Ch 1 · Conceptual Framework & Ind AS Roadmap

📘 Core concepts

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