Ind AS 101 deals with the issues faced by an entity while adopting Ind ASs for the first time. This course gives an outline of the objective of this standard, the broad steps that are necessary while implementing Ind AS 101. This course explains what is meant by the first Ind AS financial statements, the road map for Phase I and II, the steps to be taken while preparing the opening balance sheet which is the starting point. The various mandatory exceptions and optional exemptions provided in the accounting standard are listed in this course. This course explains the various components of the first Ind AS compliant financial statements prepared by an entity.