ICAI has released e-version of Compendium of Indian Accounting Standards (IND AS) 2021-22 Edition, comprising of Volume 1 & Volume 2. It may be noted that IND AS recommended by the ICAI, are prescribed by the MCA u/s 133 of the Companies Act, 2013 in consultation with the NFRA.
ICAI Announcement dt. 05/07/2022: Compendium of IND AS by ICAI (2021-22)
The Compendium of IND AS (as on April 1, 2022) and related guidance material have been released by the ICAI. This Compendium of IND AS is an up-to-date and comprehensive version that incorporates all the amendments that have been made by MCA till date, which are effective as on 01/04/2022.
In addition, the guidance material includes IFRS Part B (Accompanying Guidance such as illustrative examples, implementation guidance, etc.) and IFRS Part C (Bases for Conclusions), which serves as the foundation for Indian Accounting Standards (IND AS). It is helpful and appropriate to read IND AS along with the guidance material of IFRS Standards. This is due to the fact that IND AS are developed from IFRS Standards that were issued by the IFRS Foundation.
ICAI provides an annual compilation of the most recent editions of Indian Accounting Standards (Ind AS) by way of publishing the ‘Compendium of IND AS’, keeping in view the amendments made by the MCA in IND AS Rules from time to time. For all of the companies that are either voluntarily or mandatorily presenting their financial statements in accordance with Ind AS, this Compendium will provide comprehensive information. The updated version of ‘Compendium on IND AS’ contains updates applicable to the accounting period that will begin on April 1, 2022.