IFRS in India - jb nagar cpe study circle of wirc of icai

IFRS in India – Its Status, Overview of Concepts and Impact in IndiaAnnexure 1: Concepts relatively new in Indian GAAPBusiness combinationKey GAAP differencesAssets and liabilities are recognised based on fair valueAmortisation of Goodwill is prohibitedAdditional Intangible assets to be recognised on business combinationsDate of acquisition - Transfer on control vs high court ordersBusiness combination are accounted using purchase method onlyContingent liabilities to be recognised to Income statementContingent considerationReverse acquisitionsRakesh Agarwal Slide 42