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Indian Accounting Standard(Ind AS)

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.

  1. Ind AS 1: Presentation of Financial Statements
  2. Ind AS 2: Inventories
  3. Ind AS 7: Statement of Cash Flows
  4. Ind AS 8: Accounting Policies, Changes in Accounting Estimates, and Errors
  5. Ind AS 10: Events after the Reporting Period
  6. Ind AS 12: Income Taxes
  7. Ind AS 16: Property, Plant and Equipment
  8. Ind AS 17: Leases
  9. Ind AS 18: Revenue
  10. Ind AS 19: Employee Benefits
  11. Ind AS 20: Accounting for Government Grants and Disclosure of Government Assistance
  12. Ind AS 21: The Effects of Changes in Foreign Exchange Rates
  13. Ind AS 23: Borrowing Costs
  14. Ind AS 24: Related Party Disclosures
  15. Ind AS 27: Separate Financial Statements
  16. Ind AS 28: Investments in Associates and Joint Ventures
  17. Ind AS 32: Financial Instruments: Presentation
  18. Ind AS 33: Earnings per Share
  19. Ind AS 34: Interim Financial Reporting
  20. Ind AS 36: Impairment of Assets
  21. Ind AS 37: Provisions, Contingent Liabilities, and Contingent Assets
  22. Ind AS 38: Intangible Assets
  23. Ind AS 40: Investment Property
  24. Ind AS 41: Agriculture
  25. Ind AS 101: First-time Adoption of Indian Accounting Standards
  26. Ind AS 102: Share-based Payment
  27. Ind AS 103: Business Combinations
  28. Ind AS 104: Insurance Contracts
  29. Ind AS 105: Non-current Assets Held for Sale and Discontinued Operations
  30. Ind AS 106: Exploration for and Evaluation of Mineral Resources
  31. Ind AS 107: Financial Instruments: Disclosures
  32. Ind AS 108: Operating Segments
  33. Ind AS 109: Financial Instruments
  34. Ind AS 110: Consolidated Financial Statements
  35. Ind AS 111: Joint Arrangements
  36. Ind AS 112: Disclosure of Interests in Other Entities
  37. Ind AS 113: Fair Value Measurement
  38. Ind AS 114: Regulatory Deferral Accounts
  39. Ind AS 115: Revenue from Contracts with Customers
  40. Ind AS 116: Leases
  41. Ind AS 117: Insurance Contracts (applicable to insurers)
  42. Ind AS 118: Revenue (applicable to entities operating in the telecom industry)

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