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Union of India - Section
Section 8 in The Companies (Indian Accounting Standards) Rules, 2015
8. An entity shall not apply different versions of Ind ASs that were effective at earlier dates. An entity may apply a new Ind AS that is not yet mandatory if that Ind AS permits early application.
| Example: Consistent application of latest version of IndASs |
| Background |
| The end of entity A's first Ind AS reporting period is 31March 2017. Entity A decides to present comparative informationin those financial statements for one year only (see paragraph21). Therefore, its date of transition to Ind ASs is thebeginning of business on 1 April 2015 (or, equivalently, close ofbusiness on 31 March 2015). Entity A presented financialstatements in accordance with its previous GAAP annually to 31March each year up to, and including, 31 March 2016. |
| Application of requirements |
| Entity A is required to apply the Ind ASs effective forperiods ending on 31 March 2017 in: |
| a) preparing and presenting itsopening Ind AS balance sheet at 1 April 2015; and |
| b) preparing and presenting itsbalance sheet for 31 March 2017 (including comparative amountsfor the year ended 31 March 2016), statement of profit and loss,statement of changes in equity and statement of cash flows forthe year to 31 March 2017 (including comparative amounts for theyear ended 31 March 2016) and disclosures (including comparativeinformation for the year ended 31 March 2016). |
| If a new Ind AS is not yet mandatory but permits earlyapplication, entity A is permitted, but not required, to applythat Ind AS in its first Ind AS financial statements. |