
              based payment transaction are
              recognised when goods are
              received or as services are
              rendered. A corresponding increase
              in equity is recognised if goods and
              services were received in an equity-
              settled     share-based     payment
              transaction or a liability if these
              were acquired in a cash-settled
              share-based payment transaction.
Share       For equity settled share-based          Both the guidance note and the SEBI
based       transactions, goods and services        guidelines permit the use of either the
payment -   received and the corresponding          intrinsic value method or the fair value
measurem    increase in equity is measured at the   method for determining the costs of
ent         fair value of the goods and services    benefits arising from employee share-
            received. If the fair value of the      based compensation plans. The guidance
            goods and services cannot be            note recommends the use of the fair
            estimated reliably, then the value is   value method.
            measured with reference to the fair
            value of the equity instruments

            Different valuation techniques may The fair value is estimated using an
            be Under the intrinsic value method, option-pricing model (for example, the
            the cost applied.                    Black-Scholes or a binomial model)
                                                 Where an enterprise uses the intrinsic
                                                 value method, it should also disclose the
                                                 impact on the net results and EPS - both
                                                 basic and diluted – for the accounting
                                                 period, had the fair value method been
IND AS 103,    Business combinations are dealt with under IND          Business combinations are dealt with under
               AS 103.                                                 various standards such as AS-14, AS-21, AS-
Business                                                               23, AS-27 and AS-10.
               IND AS 103 allows only purchase method.                 AS-14, allows both Pooling of interest method
               Option of pooling method given under IND AS–            and Purchase method. Pooling method is
               22 has been withdrawn.                                  allowed subject to certain conditions.

               IND AS 103 requires valuation of assets and             AS–14 requires valuation at carrying value in
               liabilities at fair value Even contingent liabilities   the case of pooling method. In the case of
               are fair valued.                                        purchase method either carrying value or fair
                                                                       value may be used. Contingent liabilities are
                                                                       not fair valued. Under AS–21, AS–23, and
                                                                       AS–28, goodwill is determined based on book
                                                                       values rather than fair values.

               IND AS 103 requires Goodwill to be tested for           AS–14 requires amortization of goodwill. AS–
               impairment.                                             21, AS–23, and AS–27 are silent. AS–10 also
                                                                       recommends amortization of goodwill. AS–28
                                                                       requires impairment testing.

               Under IND AS 103, provisional values can be             AS–14 contains no such similar provision.
               used provided they are updated retrospectively
               within 12 months with actual values.
               Specific guidance provided in Appendix C –
               pooling of interest method required to be               No such guidance.
               followed in case of business combinations of
               entitites under common control
IND AS-105,            IND AS 105 - Non-current assets      AS 24 – Discontinuing Operations
Non-current assets     held for sale and discontinued       AS 10 - Accounting for Fixed
held for sale and      operations                           Assets
discontinued           A discontinued operation is a        There is no concept of discontinued
operations             component of an entity that either   operation but it deals with
- Primary literature   has been disposed or is classified   discontinuing operations.
                       as held for sale.

IND AS 105, Non-       Non-current assets to be disposed    There is no standard dealing with
current                of are classified as held for sale   non-current assets held for sale
assets held for sale   when the asset is available for      though AS 10 deals with assets held
and discontinued       immediate sale and the sale is       for disposal. Items of fixed assets
operations -           highly probable.                     that have been retired from active
recognition                                                 use and are held for disposal are
                       Depreciation ceases on the date      stated at the lower of their net book
                       when the assets are classified as    value and net realizable value and
                       held for sale.                       are shown separately in the financial
                                                            statements. Any expected loss is
                       Non-current assets classified as     recognised immediately in the
                       held for sale are measured at the    statement of profit and loss.
                       lower of its carrying value and
                       fair value less costs to sell.
IND AS 105, Non-   An operation is classified as     An operation is classified as
current            discontinued when it has either   discontinuing at the earlier of (a)
assets held for    been disposed of or is            binding sale agreement for sale of the
sale and           classified as held for sale.      operation and (b) on approval by the
discontinued                                         board of directors of a detailed formal
operations -                                         plan and announcement of the plan.

                   The sale should be expected to The existing AS 24 does not specify
                   qualify for recognition as a any time period in this regard as it
                   completed sale within one year relates to discontinuing operations.
                   from the date of classification
                   with certain exceptions.
IND AS-108,        IND AS 108 - Operating AS 17 - Segment Reporting
Segment            Segments (effective 1 January
Reporting          2009 and replaces IND AS 14,
                   Segment Reporting)
IND AS 108,
Operating          Operating      segments       are   AS 17 requires an enterprise to identify
Segments -         identified based on the financial   two sets of segments (business and
                   information that is evaluated       geographical), using a risks and rewards
determination of
                   regularly by the chief operating    approach, with the enterprise‟s system of
                   decision maker in deciding how      internal financial reporting to key
                   to allocate resources and in        management personnel serving only as
                   assessing performance.              the starting point for the identification of
                                                       such segments.
Prescribes treatment of revenue, expense, AS–17 is silent on the aspect of
profit/loss, assets and liabilities in relation to treatment is consolidated financial
Associates & Joint Ventures in consolidated statement.
financial statements.

Encourages reporting of vertically integrated
activities as separate segments but does not AS–17 does not make any distinction
mandate the disclosure.                               between vertically integrated segment
                                                      and other segment.
Provides that a business segment only if, inter
alia, majority of its revenue is earned from sales to AS–17 does not contain any such
external customers.                                   stipulation.

If a reportable segment ceases to meet threshold
requirements, then also it remains reportable for Under AS–17, this is mandatory
one year if the management judges the segment to irrespective of the judgment of
be of continuing significance.                    management.

In the case of change in identification of
segments, IFRS-8 requires restatement of prior        AS–17 requires only disclosure of the
period segment information. In case it is not         nature of the change and financial effect
practicable, IFRS–8 requires disclosure of data for   of    the change,       if   reasonably
both the old and new bases of segmentation.           determinable. .
IND AS 101               Detail first time adoption rules No first time adoption rules.
First Time Adoption          exist.

Ind AS 104 - Insurance   Detailed rules exist.             No guidance

Ind AS 106 –             Detailed rules exist.             No guidance
Exploration for and
Evaluation of Mineral

IAS 26 - Accounting      No IND AS has been finalised.
and Reporting by
Retirement Benefit

IAS 41 - Agriculture     No IND AS has been finalised.

IFRS 9 - Financial       No IND AS has been finalised.
           AND IFRS.
Major Carve Outs

 Revenue recognition for real estate developers included in scope of IAS 11.
    Consequently, IFRIC 15 has not been adopted
   Accounting for FCCB as a compound financial instrument with the
    conversion feature attributed as equity component
   Recognition of gain on day one accounting for a business combination in
    capital reserve as opposed to income statement under IFRS 3
   Government bond rate as discount rate for measurement of employee
    benefit obligations as opposed to a highly rated corporate bond rate under
    IAS 19
   Fair value of financial liabilities designated as at FVTPL at inception to
    ignore own credit risk – no such exemption available under IAS 39
Ind AS 1 Presentation of Financial Statements
No.   Particulars         Ind AS requirement                   IFRS requirement
1.    Single statement    Ind AS 1 allows only the single      With regard to preparation of Statement of
      approach            statement approach.                  profit and loss, IAS 1 provides an option
                                                               either to follow the single statement
                                                               approach or to follow the two statement
2.    Presentation of     Ind AS 1 requires the statement of   IAS 1 requires preparation of a Statement of
      statement of        changes in equity to be shown as a   changes in equity as a separate statement.
      changes in equity   part of the balance sheet.
3.    Classification of   Ind AS 1 requires only nature-wise   Paragraph 99 of IAS 1 requires an entity to
      expenses based on   classification of expenses.          present an analysis of expenses recognised
      nature                                                   in profit or loss using a classification based
                                                               on either their nature or their function
                                                               within the entity.
4.    Option for 52       Ind AS 1 does not permit 52 weeks    Paragraph 37 of IAS 1 permits the
      weeks period        period.                              periodicity, for example, of 52 weeks for
                                                               preparation of financial statements.
5.    Implementation      Ind AS 1 does not include            IAS 1 contains implementation guidance.
      guidance            implementation guidance because
                          various enactments have prescribed
                          formats, e.g., Schedule VI to the
                          Companies Act, 1956.
Ind AS 2 Inventories

No.   Particulars            Ind AS requirement                       IFRS requirement
1.    Recognition of         Paragraph 38 of IAS 2 dealing with       IAS 2 allows recognition of
      inventories based on   recognition of inventories as an         inventories as an expense
      function wise          expense based on function-wise           based on function-wise
      classification         classification, has been deleted         classification.
                             keeping in view the fact that
                             option provided in IAS 1 to present an
                             analysis of expenses recognised in
                             profit or loss using a classification
                             based on their function within the
                             equity has been
                             removed and Ind AS 1 requires only
                             nature -wise classification of
Ind AS 7 Statement of Cash Flows

No.   Particulars          Ind AS requirement                    IFRS requirement
1.    Classification of    Ind AS 7 does not provide the         In case of other than financial
      interest and         option to classify them as            entities, IAS 7 gives an option to
      dividends received   operating activities. It requires     classify the interest paid and
      and paid             interest and dividend received to     interest and dividends received and
                           be classified as investing activity   paid as item of operating cash
                           and interest and dividend paid as     flows.
Ind AS 11 Construction Contracts

No.   Particulars           Ind AS requirement                   IFRS requirement
1.    Real Estate           This has been dealt with under Ind   IAS 11 does not deal with
      Developers included   AS 11, since it has been kept out    accounting for construction
      in scope of IAS 11    of the scope t of Ind AS 18,         contracts in respect of real estate
                            Revenue.                             developers.
IND AS 17 – Leases

No.   Particulars           Ind AS requirement                      IFRS Requirement
1.    Land & Building – As Relevant paragraphs of IAS 17            Both cost and fair value option
      Investment           dealing with measurement of the          are prescribed for investment
      Property             land and buildings elements when         property under Ind AS 40, for
                           the lessee’s interest in both land and   which corresponding guidance is
                           buildings is classified as an            given under IAS 17.
                           investment property in accordance
                           with Ind AS 40 Investment Property
                           if the fair value model is adopted
                           and paragraph 19 of IAS 17 dealing
                           with property interest held under an
                           operating Lease as an investment
                           property, if the definition of
                           investment property is otherwise
                           met and fair value model is applied,
                           have been deleted, since Ind AS 40,
                           Investment Property, prohibits the
                           use of fair value model.
Ind AS 19 Employee Benefits
No.   Particulars           Ind AS requirement                          IFRS requirement
1.    Accounting for        Actuarial gains and losses to be            IAS 19 permits various options for
      actuarial gains and   recognised in other comprehensive           treatment of actuarial gains and
      losses                income, both for post -employment           losses for post-employment
                            defined benefit plans and other long-       defined benefit plans
                            term employment benefit plans. The
                            actuarial gains recognised in other
                            comprehensive income should be
                            recognised immediately in retained
                            earnings and should not be reclassified
                            to profit or loss in a subsequent period.
2.    Discount rate to be   Rate to be used to discount post –          Rate of government bonds can be
      used                  employment benefit obligation shall be      used only where there is no deep
                            determined by reference to the market       market of high quality corporate
                            yields on government bonds,                 bonds.

3.    Frequency of          Detailed actuarial valuation of defined     No such periodic requirement.
      actuarial valuation   benefit obligations may be made at
                            intervals not exceeding three years.
IND AS 20 – Accounting for Government Grants and Disclosure
of Government Assistance
 No.   Particulars             IND AS Requirement                     IFRS Requirement
 1.    Non-Monetary Govt.      Requires measurement of such           IAS 20 gives an option to measure
       Grants Measurement      grants only at their fair value.       non -monetary government grants
       Options                                                        either at
                                                                      their fair value or at nominal value.
 2.    Grants related to       Requires presentation of such          IAS 20 gives an option to present the
       assets - Presentation   grants in balance sheet only by        grants related to assets, including
                               setting up the grant as deferred       non -
                               income. Thus, the option to present    monetary grants at fair value in the
                               such grants by deduction of the        balance sheet either by setting up
                               grant in arriving at the carrying      the grant as deferred income or by
                               amount of the asset is not available   deducting the grant in arriving at the
                               under Ind AS 20.                       carrying amount of the asset.

                               Further, requirements regarding
                               presentation of grants related to
                               income in the separate income
                               statement, where separate in come
                               statement is presented under IAS 20
                               have been deleted.
Ind AS 21 The Effects of Changes in Foreign Exchange
No.   Particulars   Ind AS requirement                                             IFRS requirement
1.    Option to     Ind AS 21 permits an option to recognise exchange              IAS 21 requires
      recognise     differences arising on translation of certain long-term        exchange
      exchange      monetary items from foreign currency to functional             differences arising
      differences   currency directly in equity. In this situation, Ind AS 21      on restatement of
      on certain    requires the accumulated exchange differences to be            foreign currency
      long term     transferred to profit or loss over the period of maturity of   monetary items,
      monetary      such long -term monetary items in an appropriate               both long term and
      items         manner.                                                        short terms, to be
                    For above purpose, a monetary asset/liability shall be         recognized in profit
                    treated as long-term, if that asset/liability has a maturity   or loss for the
                    period of twelve months or more from the date of the           period.
                    initial recognition of that asset/liability.
Option as per para 29A of Ind AS 21 –
(i) Unrealized exchange differences arising on long -term monetary assets/liabilities denominated in a
foreign currency shall be recognised directly in equity and accumulated in a separate component of
equity. The amount so accumulated shall be transferred to profit or loss over the period of maturity of
such long -term monetary items in an appropriate manner. The separate component of equity shall be
distinguished from any other component of equity representing any other exchange difference
recognised in other comprehensive income and accumulated in equity.
(ii) The option provided in paragraph 29A(i) is not available for the long-term monetary assets and
long-term monetary liabilities during the period they are classified as at fair value through profit or loss
in accordance with Ind AS 39, either because they are held for trading or because of their designation
as at fair value through profit or loss.
(iii) The option provided in paragraph 29A(i) shall be exercised for the first time when the exchange
difference arising on a long -term monetary asset or a long-term monetary liability mentioned in
paragraph 29A(i) is recognised. The option, once exercised, shall be irrevocable and shall be exercised
in respect of all the long-term monetary assets and long-term monetary liabilities mentioned in
paragraph 29A(i).
IND AS 23 – Borrowing Costs
No.     Particulars             IND AS Requirement                   IFRS Requirement
1.      Guidance for        Provides additional guidance on          No such guidance is there in the
        Exchange Difference foreign exchange difference              IAS 23.
        Treatment           inclusion in the borrowing cost .

As per para 6(e) of Ind AS 23 – Borrowing costs include exchange differences arising from foreign
currency borrowings to the extent that they are regarded as an adjustment to interest costs.
Additional guidance under Ind AS 23
As per para 6A of Ind AS 23, manner of arriving adjustments stated above shall be as follows :
     a) the adjustment should be of an amount which is equivalent to the extent to which the exchange
        loss does not exceed the difference between the cost of borrowing in rupees when compared to
        the cost of borrowing in a foreign currency.
     b) where there is an unrealized exchange loss which is treated as an adjustment to interest and
        subsequently there is a realized or unrealized gain in respect of the settlement or translation of
        the same borrowing, the gain to the extent of the loss previously recognized as an adjustment
        should also be recognized as an adjustment to interest.
Ind AS 24 Related Party Disclosures
No.   Particulars              Ind AS requirement                                          IFRS requirement
1.    Disclosures not          Disclosures which conflict with confidentiality             No such exclusion is
      required if prohibited   requirements of statute/regulations are not required to     given under IAS 24.
      by statue                be made since Accounting Standards can not override
                               legal/regulatory requirements.

2.    Definition of close      Father, mother, brother and sister relatives as specified   This provision not
      members                  under the meaning of relative under the Companies Act,      included in the
                               1956 are added in the definition of the ‘close members of   definition of close
                               the family of a person                                      members of the family
                                                                                           of a person in IAS 24.
3.    Additional guidance      Disclosure of details of particular transactions with       No such guidance.
      on aggregation of        individual related parties would frequently be too
      transactions for         voluminous to be easily understood. Accordingly, items
      disclosure               of a similar nature may be disclosed in aggregate by type
                               of related party.
                               However, this is not done in such a way as to obscure the
                               importance of significant transactions. Hence, purchases
                               or sales of goods are not aggregated with purchases or
                               sales of fixed assets. Nor a material related party
                               transaction with an individual party is clubbed in an
                               aggregated disclosure
Ind AS 27 Consolidated and Separate Financial Statements

No.     Particulars                 Ind AS requirement                           IFRS requirement
1.      Exemption not               Exclusion from preparing                     As per para 10 of IAS 27, subject to
        provided in Ind AS 27       consolidated financial statements            certain conditions an entity may not
                                    given under para 10 of IAS 27, have          be required to prepare consolidated
                                    been deleted under Ind AS 27. Other          financial statements.
                                    reference paragraphs related to para         Refer para 10 of IAS 27 below.
                                    10 have been suitably amended.

Option as per para 10 of IAS 27 –
A parent need not present consolidated financial statements if and only if:
(a )the parent is itself a wholly-owned subsidiary, or is a partially-owned subsidiary of another entity and its other
owners, including those not otherwise entitled to vote, have been informed about, and do not object to, the parent
not presenting consolidated financial statements;
(b) the parent's debt or equity instruments are not traded in a public market (a domestic or foreign stock exchange
or an over-the-counter market, including local and regional markets);
(c) the parent did not file, nor is it in the process of filing, its financial statements with a securities commission or
other regulatory organization for the purpose of issuing any class of instruments in a public market; and
(d) the ultimate or any intermediate parent of the parent produces consolidated financial statements available for
public use that comply with International Financial Reporting Standards.
Ind AS 28 Investments in Associates
No.   Particulars           Ind AS requirement                                         IFRS requirement
1.    Difference in         Impracticability exemption if the difference in the        No such exemption
      periods for           financial statements of the associate is more than 3
      consolidation         months and for not following uniform accounting

2.    Scope exclusion       Paragraph 1(b) of IAS 28 has been deleted in Ind AS 28     Mutual funds, unit trusts and
                            as the Companies Act, 1956, is not applicable to           similar entities including
                            mutual funds, unit trusts and similar entities including   investment-linked insurance
                            investment linked insurance funds and, thus, this          funds are included in the
                            standard would not be applicable to such entities.         scope of IAS 28.
3.    Exemption not         Paragraphs 5, 13(b) and 13(c) have been deleted as         Exemption from applying
      provided in Ind AS    the applicability or exemptions to the Indian              equity method accounting is
      28                    Accounting Standards is governed by the Companies          given under para 5, 13(b) and
                            Act and the Rules made there under.                        13(c) of IAS 28.
                                                                                       Exemption similar to para 10
                                                                                       of IAS 27.
4.    Transfer to capital   Paragraph 23 (b) of Ind AS 28, has been modified on        In IAS 28, such excess is
      reserve               the lines of Ind AS 103 to transfer excess of the          recognised in profit or loss.
                            investor’s share of the associate’s identifiable assets
                            and liabilities over the cost of investment in capital
Ind AS 29 Financial Reporting in Hyperinflationary

No. Particulars         Ind AS requirement              IFRS requirement
1.   Additional         Additional disclosure for the   No disclosure for duration
     disclosure under   duration of the                 required under IAS 29.
     Ind AS 29          hyperinflationary situation
                        existing in the economy is
                        required under para 39 of Ind
                        AS 29.
Ind AS 31 Interests in Joint Ventures
No. Particulars           Ind AS requirement                   IFRS requirement
1.   Scope exclusion      Paragraph 1(b) of IAS 31 has been    Mutual funds, unit trusts and
                          deleted in Ind AS 31 as the          similar entities including
                          Companies Act,1956, is not           investment-linked insurance funds
                          applicable to mutual funds, unit     are included in the scope of IAS 31.
                          trusts and similar entities
                          including investment linked
                          insurance funds and, thus, this
                          standard would not be applicable
                          to such entities.
2.   Exemption not        Sub-Paragraphs 2(b) and (c) and      Exemption from applying
     provided in Ind AS   paragraph 6 have been deleted as     proportionate consolidation/equity
     31                   the applicability or exemptions to   method accounting is given under
                          the Indian Accounting Standards is   para 2(c) and 6 of IAS 31.
                          governed by the Companies Act        Exemption similar to para 10 of IAS
                          and the Rules made there under.      27.
                          Exemptions similar to those under
                          para 10 of IAS 27.
Ind AS 32 Financial Instruments: Presentation

No.   Particulars           Ind AS requirement                                    IFRS requirement
1.    Exception to          As an exception to the definition of ‘financial       No such exception is given
      definition of         liability’ in paragraph 11 (b) (ii), Ind AS 32        under IAS 32.
      financial liability   considers the equity conversion option
                            embedded in a convertible bond denominated
                            in foreign currency to acquire a fixed number of
                            entity’s own equity instruments is considered an
                            equity instrument if the exercise price is fixed in
                            any currency.
2.    Presentation of       Requirements regarding presentation of                Dividends classified as an
      dividend classified   dividends classified as an expense in the             expense may be presented
      as expense            separate income statement, where separate             in the statement of
                            income stateme nt is presented, have been             comprehensive income or
                            deleted. This change is consequential to the          separate income statement
                            removal of option regarding two statement             (if presented) either with
                            approach in Ind AS 1 . Ind AS 1 requires that the     interest on other liabilities or
                            components of profit or loss and components of        as a separate item.
                            other comprehensive income shall be presented
                            as a part of the statement of profit and loss.
IND AS 33 – Earnings per Share
No.   Particulars               IND AS Requirement                            IFRS Requirement
1.    EPS Disclosure in         Ind AS 33 requires EPS related information    IAS 33 provides that when an entity
      Standalone &              to be disclosed both in consolidated          presents both consolidated financial
      Consolidated Financials   financial statements and separate financial   statements and separate financial
                                statements.                                   statements, it may give EPS related
                                                                              information in consolidated
                                                                              statements only.
2.    Applicability of          The applicability para has been deleted in    It applies while preparing the
      Standard (Para 2)         the Ind AS as the same is governed by the     standalone or consolidated financial
                                Companies Act and the Rules made there        statements of the following
                                under in India.                               companies :
                                                                               Listed or
                                                                               In process of Listing
3.    Additional                Where any item of income or expense           No such specification made in IAS
      Specifications            which is otherwise required to be             33.
                                recognized in profit or loss in accordance
                                with accounting standards is debited or
                                credited to securities premium
                                account/other reserves, the amount in
                                respect thereof shall be deducted from
                                profit or loss from continuing operations
                                for the purpose of calculating basic
                                earnings per share.
IND AS 33 – Earnings per Share
No. Particulars            IND AS Requirement                  IFRS Requirement
4.   EPS Disclosure in     Under IND AS 33, an entity should   No such requirement
     Standalone &          not present the EPS which is
     Consolidated          based on consolidated financial
     Financials            statements in its separate
                           financial statements.
5.   Certain disclosures   Disclosure of amounts per share     These are required to be disclosed
     deleted               using a reported component,
                           basic and diluted earnings per
                           share and basic and diluted
                           earnings per share for
                           discontinued operations in the
                           separate income statement,
IND AS 34 – Interim Financial Reporting

No. Particulars            IND AS Requirement                   IFRS Requirement
1.   Preparation           It allows only single statement      For preparation of statement of
     Approach for Profit   approach on the lines of Ind AS 1,   profit and loss, International
     & Loss                Presentation of Financial            Accounting Standard (IAS) 34,
                           Statements.                          Interim Financial Reporting,
                                                                provides option either to follow
                                                                statement approach or to follow
                                                                two statement approaches.
2.   Statement of          Ind AS 34 requires the statement     IAS 34 requires preparation of a
     Changes in Equity     of changes in equity to be shown     Statement of Changes in Equity as
                           as a                                 a separate statement.
                           part of the balance sheet on the
                           lines of Ind AS 1, Presentation of
IND AS 36 – Impairment of Assets

No. Particulars           IND AS Requirement                 IFRS Requirement
1.   Investment Property Ind AS 36 does not specify such     Paragraph 2(f) of IAS 36 states that
     - Impairment        requirement, as Ind AS 40 permits   the standard shall not be applied
                         the cost model only.                for
                                                             accounting for the impairment of
                                                             the investment property that is
                                                             measured at fair value.
IND AS 38 – Intangible Assets

No. Particulars           IND AS Requirement                 IFRS Requirement
1.   Intangible through   Allows only fair value for         With regard to the acquisition of
     Govt. Grant -        recognising the intangible asset   an intangible asset by way of a
     Recognition          and grant in accordance with Ind   government
                          AS 20.                             grant, IAS 38, Intangible Assets,
                                                             provides the option to an entity to
                                                             recognise both asset and grant
                                                             initially at fair value or at a nominal
                                                             amount plus any expenditure that
                                                             is directly attributable to preparing
                                                             the asset for its intended use.
IND AS 39 – Financial Instruments: Recognition and

No. Particulars              IND AS Requirement                      IFRS Requirement
1.   Fair Value for          A provisio has been added in Ind        IAS 39 requires all changes in fair
     Financial Liabilities   AS 39 that in determining the fair      values in such liabilities to be
                             value of the                            recognised in profit & loss account.
                             financial liabilities which upon
                             initial recognition are designated
                             at fair value through profit or loss,
                             any change in fair value
                             consequent to changes in the
                             entity’s own credit risk shall be
IND AS 40 – Investment Property

No Particulars         IND AS Requirement                IFRS Requirement
1.   Measurement       Ind AS 40 permits only the cost   IAS 40 permits both cost model
     Principles        model for measurement of          and fair value model (except in
                       investment properties after       some situations) for
                       initial recognition .             measurement of investment
                                                         properties after initial
                                                         recognition .

2.   Operating Lease   Ind AS 40 prohibits the use of    IAS 40 permits treatment of
     Treatment         fair value model, accordingly     property interest held in an
                       the treatment specified under     operating lease as investment
                       IAS 40 is prohibited in Ind AS    property, if the definition of
                       40                                investment property is otherwise
                                                         met and fair value model is
                                                         applied. In such cases, the
                                                         operating lease would be
                                                         accounted as if it were a finance
Ind AS 101 First-time Adoption of Indian Accounting
No.   Particulars             Ind AS requirement                              IFRS requirement
1.    Option for transition   Ind-AS 101, however, provides that the date     IFRS 1 defines transitional date as
      date under Ind AS       of transition is the beginning of the current   beginning of the earliest period for
                              period and in addition provides an option to    which an entity presents full
                              present comparative financial statements in     comparative information under IFRS.
                              accordance with Ind-AS on a memorandum          It is this date which is the starting
                              basis.                                          point for IFRS and it is on this date
                                                                              the cumulative impact of transition is
                                                                              recorded based on assessment of
                                                                              conditions at that date by applying
                                                                              the standards retrospectively except
                                                                              to the extent specifically provided in
                                                                              this standard as optional exemptions
                                                                              and mandatory exceptions.
2.    Adoption of             Paragraph 2A of Ind AS 101 states that the      IFRS 1 does not have such a specific
      previously filed IFRS   entities that have filed financial statements   requirement.
      financial statements.   prepared in accordance with IFRS with
                              regulatory authorities can adopt, for the
                              purpose of Ind AS 101, the balance sheet so
                              filed as at the end of the immediately
                              preceding financial year as the opening Ind
                              AS balance sheet after making adjustments
                              for differences between Ind-ASs and IFRSs.
Ind AS 101 First-time Adoption of Indian Accounting
Standards contd.
No Particulars                  Ind AS requirement                         IFRS requirement
3.   Elimination of             For Ind-AS 101 purposes, all these         Paragraph B2 of IFRS 1 provides that, an
     effective dates prior to   dates have been changed to coincide        entity would have had to adopt the de-
     transition date for        with the transition date elected by the    recgonition requirements for transactions
     optional exemptions        entity adopting these converged            entered after 1 January, 2004.
4.   Deletion of certain        In India, since corridor approach is not   Paragraph D10 of IFRS 1 provides an entity
     exemptions not             elected, the resultant first time          that adopted the corridor approach for
     relevant for India –       transition provision has been deleted.     recording actuarial gain and losses arising
     Corridor approach                                                     from accounting for employee obligations
     exemption                                                             with an option to recognize the entire such
                                                                           gain or loss to retained earnings, at the
                                                                           date of transition, rather than requiring
                                                                           them to split such gains and losses as
                                                                           recognized and unrecognized gains and
5.   Deletion of certain        However, this is not relevant in Indian    Paragraph D23 of IFRS 1 provides for
     exemptions not             situation as Ind AS 23 AS 16 always        transitional adjustment requiring
     relevant for India –       required an entity to capitalize           companies to apply the provisions of IAS 23
     Borrowing costs            borrowing costs as compared to IAS         to be applied prospectively after the
     exemption                  23 where it provided an option to          transition date.
                                expense out such borrowing cost .
Ind AS 101 First-time Adoption of Indian Accounting
Standards contd.
No   Particulars        Ind AS requirement                                                    IFRS requirement
6.   Inclusion/modi     Additional option apart from fair value -                             Fair value option –
     fication of        Paragraph D7A provides an entity option to use carrying values        As per para D5 of IFRS 1, an entity
     existing           of all such assets on or before April 1, 2007 in accordance with      may elect to measure an item of
     exemptions –       previous GAAP as an acceptable starting point under Ind-AS.           property, plant and equipment at
     PPE,               Paragraph 27B has been included in Ind AS 101 which requires          the date of transition to IFRSs at its
     Investment         the disclosure of the fact and accounting policy if an entity         fair value and use that fair value as
     property at        adopts for first time exemption the option provided in                its deemed cost at that date.
     cost and           accordance with paragraph D7A. This disclosure is required until
     Intangile assets   such time that significant block of such assets is fully
                        depreciated or derecognized from the entity’s Balance Sheet.
                        For detailed guidance refer slide at the end.
                        Subsequent to an entity taking this option, the entity will
                        capitalize and amortize the assets as per Ind AS 16.
7.   Inclusion/modi     A first-time adopter may apply paragraphs 6-9 of the Appendix         A first-time adopter may apply the
     fication of        C of Ind AS 17 “Determining whether an Arrangement contains           transitional provisions in IFRIC 4
     existing           a Lease” to determine whether an arrangement existing at the          “Determining whether an
     exemptions –       date of transition to Ind-ASs contains a lease on the basis of        Arrangement contains a Lease”.
     IFRIC 4            facts and circumstances existing at the date of transition to Ind -   Therefore, a first-time adopter may
                        AS except where the effect is expected to be not material.            determine whether an
                                                                                              arrangement existing at the date of
                                                                                              transition to IFRSs contains a lease
                                                                                              on the basis of facts and
                                                                                              circumstances existing at that date.
Ind AS 101 First-time Adoption of Indian Accounting
Standards contd.
No   Particulars        Ind AS requirement                                        IFRS requirement
8.   Inclusion/modifi   Paragraph D11A has been added to provide the              As per para D10 of IFRS 1, in
     cation of          transitional relief from the retrospective application    accordance with IAS 19 Employee
     existing           of Ind AS 19 that a first-time adopter may elect to       Benefits, an entity may elect to use
     exemptions –       recognise all cumulative actuarial gains and losses       a 'corridor' approach that leaves
     Actuarial          subsequent to the date of transition to Ind-AS in         some actuarial gains and losses
     gains/losses       other comprehensive income as Ind AS 19 requires          unrecognised. However, a first-
                        recognition of actuarial gains and losses for post -      time adopter may elect to
                        employment defined benefit plans and other long-          recognise all cumulative actuarial
                        term employment benefit plans in other                    gains and losses at the date of
                        comprehensive income immediately and are not              transition to IFRSs, even if it uses
                        reclassified to profit or loss in a subsequent period.    the corridor approach for later
                                                                                  actuarial gains and losses.
9.   Inclusion/modifi   On the date of transition, if there are long -term        No such provision in IFRS 1
     cation of          monetary assets or long term monetary liabilities
     existing           mentioned in paragraph 29A of Ind AS 21, an entity
     exemptions –       may exercise the option mentioned in that paragraph
     Exchange           either retrospectively or prospectively. If this option
     differences        is exercised prospectively, the accumulated exchange
                        differences in respect of those items are deemed to
                        be zero on the date of transition
Ind AS 101 First-time Adoption of Indian Accounting
Standards contd.
No    Particulars            Ind AS requirement                                           IFRS requirement
10.   Inclusion/modificat    Para D19A - Financial instruments carried at amortised       No such provision in IFRS 1.
      ion of existing        cost should be measured in accordance with Ind-AS 39
      exemptions –           from the date of recognition of financial instruments
      Impracticability for   unless it is impracticable (as defined in Ind AS 8) for an
      financial              entity to apply retrospectively the effective interest
      instruments            method or the impairment requirements
11.   Inclusion/modificat    D19B has been added to provide that financial                No such provision in IFRS 1
      ion of existing        instruments measured at fair value shall be measured at
      exemptions – Fair      fair value as on the date of transition to Ind -AS.
      value category
12.   Inclusion/modificat    Paragraph D-26 has been added to provide for                 No such provision in IFRS 1
      ion of existing        transitional relief while applying Ind AS 105 - Non-
      exemptions – Non       current Assets Held for Sale and Discontinued
      current assets held    Operations .Paragraph D26 provides an entity to use the
      for sale               transitional date circumstances to measure such assets
                             or operations at the lower of carrying value and fair
                             value less cost to sell
Ind AS 103 Business Combinations

No. Particulars       Ind AS requirement                          IFRS requirement
1.   Bargain          Ind AS 103 requires the same to be          IFRS 3 requires bargain purchase
     purchase gain    recognised in other comprehensive           gain arising on business
     on business      income and accumulated in equity as         combination to be reconised in
     combinations     capital reserve, unless there is no clear   profit or loss.
                      evidence for the underlying reason f or
                      classification of the business
                      combination as a bargain purchase, in
                      which case, it shall be recognised
                      directly in equity as capital reserve.
2.   Business        Specific guidance provided in Appendix       Excluded from the scope of IFRS 3
     combinations of C – pooling of interest method
     entities under  required to be followed in such cases
 Para D7A and D8B of Ind AS 101 – Deemed cost –
 additional option under Ind AS 101
Additional option for deemed cost as per para D7A of Ind AS 101 –
    A first-time adopter may elect to continue with the carrying value as at the date of transition to Ind-
     AS, for all of its PPE as recognised in the financial statements as at the end of the financial year
     ending as at March 31, 2007 or relevant date immediately preceding date where it has a different
     financial year, e.g., December 31, 2006 and which were measured as per the previous GAAP and use
     that as its deemed cost as at the date of transition to Ind-AS after making adjustments on the date of
     transition in accordance with paragraph D21 and D21A for decommissioning liability exemption of
     this standard.
    In the consolidated financial statements of an entity where PPE of subsidiary/joint venture/associate
     have been measured as per the previous GAAP for the purpose of consolidation then the amounts so
     used for the purpose of consolidation should be considered for the aforesaid optional exemption.
    If an entity is preparing its consolidated financial statements for the first time and if any of its
     subsidiary/jointly controlled entity/associate has not measured PPE in accordance with the previous
     GAAP, then to that extent the first time adopter should re-compute carrying values of the property,
     plant and equipment in accordance with the principles of Ind AS 16: PPE as on the date of transition
     to Ind-AS after considering the first time adoption exemption available in this standard for that
     subsidiary/jointly controlled entity/associate.
     Thank You


       Mumbai, India

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