Key Carve Outs in Ind AS

•          Rectification of breach in loan agreement

•          Current vs non -current classification

•          Carrying cost of Property, Plant and Equipment (PPE) and Intangible assets

•          on the date of Transition of Ind AS 101 can be carried forward

•          Long-term Foreign Currency Monetary Items

•          May continue the existing policy adopted (Para 46A of AS 11) for accounting for exchange differences.

•          as part of the cost of property, plant and equipment

•          or to defer its recognition over the period of loan

•          Gain on bargain purchase

•          Transfer gain on bargain purchase to capital reserve instead of profit and loss.

•          Different Terminology: Balance Sheet vs statement of financial position

•          Different Terminology: Statement of profit and Loss vs Statement of profit or loss and other comprehensive income

•          Analysis/Classification of Expenses: Nature-wise classification vs either of nature wise and function wise classification

•          Non-Monetary Grant: Fair Value vs either fair value or at nominal value

•          Investment Property: Cost model vs either of cost model and fair value model