Ind AS vs IFRS differences in presentation

Key practical differences accountants must know

For day‑to‑day work, accountants mainly feel Ind AS vs IFRS differences in presentation, judgement, and a few specific areas like real estate, leases, financial instruments, and disclosures.

1. Presentation & Format

Ind AS prescribes specific formats aligned with Companies Act (Schedule III) and prohibits “extraordinary items”, so classification and line‑items are more rigid in practice.

IFRS allows more flexible statement formats (e.g., one or two statements of profit and loss + OCI), so migrating between the two often means re‑mapping and regrouping items.

2. Substance vs Legal Form

IFRS pushes hard on substance over form, so structures that legally avoid control or debt may still be consolidated or treated as liabilities.

Ind AS follows substance too, but is more influenced by Indian legal/regulatory form (e.g., some control and consolidation assessments, certain instruments shaped by local law), so you must check MCA/ICAI guidance and not just copy IFRS practice.

3. Revenue (Ind AS 115 vs IFRS 15)

Model is the same 5‑step control model, but Ind AS adds India‑specific guidance and exceptions (especially for real estate, construction‑type contracts, and multi‑element arrangements), which can shift timing of revenue for developers and EPC companies.

Practically: you may see percentage‑of‑completion vs point‑in‑time differences, and extra disclosure requirements in Indian financials versus overseas IFRS sets.

4. Leases (Ind AS 116 vs IFRS 16)

Both bring almost all leases on balance sheet for lessees (ROU asset + lease liability), but Ind AS 116 includes extra guidance and practical expedients tailored to Indian leasing patterns.

Ratios: leverage, EBITDA, and interest coverage will broadly move the same way, yet some borderline contracts may be treated slightly differently due to Indian regulatory interpretations.

5. Financial Instruments & Fair Value

Framework (Ind AS 109 vs IFRS 9) is aligned, but Ind AS tends to be a bit more conservative on fair value and carries India‑specific rules on classification, impairment, and tax effects.

For banks/NBFCs and NBFC‑like entities, local RBI/SEBI guidance plus Ind AS often mean more detailed ECL and disclosure requirements than a “plain IFRS 9” implementation in some foreign groups.

6. Consolidation & Control

Both require consolidation of subsidiaries, but there are subtle differences in defining control (potential voting rights, protective rights, de‑facto control) that can cause a subsidiary under IFRS to be unconsolidated or differently presented under Ind AS, or vice versa.

In groups with foreign parents, accountants often prepare two versions: one Ind AS set for Indian statutory filing and one IFRS package for group reporting, with reconciliation schedules.

7. Disclosures & Compliance Burden

Ind AS generally demands very detailed disclosures (risk, related parties, reconciliations, transition) driven by MCA/ICAI and Indian regulators.

IFRS disclosures are also heavy, but the exact checklists differ; in practice, Indian statutory FS under Ind AS can be more “form‑driven”, while IFRS packages for MNC parents are more “policy‑driven”.

If you say whether your focus is exams (CA/ACCA), statutory audits, or group reporting for an MNC, a tailored 1‑page “working cheat sheet” of these practical differences can be drafted for your blog or personal use.

Ind AS vs IFRS: Complete Guide for Indian Accountants

 Ind AS vs IFRS

 Ind AS vs IFRS

Ind AS and IFRS follow the same broad principles‑based approach, but Ind AS is IFRS adapted to Indian legal, tax, and regulatory realities, so there are important carve‑outs and extra guidance.

Big Picture

IFRS: Global standards issued by IASB, used (or permitted) in 140+ countries for cross‑border comparability.

Ind AS: Indian Accounting Standards notified by MCA, largely converged with IFRS but modified for Indian law, RBI/SEBI rules, and local practices.

Applicability: Ind AS mandatory for listed and large Indian companies (net worth thresholds), while IFRS applies in many foreign jurisdictions or at group level for foreign parents.

Topic‑wise Differences

1. Revenue Recognition (Ind AS 115 vs IFRS 15)

• Both use the 5‑step model based on transfer of control, but Ind AS 115 has India‑specific guidance, especially for real estate and certain long‑term contracts.
• Differences can arise in how performance obligations are identified and in timing for construction/real‑estate projects.

2. Leases (Ind AS 116 vs IFRS 16)  

• Both bring most leases on balance sheet for lessees (ROU asset + lease liability), but Ind AS 116 includes some additional Indian provisions and practical reliefs.
• Disclosures and certain transitional options may differ slightly due to MCA/ICAI decisions.

3. Financial Instruments (Ind AS 109 vs IFRS 9)

• Classification/measurement categories (amortized cost, FVOCI, FVTPL) and ECL impairment model are aligned.
• Ind AS may have extra disclosures and tweaks for Indian banks/NBFCs and regulatory constraints.

4. Presentation & Disclosures (Ind AS 1, 7, 101 etc.)

• Ind AS prohibits extraordinary items and mandates detailed formats consistent with Companies Act Schedule III.
• IFRS allows more flexibility in format and, while extraordinary items are discouraged, presentation isn't tied to a statutory format.

5. Investment Property & PPE (Ind AS 40, 16 vs IAS 40, IAS 16) 

• Ind AS 40 generally uses the cost model with fair value in notes only, whereas IFRS can use either cost or fair value model in the financials.
• Revaluation of PPE is permitted under both, but Ind AS links useful lives and residual values to Indian guidance (e.g., Schedule II).

6. Convergence & Roadmap (Good background section)  

• Explain the MCA 2015 notification and phased implementation (large/listed companies first) and the objective of better global comparability for Indian companies.

Is Accounting same all over the World

No, accounting is not the same all over the world. Basic principles like double-entry bookkeeping are universal, but standards, regulations, and practices vary significantly by country.

Key Differences

Countries follow different frameworks, such as US GAAP in the United States, which is rules-based and detailed, versus IFRS used in over 140 countries including the EU, India, and Australia, which is principles-based and more flexible. For example, revenue recognition and asset valuation methods differ, with GAAP emphasizing specific rules while IFRS allows more judgment.

Regional Variations

In India, Ind AS aligns closely with IFRS but includes local tweaks for taxation and reporting, differing from the April-March financial year unique to the country. Australia blends IFRS with its own AASB standards, focusing on tax and investor needs, while places like China use CAS with distinct state influences.

Global Convergence

Efforts by bodies like the IASB promote IFRS adoption for multinational consistency, but full uniformity remains elusive due to cultural, legal, and tax factors. Professionals often need qualifications like CPA or CA tailored to local rules.

TDS and TCS in details

 

Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) are both tax collection mechanisms under the Indian Income Tax Act designed to ensure tax is collected efficiently and prevent tax evasion, but they differ fundamentally in their application, responsibility, and timing.

What is TDS (Tax Deducted at Source)?

TDS is an indirect tax where the payer deducts a certain percentage of tax before making a payment to the recipient, and this deducted amount is deposited with the government. It is applicable on various types of payments such as salaries, interest, rent, professional fees, commission, and contract payments. The responsibility to deduct and deposit TDS lies with the payer. TDS is deducted when the payment is due or made, whichever is earlier. The deducted tax is credited to the recipient's tax account and helps in reducing their overall tax liability when filing returns. Common forms used for TDS filings include Form 24Q, 26Q, and 27Q, filed quarterly. The due date for depositing TDS is generally the 7th day of the following month after the deduction.

What is TCS (Tax Collected at Source)?

TCS is a tax collected by the seller from the buyer at the time of the sale of certain specified goods, such as alcohol, timber, scrap metal, minerals, tendu leaves, forest products, automobiles, and toll tickets. The seller collects this tax over and above the sale price and deposits it with the government. The responsibility for collecting and depositing TCS lies with the seller. TCS is collected at the time of sale and credited to the buyer’s tax account, which the buyer can adjust against their tax liability. The return for TCS is filed quarterly in Form 27EQ. The due date to deposit TCS is also the 7th of the next month after collection. TCS helps the government track high-value transactions and avoid tax evasion in certain industries.

Both TDS and TCS help the Indian government ensure tax compliance and prevent black money circulation by collecting tax at different points in the financial flow—TDS at the time of payment and TCS at the time of transaction of certain goods.

Key Differences

Here are the key differences between TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) in points:

Definition:  

  - TDS is tax deducted by the payer before making a payment to the payee.  

  - TCS is tax collected by the seller from the buyer at the time of sale of specified goods.

Applicability:  

  - TDS applies to payments like salary, interest, rent, professional fees, etc.  

  - TCS applies on sale of specified goods like alcohol, minerals, scrap, automobiles, etc.

Responsible Person:  

  - The payer deducts and deposits TDS.  

  - The seller collects and deposits TCS.

Timing of Tax Deduction/Collection:  

  - TDS is deducted when payment is made or due (whichever is earlier).  

  - TCS is collected at the time of sale.

Tax Credit:  

  - TDS is credited to the payee’s tax account.  

  - TCS is credited to the buyer’s tax account.

Return Filing Forms:  

  - TDS returns are filed quarterly using forms like 24Q, 26Q, or 27Q.  

  - TCS returns are filed quarterly using Form 27EQ.

Due Date for Deposit:  

  - Both TDS and TCS must be deposited by the 7th of the following month after deduction/collection.

Purpose:  

  - TDS ensures tax collection at the time of payment to prevent tax evasion on income.  

  - TCS helps track and collect tax on the transaction of specific goods to curb evasion and black money.

These points highlight the fundamental distinctions and operational differences between TDS and TCS systems in India.

TDS Return Forms

The key TDS return forms used for filing Tax Deducted at Source returns in India are:

Form 24Q: Quarterly statement for TDS deducted from salary payments. This form contains details of salaries paid and TDS deducted on them. It is filed by employers.

Form 26Q: Quarterly statement for TDS deducted on payments other than salaries, such as interest, professional fees, rent, commission, etc.

Form 27Q: Quarterly statement for TDS deducted on payments made to non-residents other than salaries. This form covers payments like interest, dividends, and other sums payable to non-resident Indians and foreign companies.

Form 26QB: Statement for TDS deducted on payment related to the purchase of immovable property (sale consideration).

Form 26QC: Challan-cum-statement filed for TDS deducted on rent payments under section 194-IB.

Form 26QD: For TDS deducted under section 194M on payments for works contracts, commission or professional and technical services (introduced more recently).

Form 26QE: For TDS deducted on transactions involving cryptocurrency.

Form 27EQ: This is actually the TCS return form (Tax Collected at Source) filed quarterly by the seller collecting tax on specified goods.

Due dates for filing these quarterly TDS returns are generally:  

- Q1 (April to June) - 31st July  

- Q2 (July to September) - 31st October  

- Q3 (October to December) - 31st January  

- Q4 (January to March) - 31st May  

However, for forms related to property and rent like 26QB and 26QC, the due date is usually within 30 days from the end of the month in which TDS was deducted.

Employers and other deductors must file the appropriate TDS return forms timely to ensure proper credit of TDS to the deductees and to avoid penalties. TDS certificates such as Form 16 (for salary), Form 16A (for other payments), Form 16B (property transactions), and Form 16C (rent) are issued based on these returns.

शिक्षा जगत में विभिन्न प्रकार के शिक्षक और उनके कार्य

 

शिक्षा जगत में विभिन्न प्रकार के शिक्षक होते हैं, और उनकी भूमिकाएँ एवं कार्य भी अलग-अलग होते हैं। नीचे प्रमुख प्रकार के शिक्षकों और उनके कार्यों का वर्णन किया गया है:

1. औपचारिक शिक्षक (Formal Teacher)

- ये वे शिक्षक होते हैं जो स्कूल, कॉलेज या विश्वविद्यालय जैसी औपचारिक संस्थाओं में पढ़ाते हैं।

- इनका कार्य विद्यार्थियों को पाठ्यक्रमानुसार ज्ञान देना, परीक्षा लेना, मूल्यांकन करना, और व्यक्तित्व विकास में सहयोग करना होता है।

2. अनौपचारिक शिक्षक (Informal Teacher)

- अनौपचारिक शिक्षक कोई भी हो सकता है जो औपचारिक रूप से शिक्षक न हो, जैसे माता-पिता, वरिष्ठ सहकर्मी, या कोई बड़ा भाई-बहन, जो किसी विशेष कार्य को सिखाता है।

- इनका कार्य जीवन संबंधी अनुभव साझा करना और नैतिक एवं व्यवहारिक शिक्षा देना होता है।

3. मार्गदर्शक शिक्षक/मेंटर (Mentor Teacher)

- ये शिक्षक अन्य विद्यार्थियों या नवोदित शिक्षकों का मार्गदर्शन करते हैं।

- छोटों को विशेष ध्यान देना, कक्षा प्रबंधन में सहायता करना तथा व्यक्तिगत रूप से सिखाना इनका प्रमुख कार्य होता है।

4. विशेष शिक्षा शिक्षक (Special Education Teacher)

- यह वे शिक्षक हैं जो विशेष आवश्यकता वाले विद्यार्थियों (जैसे मानसिक, शारीरिक, भावनात्मक कठिनाई वाले) के लिए शिक्षा प्रदान करते हैं।

- इनका कार्य ऐसी परिस्थितियों के अनुसार शिक्षण विधियों को अनुकूलित करके सभी बच्चों को सीखने का अवसर देना है।

5. प्रशिक्षक (Trainer)

- ये किसी विशेष स्किल या व्यावसायिक योग्यता का प्रशिक्षण देते हैं।

- व्यावसायिक पाठ्यक्रम, किशोर कौशल विकास या ऑन-दी-जॉब ट्रेनिंग इनकी मुख्य जिम्मेदारी है।

6. विद्यालय प्रमुख / प्रधानाचार्य (School Principal/Head Teacher)

- ये पूरे विद्यालय की शैक्षिक तथा प्रशासनिक व्यवस्था को संभालते हैं।

- शिक्षक व विद्यार्थियों का समन्वय, विद्यालय की नीति-निर्माण और गुणवत्ता को सुनिश्चित करना इनके मुख्य कार्य हैं।

7. सहायक शिक्षक/छात्र शिक्षक (Assistant/Student Teacher)

- ये वो शिक्षक होते हैं जो अभी प्रशिक्षण के दौर में होते हैं और वरिष्ठ शिक्षक की देखरेख में पढ़ाते हैं।

- इन्हें व्यावहारिक अनुभव, विषयवस्तु का विभाजन और बच्चों को वैयक्तिक रूप से सिखाने की जिम्मेदारी मिलती है[2]।

***

शिक्षक के प्रमुख कार्य

- पाठ्यक्रम एवं विषयवस्तु का शिक्षण

- विद्यार्थियों का मूल्यांकन एवं मूल्य आधारित शिक्षा प्रदान करना

- मानसिक, सामाजिक और नैतिक विकास में सहयोग देना

- विद्यार्थियों का मार्गदर्शन और परामर्श देना

- स्वयं के ज्ञान और शिक्षण कौशल को लगातार अपडेट करना

- विद्यालय व समाज के प्रति सकारात्मक दृष्टिकोण विकसित करना।

शिक्षकों का समाज में अत्यंत महत्वपूर्ण स्थान होता है क्योंकि वे एक पीढ़ी से दूसरी पीढ़ी में ज्ञान, संस्कृति और नैतिकता का संचरण करते हैं।

Role and Responsibilities of a Restaurant Manager:

Here's a comprehensive outline of the role and responsibilities of a restaurant manager:

Role:

A restaurant manager oversees the daily operations of a restaurant, ensuring excellent customer service, efficient operations, and profitability.

Key Responsibilities:

Customer Service:

1. Ensure exceptional customer experiences through attentive service and quality food.

2. Handle customer complaints and feedback.

3. Implement loyalty programs and customer retention strategies.

Operations:

1. Manage restaurant staff, including recruitment, training, and scheduling.

2. Oversee inventory management, ordering supplies, and controlling waste.

3. Maintain high standards of cleanliness, safety, and hygiene.

4. Coordinate events, parties, and catering services.

Financial Management:

1. Monitor sales, revenue, and expenses to optimize profitability.

2. Develop and implement pricing strategies.

3. Manage budgets, forecasts, and financial reports.

Marketing and Promotion:

1. Develop marketing campaigns to attract new customers.

2. Manage social media presence and online reviews.

3. Collaborate with local businesses and organizations.

Human Resources:

1. Train and develop staff to enhance skills and knowledge.

2. Conduct performance evaluations and address staff concerns.

3. Ensure compliance with labor laws and regulations.

Food and Beverage:

1. Menu planning, development, and implementation.

2. Monitor food quality, presentation, and consistency.

3. Manage beverage programs, including wine lists and cocktails.

Administrative Tasks:

1. Maintain records, reports, and documentation.

2. Ensure compliance with health and safety regulations.

3. Manage relationships with suppliers and vendors.

Leadership:

1. Lead by example, promoting a positive work culture.

2. Motivate staff to achieve goals and objectives.

3. Foster open communication and teamwork.

Skills and Qualities:

1. Strong communication and interpersonal skills.

2. Leadership and team management abilities.

3. Financial management and analytical skills.

4. Attention to detail and organizational skills.

5. Adaptability and problem-solving abilities.

6. Knowledge of food safety, sanitation, and regulations.

Education and Certification:

1. Hospitality or business management degree.

2. Food safety certification (e.g., ServSafe).

3. Wine and spirits certification (e.g., WSET).

Salary Range:

1. Entry-level: $40,000 - $60,000 per year.

2. Experienced: $60,000 - $90,000 per year.

3. Senior/Executive: $90,000 - $120,000 per year.

Note: Salaries vary depending on location, restaurant size, and type.