ICAI has released updated/revised edition of he ‘Compendium of Indian Accounting Standards (IND AS) 2023-24’, 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.
The Compendium of IND AS (as on April 1, 2023) 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 01/04/2023.
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, 2023, i.e. from FY 2023-24.
ICAI Announcement dated April 1, 2023: Compendium of IND ASs (2023-24) Volume-1 (Ind AS 101 to 116)
- 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
ICAI Announcement dated April 1, 2023: Compendium of IND ASs (2023-24) Volume-2 (Ind AS 1 to 41)
- 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 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 29: Financial Reporting in Hyperinflationary Economies
- 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 Contingents Assets
- Ind AS 38: Intangible Assets
- Ind AS 40: Investment Property
- Ind AS 41: Agriculture
The ICAI’s Compendium of Indian Accounting Standards is a comprehensive guide that provides guidance on the implementation of Ind AS and to help stakeholders understand the financial reporting requirements for companies in India. The Compendium is useful for stakeholders, like Chartered Accountants, financial analysts, investors, etc., who need to comply with the accounting standards in India.