Indian Accounting Standard

  • Indian Accounting Standard (abbreviated as Ind-AS) is the Accounting standard adopted by companies in India and issued under the supervision and control 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.
  • The Ind AS are named and numbered in the same way as the corresponding International Financial Reporting Standards (IFRS)
  • National Advisory Committee on Accounting Standards (NACAS) recommend these standards to the Ministry of Corporate Affairs (MCA)
  • MCA has to spell out the accounting standards applicable for companies in India. As on date MCA has notified 41 Ind AS
  • 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

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