The near final Ind ASs are based on IFRSs, but have some changes which are noted in the appendix to each standard, e.g. investment property must be measured on the cost basis, bargain purchases arising in business combinations are generally recognised in other comprehensive income rather than profit or loss, and the 'date of transition' is the beginning of the current period rather than the comparative period (an option to present comparative financial statements in accordance with Ind-ASs on a memorandum basis is included).

The Ind ASs are subject to any changes which may be made by the Government before their notification. There is currently a lot of debate in India whether the 'modified' IFRS approach is the best way to implement IFRSs in India. The changes made in the final drafts may mean entities complying with Ind ASs will not be able to make an explicit and unreserved statement of compliance with IFRSs. There is also some conjecture as to whether the implementation of the new Ind ASs should be deferred from the original date of April 2011 (for certain entities).

Click for access to the final drafts (link to the ICAI website). Our India country page is Here.