Applicability of IND AS 114

It must be elected.

When needed make retrospective changes to first time adoption dates 

You can follow indas even before adopting indas for internal management only.

Once adopted for the first time, the precious AS accounting policies can be carried forward to new indas like depreciation, revaluation etc. 

If the measurement and presentation doesn't meet the new indas, then you have to measure it in accordance with indas 

For this query, regulatory deferral accounts must be presented seperately in the statement of financial position.

If you haven't presented it seperately, do it now using changes in accounting policy standard. 

Anything else I missed, give me a buzz

It must be elected.

When needed make retrospective changes to first time adoption dates 

You can follow indas even before adopting indas for internal management only.

Once adopted for the first time, the precious AS accounting policies can be carried forward to new indas like depreciation, revaluation etc. 

If the measurement and presentation doesn't meet the new indas, then you have to measure it in accordance with indas 

For this query, regulatory deferral accounts must be presented seperately in the statement of financial position.

If you haven't presented it seperately, do it now using changes in accounting policy standard. 

Anything else I missed, give me a buzz

Can you clarify it a bit more? I have to restate the First Time Adoption financials?

Since you already have first rime adoptiin statements, rectify error through indas8. Everyhting is business as usual. 

If your following indas and set accounting policies for deferral accounts as per indas method, it is fine. But you have an exemption that you can still use your previous gaap. 

You can change your deferal account setup into  Indas through the use of indas 8

Thank you for your assistance.

Not to mention. You did a great job u derstanding the issue. There is a website called MCA or ICAI which publishes all of theze principles for free. Its written very easy to understanding.  You can download every standard for free.