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Accounting standards

puja (student) (154 Points)

10 April 2016

Hey friends...please clarify the meaning of "carve out nd carve in " in IndAS as notified recently.

Please tell what does it mean.

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3 Replies

Prashant Rajput (An insatiable Learner) (889 Points)
Replied 13 April 2016

carve outs are differences between Ind AS and International Accounting standards (IAS) and IFRS.

Ind AS are Existing AS converged with IAS and IFRS

Carve ins are neither differences nor commonalities. Suppose IAS or IFRS says something about one aspect then Ind AS will either say nothing i.e. will remain silent or speak in addition to IAS or IFRS.

Don't worry about Existing AS. Ind AS are improved version of Existing AS.

Note:Those AS developed prior to 2000 are called IAS and post 2000 are called IFRS.So,only IFRS will be developed. IAS will get replaced by new IFRS.Case in point:IFRS 9 and 7 replaced IAS 38.Similarly, Ind AS will replace Existing AS.

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puja (student) (154 Points)
Replied 16 April 2016

Thank you prashant

KOUSHAL JAIN (Chartered Accountant) (471 Points)
Replied 06 July 2018

Originally posted by : Prashant Rajput
	carve outs are differences between Ind AS and International Accounting standards (IAS) and IFRS.Ind AS are Existing AS converged with IAS and IFRSCarve ins are neither differences nor commonalities. Suppose IAS or IFRS says something about one aspect then Ind AS will either say nothing i.e. will remain silent or speak in addition to IAS or IFRS.Don't worry about Existing AS. Ind AS are improved version of Existing AS.Note:Those AS developed prior to 2000 are called IAS and post 2000 are called IFRS.So,only IFRS will be developed. IAS will get replaced by new IFRS.Case in point:IFRS 9 and 7 replaced IAS 38.Similarly, Ind AS will replace Existing AS.