Indian Accounting Standard (abbreviated as Ind_AS) is the accounting standard adopted by companies in India and issued under the supervision of Accounting Standards Board (ASB) which was constituted as a body in the year 1977. ASB is a committee under Institute of Chartered Accountants of India (ICAI) which consists of representatives from government department, academicians, other professional bodies viz. ICAI, representatives from ASSOCHAM, CII, FICCI, etc. ICAI is an independent body formed under an act of parliament.
The Ind AS are named and numbered in the same way as the International Financial Reporting Standards (IFRS). National Financial Reporting Authority (NFRA) recommend these standards to the Ministry of Corporate Affairs (MCA). MCA has to spell out the accounting standards applicable[1] for companies in India. As on date MCA has notified 40 Ind AS (Ind AS 11 is omitted by companies).
S. This shall be applied to the companies of financial year 2015-16 voluntarily and from 2016-17 on a mandatory basis.
Based on the international consensus, the regulators will separately notify the date of implementation of Ind-AS for the banks, insurance companies etc. Standards for the computation of Tax has been notified as ICDS in February 2015.[2]
India followed accounting standards from Indian Generally Acceptable Accounting Principle (IGAAP) prior to adoption of the Ind-AS.
Companies shall follow Ind AS either Voluntarily or Mandatorily. Once a company follows Indian AS, either mandatorily or voluntarily, it can not revert to old method of Accounting.[4]
Net worth shall be checked for the previous four Financial Years (2013–14, 2014–15, 2015–16, and 2016–17)
| Ind As No. | Name of Indian Accounting Standard | |
|---|---|---|
| Ind AS 101 | First time adoption of Ind AS | |
| Ind AS 102 | Share Based Payment | |
| Ind AS 103 | Business Combination | |
| Ind AS 104 | Insurance Contracts | |
| Ind AS 105 | Non-Current Assets Held for Sales 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 109[7] | Financial Instruments | |
| Ind AS 110 | Consolidated Financial Statements | |
| Ind AS 111 | Joint Arrangements | |
| Ind AS 112 | Disclosure of Interests in Other Entities | |
| Ind AS 113 | Fair Value Measurement | |
| Ind AS 114 | Regulatory Deferral Accounts | |
| Ind AS 115[8] [9] | Revenue from Contracts with Customers(Applicable from April 2018) | |
| Ind AS 116[10] | Leases (Applicable from April 2019) | |
| 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 occurring after Reporting Period | |
| Ind AS 11 | Construction Contracts (Omitted by the Companies (Indian Accounting Standards) Amendment Rules, 2018) | |
| Ind AS 12 | Income Taxes | |
| Ind AS 16 | Property, Plant and Equipment | |
| 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 | Separate Financial Statements | |
| Ind AS 28 | Investments in Associates and Joint Ventures | |
| Ind AS 29 | Financial Reporting in Hyper inflationary Economies | |
| Ind AS 32 | Financial Instruments: Presentation | |
| Ind AS 33 | Earnings per Share | |
| Ind AS 34 | Interim Financial Reporting | |
| Ind AS 37 | Provisions, Contingent Liabilities and Contingent Assets | |
| Ind AS 38 | Intangible Assets | |
| Ind AS 40 | Investment Property | |
| Ind AS 41 | Agriculture |
Ind-AS is in line with the International Financial Reporting Standards (IFRS).[11]
Ind-AS 107 deals with disclosures related to financial instruments and related risks and the policies for managing such risks.
8. http://www.mca.gov.in/MinistryV2/accountingstandards1.html