[ Ссылка ] this video by Uplatz, you will learn about Ind AS 101 (deals with First Time Adoption of Indian Accounting Standards) of the Ind AS.

IND AS 101 is a set of accounting standards issued by the Institute of Chartered Accountants of India (ICAI) under the mandate of the Ministry of Corporate Affairs. It deals with the first-time adoption of Indian Accounting Standards (IND AS) by an entity.

The objective of IND AS 101 is to ensure that an entity's first financial statements under IND AS provide reliable and relevant information about its financial position, performance, and cash flows. The standard provides guidance on how to make the transition from the previous accounting standards to IND AS.

The standard requires an entity to prepare an opening balance sheet at the date of transition to IND AS, which should be the same as the closing balance sheet under the previous accounting standards. The entity must then adjust the opening balance sheet for the differences between the previous accounting standards and IND AS. The adjustments should be made retrospectively, except in certain circumstances where it would be impracticable or result in undue cost or effort.

IND AS 101 also requires an entity to provide additional disclosures in its first IND AS financial statements, including a description of the significant accounting policies applied, the date of transition to IND AS, and the impact of the transition on the entity's financial position, performance, and cash flows.

Overall, IND AS 101 provides guidance on how to make the transition from the previous accounting standards to IND AS, ensuring that the entity's first IND AS financial statements provide reliable and relevant information for users of financial statements.

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