Download Complete Text of Indian Accounting Standard (Ind AS) 101, First-time Adoption of Indian Accounting Standards
Ind AS 101: First-time Adoption of Indian Accounting Standards
The objective of this Ind AS is to ensure that an entity’s first Ind AS financial statements, and its interim financial reports for part of the period covered by those financial statements, contain high quality information that:
(a) is transparent for users and comparable over all periods presented;
(b) provides a suitable starting point for accounting in accordance with Indian Accounting Standards (Ind ASs); and
(c) can be generated at a cost that does not exceed the benefits.
An entity shall apply this Ind AS in:
(a) its first Ind AS financial statements; and
(b) each interim financial report, if any, that it presents in accordance with Ind AS 34, Interim Financial Reporting, for part of the period covered by its first Ind AS financial statements.
An entity’s first Ind AS financial statements are the first annual financial statements in which the entity adopts Ind ASs, in accordance with Ind ASs notified under the Companies Act, 2013 and makes an explicit and unreserved statement in those financial statements of compliance with Ind ASs.
This Ind AS does not apply to changes in accounting policies made by an entity that already applies Ind ASs. Such changes are the subject of:
(a) requirements on changes in accounting policies in Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors; and
(b) specific transitional requirements in other Ind ASs.