Difference between Ind AS 1 and AS 1

• Profit or loss attributable to non-controlling interests and equity holders of the parent are disclosed in the statement of profit or loss as allocations of profit or loss and total comprehensive income for the period against the current practice of showing profit or loss attributable to minority interests as deduction from the profit or loss for the period as an item of income or expense.

• A statement of changes in equity is currently not presented. Movements in share capital, retained earnings and other reserves are to be presented in the notes to accounts.

• Presentation of any items of income or expense as extraordinary is prohibited.

• Under Ind AS, disclosure is required of key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

• Ind AS requires disclosure of critical judgments made by management in applying accounting policies

• Under Ind AS, comparative figures are presented for one year. When a change in accounting policy has been applied retrospectively or items of financial statements have been restated/ reclassified, a balance sheet is required as at the beginning of the earliest period presented.