What do you mean by Carve outs/ins in Ind AS? Explain
CA Intermediate · Advanced Accounting · RTP · May 2024
What do you mean by Carve outs/ins in Ind AS? Explain
Suggested Answer and Working Notes:
Certain changes have been made in Ind AS considering the economic environment of the country, which is different as compared to the economic environment presumed to be in existence by IFRS. These differences are due to differences in economic conditions prevailing in India. These differences which are in deviation to the accounting principles and practices stated in IFRS, are commonly known as 'Carve-outs'. Additional guidance given in Ind AS over and above what is given in IFRS, is termed as 'Carve in'.
Topics: Introduction to Accounting Standards
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