Indian Accounting Standard (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, academics, 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 for companies in India. As on date MCA has notified 40 Ind AS (Ind AS 11 is omitted by companies). This shall be applied to the companies of financial year 2015-16 voluntarily and from 2016 to 2017 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.
History India followed accounting standards from Indian Generally Acceptable Accounting Principle (IGAAP) prior to adoption of the Ind-AS.
Applicability Sources:
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.
Mandatory Applicability (1 April 16) Every Company with Net worth of not less than 500 crores (5 billion).
Mandatory Applicability from Accounting Period beginning on or after 1 April 2018 Source:
Every Listed Company. Unlisted Companies with Net worth greater than or equal to Rs. 250crore but less than Rs. 500crore(for any of the below mentioned periods).
Net worth shall be checked for the previous four Financial Years (2013–14, 2014–15, 2015–16, and 2016–17)
List of Indian Accounting Standards Ind As No.Name of Indian Accounting StandardInd AS 101First time adoption of Ind ASInd AS 102Share Based PaymentInd AS 103Business CombinationInd AS 104Insurance ContractsInd AS 105Non-Current Assets Held for Sales and Discontinued OperationsInd AS 106Exploration for and Evaluation of Mineral ResourcesInd AS 107Financial Instruments: DisclosuresInd AS 108Operating SegmentsInd AS 109Financial InstrumentsInd AS 110Consolidated Financial StatementsInd AS 111Joint ArrangementsInd AS 112Disclosure of Interests in Other EntitiesInd AS 113Fair Value MeasurementInd AS 114Regulatory Deferral AccountsInd AS 115Revenue from Contracts with Customers(Applicable from April 2018)Ind AS 116Leases (Applicable from April 2019)Ind AS 1Presentation of Financial StatementsInd AS 2Inventories Ind AS 7Statement of Cash FlowsInd AS 8Accounting Policies, Changes in Accounting Estimates and ErrorsInd AS 10Events occurring after Reporting PeriodInd AS 11Construction Contracts (Omitted by the Companies (Indian Accounting Standards) Amendment Rules, 2018)Ind AS 12Income TaxesInd AS 16Property, Plant and EquipmentInd AS 19Employee BenefitsInd AS 20Accounting for Government Grants and Disclosure of Government AssistanceInd AS 21The Effects of Changes in Foreign Exchange RatesInd AS 23Borrowing CostsInd AS 24Related Party DisclosuresInd AS 27Separate Financial StatementsInd AS 28Investments in Associates and Joint VenturesInd AS 29Financial Reporting in Hyper inflationary EconomiesInd AS 32Financial Instruments: PresentationInd AS 33Earnings per ShareInd AS 34Interim Financial ReportingInd AS 36Impairment of AssetsInd AS 37Provisions, Contingent Liabilities and Contingent AssetsInd AS 38Intangible AssetsInd AS 40Investment PropertyInd AS 41Agriculture
Provisions Ind-AS is in line with the International Financial Reporting Standards (IFRS).
Ind-AS 107 deals with disclosures related to financial instruments and related risks and the policies for managing such risks.
See also Nepal Financial Reporting Standards
References
8. http://www.mca.gov.in/MinistryV2/accountingstandards1.html