Section 10 in The Companies (Indian Accounting Standards) Rules, 2015
10. Except as described in paragraphs 13-19 and Appendices B-D, an entity shall, in its opening Ind AS Balance Sheet:
(a)recognise all assets and liabilities whose recognition is required by Ind ASs;(b)not recognise items as assets or liabilities if Ind ASs do not permit such recognition;(c)reclassify items that it recognized in accordance with previous GAAP as one type of asset, liability or component of equity, but are a different type of asset, liability or component of equity in accordance with Ind ASs; and(d)apply Ind ASs in measuring all recognized assets and liabilities.
