TAILIEUCHUNG - Indian Accounting Standard (Ind-AS) 101 First-time Adoption of Indian Accounting Standards

Following the same logic, the magnitude of the effect of an event is considered sufficient if the effect on the policyholder is significant when compared to the minimum benefits payable in a scenario of commercial substance. Payments made which do not compensate the policyholder for the effect of the insured event, . payments made for competitive reasons, are not taken into consideration in the assessment of insurance risk. However, IFRS 4 does not limit the payment by the insurer to an amount equal to the financial impact of the adverse event. The definition therefore does not exclude ‘new–for–old’ cover that pays the policyholder an amount sufficient to replace. | Indian Accounting Standard Ind-AS 101 First-time Adoption of Indian Accounting Standards CONTENTS Paragraph OBJECTIVE 1 SCOPE 2-5 RECOGNITION AND MEASUREMENT 6-19 Opening Ind-AS Balance Sheet 6 Accounting policies 7-12 Exceptions to the retrospective application of other Ind-ASs 13-17 Estimates 14-17 Exemptions from other Ind-ASs 18-19 PRESENTATION AND DISCLOSURE 20-33 Comparative information 21-22 Non-Ind-AS comparative information and historical summaries 22 Explanation of transition to Ind-ASs 23-33 Reconciliations 24-28 Designation of financial assets or financial liabilities 29-29A Use of fair value as deemed cost 30 Use of deemed cost for investments in subsidiaries jointly controlled entities and associates 31 Use of deemed cost for oil and gas assets 31A Interim financial reports 32-33 EFFECTIVE DATE 34-39B APPENDICES A Defined terms B Exceptions to the retrospective application of other Ind-ASs C Exemptions for business combinations D Exemptions from other Ind-ASs E Short-term exemptions from Ind-ASs F Implementation Guidance 1 Comparison with IFRS 1 First-time Adoption of International Financial Reporting Standards -1- -2- Indian Accounting Standard Ind AS 101 First-time Adoption of Indian Accounting Standards This Indian Accounting Standard includes paragraphs set in bold type and plain type which have equal authority. Paragraphs in bold type indicate the main principles. Objective 1 The objective of this Indian Accounting Standard 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 IndASs and c can be generated at a cost that does not exceed the benefits. Scope 2 An entity shall apply this Ind-AS in a its first Ind-AS financial statements1 and b each interim .

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