Indian Accounting Standards (Ind AS): An Overview by ICAI (Revised July 2018)
The ICAI has published third edition (July 2018) of the “Ind AS – An Overview” a booklet which provides an overview of the various aspects related to IFRS-converged Indian Accounting Standards (Ind AS), such as road map for the applicability of Ind AS, carve-outs from IFRS/ IAS, changes in financial reporting under Ind AS compared to financial reporting under accounting standards, summary of all the Ind AS, etc., as under:
Certain amendments have been made in IFRS/ IAS issued by the IASB. To keep up the pace with the global developments, the ICAI has also revised the notified Ind AS in line with the amendments made in IFRS/ IAS issued by the IASB.
The MCA has notified the amendments to the Ind AS vide notification dated March 28, 2018, as Companies (Indian Accounting Standards) Amendment Rules, 2018. This revised publication of ICAI captures all the recent amendments to Ind AS notified by the MCA in March 2018, specifically issuance of new revenue standard (Ind AS 115) and other consequential amendments thereto.
Financial reporting in India has undergone a momentous transformation owing to the adoption of Ind AS. This paradigm shift has made the Indian financial reporting framework at par with the global standards of reporting. ICAI is playing a vital role in convergence of Indian Accounting Standards at par with the globally accepted Accounting Standards. Ind AS has become a reality now with Phase I and Phase II companies have already published/ are publishing their financial statements as per Ind AS.