Ind AS Requirement of Ind. AS 101

Ind AS Requirement of Ind. AS 101 ‘First Time Adoption of Indian Accounting Standards’
Adjustments made to retained Earnings  Ind AS 17 ‘Leases’ As per Para D9AA a first time adopter may assess the classification of each element as finance or an operating lease at the date of transition to Indian Accounting Standards on the basis of the facts and circumstances existing as at that date. If there is any land lease newly classified as finance lease then the first time adopter may recognise assets and liability at fair
value on that date; and any difference between those fair values is recognised in retained earnings.


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