Dear Friends,

Some information for CA final candidates :

IAS

International Accounting Standard

IFRS- International Financial Reporting Standard

IAS were issued by Internatioal Accounting Standard Committe and IFRS was issued
by International Accounting Standard Board. Principles of IFRS will take precedence
incase of contradiction with IAS. IAS was effective from 1993 to 2000 after that IASB
was constituted. They agreed to adopt the standard issued by IASC, but the
standard published after that would follow a series known as IFRS.
Important CA Final Financial Reporting Important Updates for May 2016
AS 30 Financial Instrument was based upon IAS -39 ( FI Recognition and
measurement ). Now IAS 39 is replaced by IFRS 9 (FI ). Goverment of India opted to
notify IND AS 109 ( FI ) in correspondence to IFRS 9 and not IAS- 39.
AS 30,31,32 Earlier were proposed to be made mandatory for level I entities. After
modification in IND AS in feb.15, these entities will apply provisions stated in Ind AS
32,107,109.
Therefore it is approprate to make applicable Ind AS 32, 107 and 109 in place of 30,
31, 32.
Now they become applicable on topic of Financial Instrument instead of AS 30,31,32
from May 2016 Financial Reporting paper at final level.
With reference to the Announcement regarding Non-application of AS 30, AS 31 and
AS 32 in the Final Course Paper 1: Financial Reporting dated 23.11.2015, it is
clarified that students are not required to study the differences between Ind AS 32,
107 and 109 vis--vis AS 31, 32 and 30 respectively from May, 2016 examination.

In short IND AS 32, 107 and 109 are applicable instead of AS 30, 31, 32.
Other accounting standard issued by ICAI shall continue to be applicable. Also
Introduction to Indian Accounting Std, Comparision between AS and Ind AS, Carve
out Ind AS IFRS are applicable for May 16.