Table of Contents
Introduction:
Ind ASs (Indian Accounting Standards) is a set of accounting principles and standards that Indian companies follow in their financial statements. These standards are based on the International Financial Reporting Standards (IFRS). These standards provide more transparency and consistency in financial reporting. In this article, we will discuss what is Ind AS and List of all Ind As
What is Ind AS (Indian Accounting Standards)?
Ind AS is a set of accounting standards that gives a common framework for the financial reporting of Cos. in India. These standards are based on globally accepted IFRS and are designed to bring transparency, consistency, and comparability to financial reporting. Ind AS is mandatory for some companies and optional for some Cos.
The Ministry of Corporate Affairs (MCA) issues the Indian Accounting Standards (Ind AS) in consultation with the Institute of Chartered Accountants of India (ICAI). The MCA is responsible for notifying the standards, while the ICAI provides guidance and recommendations for developing and implementing Ind AS.
Some companies require adopting Ind AS based on their size and turnover. For example, companies having a net worth of Rs. 500 crores or more than that, will have to use Ind AS from the financial year 2016-17. For companies With a net worth of Rs. 500 crores, the use of Ind AS is optional. You can read more about the Phases of applicability of Ind As. Here we will provide you the list of all Ind As issued by MCA
List of all Ind As issued by MCA:
After we know what is ind as known see the list of Ind As published by The Ministry of Corporate Affairs.
What is the importance of Ind AS?
Ind AS is important for several important reasons.
- First, it provides a common framework for investors, analysts, and stakeholders to compare the financial performance of companies.
- Second, Ind AS will improve the quality of financial reporting because companies are now required to provide more detailed and accurate information in their financial statements.
- Third, it helps India to align itself with international accounting standards, which makes it easier for Indian companies to do business globally.
Key features of Ind AS :
Convergence with IFRS:
Ind AS is based on IFRS, which is a globally accepted set of accounting standards. The convergence with IFRS makes it easier for Indian companies to do business globally.
Mandatory adoption:
The adoption of Ind AS is mandatory for some companies based on their size and turnover. This ensures that companies of a certain size and complexity provide high-quality financial reporting.
Principle-based approach:
Ind AS accounting follows the principle-based approach, which means that companies do not follow any specific rules but apply accounting principles.
Fair value measurement:
Ind AS makes use of measuring certain assets and liabilities at fair value, which provides an accurate representation of the company’s financial position.
Disclosure requirements:
Ind AS requires companies to provide detailed and accurate information in their financial statements. Like disclosure of significant accounting policies, key assumptions, and judgments in preparing FSs.
conclusion:
In this post, we discussed what is Ind AS and I also provided you with a List of all Ind As. Indian Accounting Standards is a set of important accounting standards for Indian companies. It provides a common framework for financial reporting and helps India align with international accounting standards. These standards play an important role in reliability comparability in financial reporting in India.