Complete IND AS Terminology Changes Explained | IND AS Simplified

"So, moving on, where else did we make changes? We made some terminology-related changes, some carve-outs, and some carve-ins. I'll explain carve-outs and carve-ins in a little bit, but first, let's jump into the terminology-related changes. For example, in IFRS, the balance sheet is called the 'Statement of Financial Position,' but we said, 'No, we are just going to call it the Balance Sheet'. Similarly, they call profit and loss the 'Statement of Comprehensive Income,' but we decided, 'No, we will just call it the Statement of Profit and Loss'. So, with these minor word choices, it doesn't really cause any major problem in substance. It's just a slight difference in the name. Because we were already comfortable with certain names, we wanted to stick with them. So, you shouldn't consider these minor terminology updates to be massive changes. But yes, they were done, and we made these changes specifically keeping India's legal and economic environment in mind. Okay, are you guys following along? If you've been a very old student of mine—from '95, '96, '99, 2002, or around then—you must be feeling pretty good after all this time, thinking, 'Wow, we're listening to sir's old talks again, watching the class, and getting that old classroom feeling back'. So that's fine, please enjoy it! Whenever you need anything, contact me, or chat with me on WhatsApp. I would absolutely love it if my old students reconnected with me." #INDAS #IFRS #Accounting #FinancialReporting #BalanceSheet #ProfitAndLoss #TerminologyChanges #CAStudents #SudarshanAgrawal #AccountingClasses #IndianEconomy #Commerce