Difference between Ind AS 107 and AS 32

Difference between Ind AS 107 on Financial Instruments: Disclosures and the existing AS 32 on Financial Instruments: Disclosures

(i) The existing AS 32 does not apply to contracts for contingent consideration in a business combination in case of acquirers. Ind AS 107 does not exempt such contracts. (Paragraph 3 (c) of existing AS 32)

(ii) Ind AS 107 excludes from its scope puttable instruments dealt with by Ind AS 32. AS 32 does not exclude the same from its scope. (Paragraph 3 (f) of Ind AS 107)

(iii) Ind AS 107 specifies disclosures in case of reclassification of a financial asset out of fair value through profit or loss category or out of available-for-sale category in accordance with Ind AS 39. Ind AS 32 does not provide for same. (Paragraph 12A of Ind AS 107)

(iv) Ind AS 107 requires enhanced disclosures about fair value measurements and liquidity risk, as compared to existing AS 32. (Paragraphs 27, 27A-27B, 39, definition of liquidity risk, paragraphs B10A, B11, B11A-B11F of Appendix B and paragraphs IG13A-IG13B of Implementation Guidance of Ind AS 107. Paragraphs B12-B16 of Appendix B and IG 30-31 of Implementation Guidance of existing AS 32 has been deleted). (ICAI)

Related Posts:

All About ‘Ind AS’ (Converged ‘Indian Accounting Standards’)

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Free NewsLetter

Please Signup for 

CA Club's Daily Updates via Email

Note: After submitting your email below, please check your inbox. You need to Open the email from Feedburner and click on the confirmation link to complete the process !!