if | ooule ACCOUNTING STANDARDS Financial statements such as Baan ‘Sheet, Statement of Profit and L tof Profitand Loss, Cash Flow swnement, Funds Flow Statement, etc. become meaningful and v only if they are parable with those of different years ofthe same coral the same firm or those with other firms. To etive tis objective of comparabils secountng policies and practices. Hence, accountng standards a of financial sta sandardised ens, there should formulated to maintain counting principles to be observed inthe preparation of financial statements throughout the world to make them sophisticated and reliable, Meaning and Definition ‘An Accounting Standard isa selected se of accounting policies or broad regarding the principles and methods to be chosen out of several alternatives. Standards conform to applicable laws, customs, usages and business environment. These are writen documents issued by expert accounting bodies or Government or other regulatory body ‘overing the aspect of recognition, measurement, treatment, presentation and disclosure cof accounting transactions in financial statements. issued by ‘According to T.P. Ghosh “Accounting standards are the policy doc the recognised expert accountancy body relating to various aspects of measurement, treatment and disclosure of accounting transactions and events Accounting Standards Board (ASB) ‘The Accounting Standard Board (ASB) was constinted by the Insite of Chartered Accountants of India (ICAL) on 2st April, 1977 to harmonise the diverse accounting Policies and practices followed in the country. The Board consttuies members nominated[ASB has to take into jronment in the country ‘consideration the Procedure for seting various Accounting Standards in India (Functions of Accounting Standard Board) of sting the accounting standard is vested with the Institute of Chartered 1). ‘The following are the steps for setting accounting standards: in which Accounting The Accounts of: Accounting Standard Broad (ASB) shall determine the broad areas ‘Standards need tobe formulated and the priority in regard to the In the preparation of Accounting Standards, ASB will be assisted by Study Groups constituted to consider specific subjects. In the formation of Study Groups, the members of the Insitute and others will make provision for wide participation. selection thereof. 3. ASB will also hold a dialogue with the representatives of the Government Public Sector Undertakings, Industry and other organizations for ascertaining their views. 4. On the bass ofthe work ofthe Study Groups and the dialogue with the organization ‘an exposure draft ofthe proposed standard will be prepared and issued for comments ‘by members of the Institute and the public at large, 5. After taking into consideration the comments received, the draft of the proposed standard willbe fnalised by ASB and submitted to the Council of the Institute. ‘The Council ofthe Institute will consider the inal draft of the proposed standard, and found necessary, modify the same in consuitation with ASB. The Accounting Standard ‘on the relevant subject will then be issued under the authority ofthe Council of ICAI. Applicability of Accounting Standards w.e.f. 1.4.2004 For the purpose of ap into three categories - ity of accounting standards, enterprises are classifiedat any time in India or outside bt securities as evidenced whose turnover for the immediately preceding accour Tumover does not include other income. ‘including public deposits, in excess of € 10 crores at any time during the accounting period. 8, Holding the subsi sccounting period. ‘diary enterprises of any one of the above at any time during the Level II Enterprise level I enterprises but fall in any one or more of the mmercial, indus mediately preceding act exceeds @ 40 lakhs but does 1 ‘other income,”Level IIT enterprise syel IL are considered as Level terprises which are not covered under Level I and Level I are ‘Advantages of Accounting Standards (Objectives / Importance / Need / Purpose) ‘ations in accounting treatment: Accounting Standards reduce (0 jons in acco 1. Elimination of va 4 reasonable ext treatments in the preparation of financial statements. altogether any confusing var 2. Reduce confusion in accounting practitioners: On giving clear guidelines as ‘© treatment of certain tems, which can be treated differently, the accounting practitioners can follow one method which is most suitable for the situation as per the accounting, standards 3. Helps in disclosure of information: There are certain areas where important information isnot required to be disclosed by law. But accounting standards may call for disclosure of such information beyond that required by law. 4. Helps in comparison of financial statements: Accounting Standards fa comparison of financial statements of different companies situated at different places. 5S. Helps to increase the confidence of investors: With the preparation of financial Statements as per Accounting Standard window dressing of the statements can be reduced to a great extent which in turn will improve the confidence of investors, 6 Helps to reduce uctuations in the value of shares: Manipulation in trading result to heat investors canbe reduced t a great extent on following accounting standards While preparing the fnancal statements, This results in steady share market where ‘luctuations in the v‘psireien ‘api Dereon erarirg Hekate ner x) | CasnFowSiterert Cones rd its aig ba [ee Set cto Nt Pic Los treed id | _| tes and Changes in counting Posies (Consinution Corrects Wierann andindudedinAS 28 Revenue Recogrition Pecourtng or FredAses ‘The alles of changesin Forign Bxhange ato Accaunting for Gon rats Peceurting for imestrents Aecurting for Refrerrent Benes inthe Financial Sstererts of Eph Borowing Costs Segre Reporting Related Paty Disclosures LeasesCorporate Accou 16 AS-1 Disclosure of Accounting Policies {or the preparation of financial statements ‘Main areas, where more than one method can be followed for accounting: 1. Depreciation: There may be different methods ) Straight Line Method ten Down Value Method amity Method (iv) Revaluation Method, etc. 2. Valuation of Inventories: i) LIFO (iv) Weighted Average, etc, Contain the information about the method adopted for the preparation pmenis. Therefore, statement of accounting policies should form part of financial statements ‘Need for disclosure of accounting policies For proper and beter understanding of financial statements, it is required that all Sienfcant accounting policies followed in preparation of financial statement should be ‘isclosed. Al significant accounting polices should be disclosed at one place, because it Would be helpful to the reader of financial statement ts.a? pentmentl Accounting A words, it means that there is no intention of is iscontinuing fore ‘consistency’ It means that same account another. Policies are followed from one period to 4. Accrual: Itmeans tha, financial statement is prepared on mercantile system. Financial statement prepared on accrual bi form the users not only of past transaction involving payment and receipt of cash but obligation to pay or recive inthe future. Accounting assumptions like business ‘money measurement, matching, ee. re not fundamental accounting assumptions as per AS-1 [any fundamental accounting assumption isnot followed, it should be clearly disclosed infnancal statements Major points to be considered for the purpose of selection and application of accounting policies 1. Prudence: Generally, maker of financial statement has to face uncertainties atthe time of preparation of financial statement, These uncertainties may be regarding callectabiiy of receivables. Prudence means making of estimates, which is required under conditions of uncertainty. 2. Substance over form: It means that transactions shouldbe accounted, in accordance and economic reality of the transactions not by is lgal form. sed on hire purchase by the hire purchaser, with actual happening Like in hire purchase, if the assets are purchaste of the fact that the hire the books of hire purchaser urchased. Un re purchase, the instalment. Therefore, accounted as pe ransaction is substance. il statement should disclose all the items and facts 3. Material lence the decisions of reader or user of financial statement. suffci Changes in accounting policies If there is any change in accounting policies in the preparation of financial statements from one period to subsequent period, and such change affects the Balance Sheet or Profit and Loss Account, then such change must be disclosed in the financial statement. The amount, by which the financial statement is affected should be disclosed to the extent ascertainable, ‘Asper AS-1, a complete se of financial statements include the following components: 1. A statement of Financial Position (Balance Sheet). 2, A statement of Comprehensive Income (Profit and Loss Account) 3. A statement of changes in Equity 4. Statement of Cash Flows 5. Significant Accounting Policies and Explanatory notes & Statement of Fnanial Postion as atthe begining ofthe earliest comparative period. AS-2 Valuation of Inventories ‘The financial statements should disclose the policies inventories and the method of classi adopted in the vatuat mn adopted. The term inventory includes ass held forsale in the ordinary course of busine ished goods),4s-3 Cash Flow Statement accounting standard states how various ms of eash of an ceesprise can be s. The presentation cash lows is mandatory under AS-3 and by SEBI requirements in respe ‘on stock exchange, ‘of companies AS-3 is mandatory in respect of all other c eater ial and business reporting whose turnover for the accounting period exceeds & 50 crores, Cash flow statement explains: () Cash flow from opera Cash flow from investing AS 4 Contingencies and Events occurring after Balance Sheet date. This accounting standard deals wit sfter the preparation of financial the treatment of contingencies and events ocourring, me ASS~ Net profit or loss for the period, prior period items and changes in Accounting Polici This standard deals with the treatment of prior perio ‘nd changes in accounting policies inthe financial respect of accounting periods commencing on or after 14.1996 and is imo effect‘Corporate Accounting rent period as & some or expenses which arise in she CUTTEDS Pe cron ia the preparation ofthe faa stairs oF 07 °F ‘more prior periods. AS 6 - Depreciation Accounting the value of an asst at a given date as compared Depreciation is the shri the permanent and continuing diminution in the Diselosure of accounting toappreciat the view presented inthe financial statements ofthe enterprise. Deprecist {icant effect in determining and presenting the financial position and result of Indian Generally Accepted Accounting Principles Indian GAAP means the generally accepted accounting practices in India, which came into effect from time to time, These are the rules and guidelines used in preparing tute of Chartered Accountants of India, When a company follows GAAP, it is assumed that its Financial Statements show a true and fair view ofthe state of affairs of the company. the Financial Statements and Reports, as recommended by the Features of Indian GAAP 1. The Indian GAAP is governed by the Ministry of Corporate Affairs and ‘throughout the country. icable ‘The companies in India are under no compulsion of changing currency of transaction 4 funetional or presentation currency.an identity 10 longer associated to the busines. Going concern (Non-death) Principle: A company is «going concern, which can sand has ora function longer than its founders, owners, sharehol deadline set f ts operation. Principle of Single CurrencyCorporate Accounting wed by taking into The statements are prepa ‘5, Principle of Recording Historie Cost: The stat tae were bows! reporting purposes. 6. Principle of Full Disclosure: Every company should fur ae to their financial performance tothe public, investors or shareholde finan manies are supposed 0 reveal of Recognition: As per tis rule, all comp incomes and expenses incurred during a particular accounting period. 8. Double Entry System or Matching Principle: According to this rule, for every {nthe statements ean have minor inaccur to offset those minor differences. con the accountants’ capabilities 10. Principle of Conservative Accounting: As per this rule, in a business, when there is any expenditure, the information has to be immediately recorded, but all incomes that are due and receivables will be considered only after cash is received. International Financial Reporting Standard (IFRS) Globalisation of economies and opening up of major capital markets to the world counties, arose a need for global accounting standards that require high qual ‘and comparaGeneral features in IFRS 1 Fair presentation and compliance wit represent secondance definitions and reco and expenses set he framework of IFRS. Going concern sre presented on a going concern bas has to be presented esented separately Unless they are immaterial‘is09 Suiodau yeuorewsowy s2onpar pur jeudeo 40 1809 34} Stomo] aBenBuy] Fununodse persnn ‘apfus w jo asn a "wourooite reudeo Staosduuy sup ‘puiow exp ssouse sts pur Fouou som Parsnaus savy Aom wom or ajdoad ayn pue yedea jo siopraoid axp usoxtoq de Loweuoymr aq Su1onpas fq Auuqruodoe uoMBuoNS spaepIES SUT :KHGEIUNODY—-Z ‘uorSToap amuouove paunioym ayeur oy swuedionsed yeu xno pare sxosoAu BuyqeUD TeuoneusoNT Su1oueyUE Kq Kousredsmen Sug sprepuEIS SAT :SoMaxedsMeEN], “T J0 Aen poe Auqesedisoo (coBenmeapy / somensoduy / p29N) SUI Jo s04n92[40 1xou orp 03 poriod auo wos pauterar are sHSUISHES eIUeU ap WY Sun 40 woneotsse|o pue uonenrasaud tp saunbox Sy :uoqenmassid jo Kauaisysu0y °g poyad yuasano a jo sou teroueuy axp Bumpueszopen oF IueAofes Sf JF wonmUIsOR andosop pu aan 103 papracud 2q ose [eqs wonetIIOU synauapes erounay amp ut powsodas sm woneuuzojuy aarezedoo wosaud 01 sonia sonbot now pe 30} porad Suypo2ooud ayn yo 1900821 ut 199 9s9K0H “SUL 10Bundepe, Apes yuodD¥ POWONON yes aunpio, “swat poandoad spinpunrs Suymimoooy youonoy) pun uBsap o1 st aoua8ionuo> ayy “SII 01 SpszpuRrs Bu 2ouadsoAnon wp K1e2(9 jods seu VOI ‘soua8s9quoo Jo atep ing “1102 Tdy Aq uaddey pmnoys aousBanuoo ax sou 239008 a posodard saded aoa ai, “2002 USA "Hs 2ouaHaatO} wo xedeg adaouo, ap ams ys wo80q SIT HHL spuepUES snunoooy uBIpuy Jo aua8za4u09 ony ToL (Sua sprepuers Sonod Tepueury euoneusazuy Jo aoua8s9AuO> pur uondepy ‘uondopy 2 uaarataq spur BuIAOMr JO uy su0isonut punosoy neusnay pure spzep }OUEN Jo sousBuoNtOD oge SEU Sy] “PEPE SupUMOINE 2990400)Indian Accounting Standard (Ind AS). F applicability were notified. The three 2 Standards in India ae: a lowing categories Phase I- Covers the company falling under the following, os com Company forming part of NIFTY - 50 Index: ii, Companies forming part of SENSEX - 30 Index o| ted outside the country Companies whose securities are not) having networth in excess of & 1,000 crores Phase II ~ Companies (whether listed oF not) having networth in excees of © 500 crores are required to adopt Ind AS. sted companies having networth lower than 500 crores are required to adopt Thus, there woul be two sets of Accounting Standards in India, One is called as lard (Ind AS) and the other one isthe e red in the above three phases, Indian Accounting St set, The existing set licable ‘would be ay those companies not institutions Listed companies and fina India as not adopted IFRS Standards. India has adopted Indian Accounting Standards converged with IFRS Standards as issued by ted companies, ate permitted to use Ind AS for ing on or after 1 April 2015. Ind AS is being phased in for listed ted companies in 2016 1¢ (0 apply existing AccountingAccountin Corporate Lis Constitution of IFRS Board IFRS Standards are developed by the Board, which rent standard-setting board, overseen bY # geographically and »RS Foun ital market authorities, i. is an independ professionally diverse body of Trustees of the I accountable to a Monitoring Board of public capi dation, which is publicly si. has (at | April 2017) 13 full-time members drawn from 12 countries ‘and a variety of professional backgrounds. The members are appointed by, and accountable to, the “Trustees of the Foundation, who are required to select the best ‘of technical expertise and diversity of international business an available combination 1d market experience, iii, has a staff of approximately 150 people from 30 countries and is based in London, United Kingdom, with a small Asia-Oceania co-ordination office located in Tokyo Japan. is supported by the external IFRS Advisory Council, the Accounting Standard: ‘Advisory Forum (the ASA), composed of national standard setters, and the IFR! Interpretations Committee (the Interpretations Committee) to offer guidance whe, divergence in practice occurs. ¥. follows a thorough, open, participatory and transparent due process Vi engages with investors, regulators, business leaders and the global accountanc profession at every stage of the process. The due process includes: 4. opportunities for public comment at various stages in the development of ‘Standard; 'b, Board deliberations at meetings that are ope observation and a ings open to i public : and pl : availability ofall of the agenda papers that form the basis for the Board leliberations, as wel Fthe Teceived from interested parties s well as all of the comments receiv interested part ie ‘ollborates withthe worldwide standard-setting com i munity,Las onjectives of IFRS Board uncon a eqing nee financial reporting standards: The TERS Board isthe standard seting Joh secks new areas Which re ay hich require new standards, New standards are set er interactions with investors, re dies made by study groups and proven sh ps and ators, gs leaders and global accountancy profession at ev resi of setting new orting standards review and revision of existing standards: On were as perfect oe fora ong period, Review ide bout the santards re. reouit Developing global interest in TFRS: The Board attempts to develop interest in the reporting standards among count fn the world, so that, the participants in the world’s capital markets and other users can make effective economic decisions. standardise training: The Board makes every effort to standardise training and ssa better quality in accounting profession on a global screen. Convergence of Accounting Standards: The IFRS Board attempts to bring about convergence of National Accounting Standards and Intemational Accounting Standards and IFRS to high quality solutions, Investors interest: The Board attempts to develop increased investors interest in feign investments. I also helps in fast and simplified process of moving funds besween countries.120 International Financial Report IFRS Siondards HT canal Fann RE TERS 1 [Firesime Adoption of TERS2 | Stare-bsed Pay TFRS3_| Business Combinations [rrws« |teruaoce Coamaens*® x 7 Non-eurrent Assets Held for Sle and Discomtinued OPES TFRS._| Non-core Asset Held for Sle and DSS uation of Mineral Resources _ incl insruments: Disclosures [Operating Segments Financial Instruments Consolidated Fi inl Semen 1g standards GFRS) ate Account pore ) Year of issue PRS 17 | surance Contras = a TFs 12 [Dion of meres oe Es | oer au | | aeRs 14 ‘Regulatory Deferral Accounts: 2014 | rs 15 | Revenue from Contacts with Customers aos | a ai [207 TERS 1: First-time Adoption of International Financial Reporting Standards IFRS-I requires an entity tha is adopting IFRS Standards for the first time to prepare 4 complete set of nancial statements covering its frst IFRS reporting period and the receding year. Te entity uses te same accounting policies throughout all periods presented in its first IFRS financial statements. Those accounting policies must comply with each Standard effective atthe end of is first IFRS reporting period. IFRS-1 provides limited ‘exemptions from the requirement to restate prior periods in specified areas in which the ost of complying with them would be likely to exceed the benefits to users of financialving Standards gaeness. IFRS-1 also prohibits retrospective application of IFRS Standards in some pplication would require ju zst conditions after the outcome of = s,patcularly when retrospective nents by management * Particular transaction is already known. es disclosures that expl hat explain how the transition from previous GAAP to tandards affected the entity's reporte '°S reported financial position, financial performance ypRS 2: Share-based Payment IFRS-2 specifies the financial reporting by an entity when it undertakes a share-based payment transaction, including the issue of share pons It requires an enity to recognise stare-based payment transactions in its financial statements, incutng transactions with cenployees or other partis to be settled in cash, other assets or equity instruments of the entity, Ierequires an entity to reflet in its reported profit or loss and financial position the cffecs of share-based payment transaction, including expenses associated with transactions in which share options are granted to employees. IFRS 3: Business Combinations JFRS-3 establishes principles and requirements for how an acquirer in a business combination: i, recognises and measures in its financial statements the assets and liabilities acquired, and any interest in the acquiree held by other partes; i recognises and measures the goodwill acquired in the business combination ora gain from a bargain purchase; and i, determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination. The coe principles in IFRS-3 are that an acquirer measures the cost ofthe acquisition athe fair value of the consideration paid, allocates that cost to the acquired identifiable ‘ssets and liabilities on the basis of their fair values, allocates the rest of the cost to will and recognises any excess of acquired assets and liabilities over the considerationersely affects insured event) adv Juding reinsurance contracts) that an by other : ! ties within the seope of IFRS-9. Furthermore, it does financial assets and finank not address accounting by policyholder TERS-4 exempis an insurer tempora ‘adopts IFRS-17) from some ‘Standards, including the requirement to consider the Conceptual requirements of Framework in selecting accounting polices for insurance contracts, However, IFRS-4: 1. prnibits provisions for possible claims under contacts hat are not in existence at the end of the repontng period (sucha catastrophe and equalisation provisions); ‘requires a test for the adequacy of recognised insurance liabilities and an impairment test for reinsurance assets; and in its statement of financial position they are discharged or cancelled, or they expire, and fo present insurance liabilities without offsetting them against related reinsurance assets, AA 2016 amendment to IFRS-4 addresses some consequences of applying IFRS-9 before an entity adops IFRS-171.23 1d Operations to develop an acco ly considering the requi carrythe period and a the end of the rep : st describe management's objectives, x | processes for managing hose risks. The quantitative disclosures provide 1 the extent which the ety is exposed tisk, based on information ey management personnel. Together, these 's key manageme a provide an overview ofthe entiy's use of financial instruments and the Fi exposures to risks they ereate. that have few financial instruments nly financial instruments are cash, accounts receivable en zy financial instruments (for example, a ch ion mos of whose assets and lisilties are financial instruments) L TERS 8: Operating Segments TFRS-8 requires an entity whose debtor equity securities are publicly traded to disclose about its operating segments in annual financi reports, d closures about products and services,be ae ndards oy yas 9: Plamnctal Instruments 1 January 2018, with air value plus or minus, inthe case of a of loss, transact ancial asset or the Financial assets ‘When it first recognises a ceity's business model for managing the asset and as follows characters ao conditions are met: i. theasstis held wi to collect contractual cash flows: 1 of the financial asset give rise on specified dates to cash pal and interest on the principal amount the contractual te flows that are solely outstanding 2. Fair value through other comprehensive income: Financial assets ae classified and measured at fair value through other comprehensive income if they are held in a cash flows ,ed by both collecting contract ness model whose obje and seling finanCorporate Accountin ensured at two bu When, and only when, an entity changes rege aye snated and effective hedging instrument: designates to be measured at held for trading and fair value through profit or loss (see “fa an entity cannot reclassify any financial Fair value option ‘An entity may, at inial recognition, irrevocably designate a financial asset or liability that would otherwise have to be measured at amortised cost or fair value through other ‘comprehensive income to be measu ir value through profit or loss if doing so would climinate or significantly reduce surement or recognition inconsistency (sometimes referred to as an ‘accounting mismatch’) or otherwise result in more relevant information. Impairment ‘Impairment of financial assets is recognised in stages: Stage 1 ‘As soon as a financial instrument is ted or purchased, 12-month expected loss and a loss allowance is established. This of credit losses. For financial assets, interest amount (i are recognised in profi 8 proxy forthe inital expect leulsted om the gross ca ithout deduction for expectedpresent fines the pri to identify whether an investor sets out how to apply te principe of co ie the investe: an investee and therefore must consol the accounting requirements for the preparation of consolidated financial nd ‘and sets out an exception to consolidating particular iy olidated financial statements are financ v. defines an investment subsidiaries ofan investment statements that present the assets, ies, equity, income, expenses and cashflows of a parent and its subsidiaries as those of single economic entiy IERS 11: Joint Arrangements IFRS-L1 establishes principles for: in arrangements that are controlled join anvil reporting by enti Goin scrangement) s that have an interest 4 joint arrangement isan arrangement of which two or more parties hav contro. Joint contol isthe contractually agreed sharing of contol of an arrangemen. Which exists only when decisions about the relevant act ies (je. activities that significantly ‘feathers ofthe arrangement) require the unanimous consent ofthe partes sharingdhe assets and TERS es, revenues and expenses Venture using the equity method i. heature of, and risks associated wit an associate or an unconsolidated structured entity financial performance and cash the effets of those interests om its financial post IFRS 13: Fair Value Measurement IFRS 13 defines fair value, sets out « framework for measuring fair value, and about fair value measurements. It applies when another Standard about fair value me requires disclosures requires or permits fair value measurements or ue, such as fai V less costs to (nd measurements based on fait ied circumstances in which other Staseived o sell an asset or, ‘at the measurem sransfer a date (an exit price). When meas participants would use 1y's intention to hold an asset orf set ifferences Between IFRS and Indian GAAP oe ims an Ghar 1. Meaning are the rules and guid andards developed to providlased in preparing the F gh quality, wansparentandStatements and Rep eomparable information, ia|eeommended hy the Insts o fhe ee harered Accountant of India 2. Devetopetty_| aera Accounting Sundar Ministry of Corporate Affairs ‘Board (IASB) (MCA) — ‘A company that is complying with| When a company is sad to follow TFRS needs to disclose as @ note|the Indian GAAP, itis presumed iat their financial statements|that it shows a true and fair view ‘comply with the IFRS. ts financial affairs ‘Companies in 110++ counties have adopted IFRS, Indian GAAP is adopted only by sdoptionWhat statements need |prepare the Balance Sheet sho ian GAAP, there ing exchange GAAP is only ‘ompanies following IFRS have to Indian companies following Indian IGAAP needs to prepare [Balance Sheet, profit and loss ‘account, and eas flow statement. QUESTIONS ‘Sturt Answer Questions (2 marks each) ‘What do you mean by accounting standard? Define accountng standard. What do you mean by ASB? What do you mean by Level I enterprise? sure of accounting policies? What is golden rule of valuation of inventories? What do you mean by Indian GAAP? What do you mean by business entity concept? What do you mean by going concern concept What do you of single currency nean by pri principles? What do you mean by time liWhat do you {isthe function of ASB? the procedure for ‘What ate the advantages of accounting standards are te items that consti Whats the disclosure to be made in financial statements as pet AS-2? ae the fundamental accounting assump os to be disclosed as per AS-1? inventories as per AS-2? ry? How do you value inventory? Explain revenue recognition in the context of AS-9. What con ‘What ate the features of IFRS? What are the functions of IFRS? historiel cost of acquired fixed assets? at are the objectives of IFRS? What are the principles of IFRS? What are the differences between Indian GAAP and IFRS? Essay Type Questions (15 marks each) What do you mean by Acc objectives and 10W IFRS Board is co ing Standard, Indian GAAP, and IFRS? What are the es between Indian GAAP and IFRS? ples of Indian GAAP? ted. What are its functions?