IND ASs

List of Indian Accounting Standards (IND ASs)

The Indian Accounting Standards (IND-AS) are a set of accounting standards notified by the Ministry of Corporate Affairs, Government of India.

IND-AS are based on International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).

The Indian Accounting Standards apply to all companies, including listed companies and unlisted public sector companies.

The Ministry of Corporate Affairs has notified the Companies (Indian Accounting Standards) Rules, 2015 (as amended), which sets out the framework for adopting the Indian Accounting Standards by companies.

Objectives and Applicability of IND-ASs

IND-AS are designed to improve the quality of financial reporting in India and to bring about greater convergence with international accounting standards. The standards will also help in making Indian companies more globally competitive.

The objective of the Indian Accounting Standards is to enhance the quality and transparency of financial reporting in India and to promote convergence with international financial reporting standards.

Under the Companies (Indian Accounting Standards) Rules, 2015 (as amended), all companies are required to prepare their financial statements by the Indian Accounting Standards from the financial year commencing on or after 1st April, 2016.

The framework for the adoption of the Indian Accounting Standards is as follows:

(i) Companies may prepare their financial statements in compliance with the accounting standards notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended) or in compliance with the accounting standards prescribed under the Companies Act, 2013.

(ii) Companies may prepare their financial statements in compliance with the accounting standards notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended) and the accounting standards prescribed under the Companies Act, 2013.

(iii) Companies may prepare their financial statements in compliance with any other accounting standards as may be prescribed by the Central Government in consultation with the National Financial Reporting Authority.

The Indian Accounting Standards are based on the international financial reporting standards issued by the International Accounting Standards Board.

These are the converged Indian Accounting Standards (Ind ASs) hosted by MCA on its website. The date on which these will come into force is yet to be notified.

Ind AS 101 First-time Adoption of Indian Accounting Standards
Ind AS 102 Share-based Payment
Ind AS 103 Business Combinations
Ind AS 104 Insurance Contracts
Ind AS 105 Non-current Assets Held for Sale and Discontinued Operations
Ind AS 106 Exploration for and Evaluation of Mineral Resources
Ind AS 107 Financial Instruments: Disclosures
Ind AS 108 Operating Segments
Ind AS 1 Presentation of Financial Statements
Ind AS 2 Inventories
Ind AS 7 Statement of Cash Flows
Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors
Ind AS 10 Events after the Reporting Period
Ind AS 11 Construction Contracts
Ind AS 12 Income Taxes
Ind AS 16 Property, Plant and Equipment
Ind AS 17 Leases
Ind AS 18 Revenue
Ind AS 19 Employee Benefits
Ind AS 20 Accounting for Government Grants and Disclosure of Government Assistance
Ind AS 21 The Effects of Changes in Foreign Exchange Rates
Ind AS 23 Borrowing Costs
Ind AS 24 Related Party Disclosures
Ind AS 27 Consolidated and Separate Financial Statements
Ind AS 28 Investments in Associates
Ind AS 29 Financial Reporting in Hyperinflationary Economies
Ind AS 31 Interests in Joint Ventures
Ind AS 32 Financial Instruments: Presentation
Ind AS 33 Earnings per Share
Ind AS 34 Interim Financial Reporting
Ind AS 36 Impairment of Assets
Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets
Ind AS 38 Intangible Assets
Ind AS 39 Financial Instruments: Recognition and Measurement
Ind AS 40 Investment Property

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