Ch 1 · Conceptual Framework & Ind AS Roadmap

5 concept points · 0 formulas · 4 exam-critical points.

📘 Core concepts

• 1Ind AS converges with IFRS; mandatory for listed companies + specified thresholds.
• 2Phase I (FY 2016-17): net worth ≥ ₹500 cr; Phase II (FY 2017-18): listed + net worth ≥ ₹250 cr.
• 3Framework defines elements, measurement, recognition, qualitative characteristics.
• 4Fair value measurement (Ind AS 113) — exit price in orderly transaction; 3-level hierarchy.
• 5Carve-outs vs IFRS: FCTR on translation, capitalisation of forex, bargain purchase.