Indian Accounting Standards (Ind AS) are a set of accounting principles and standards that are applicable in India. They are based on the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). Ind AS were introduced to converge Indian accounting standards with global accounting standards to enhance transparency, comparability, and consistency in financial reporting.
The Ministry of Corporate Affairs (MCA) in India, under the Companies Act, 2013, mandated the adoption of Ind AS for certain classes of companies. Initially, the implementation of Ind AS was phased, beginning with listed companies and certain other entities, followed by other companies based on their net worth and listing status.
Ind AS cover various aspects of financial reporting, including recognition, measurement, presentation, and disclosure of financial transactions and events. They provide guidelines for the preparation of financial statements such as balance sheets, income statements, cash flow statements, and statement of changes in equity.
- 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 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: Separate Financial Statements
- Ind AS 28: Investments in Associates and 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 40: Investment Property
- Ind AS 41: Agriculture
- 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 109: 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: Revenue from Contracts with Customers
- Ind AS 116: Leases
- Ind AS 117: Insurance Contracts (applicable to insurers)
- Ind AS 118: Revenue (applicable to entities operating in the telecom industry)