Indian Accounting Standards (Ind AS): An Overview by ICAI (Revised Sept. 2017)
The ICAI has published a booklet which provides an overview of the various aspects related to IFRS-converged Indian Accounting Standards (Ind AS), such as roadmap 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.
Ind AS has become a reality now as the era of Implementation of Ind AS has already begun in the country with Phase-I companies who have published their financial statements prepared in accordance with Ind AS for financial year 2016-17. Phase II companies also have published their Q1 results prepared in accordance with Ind AS. This paradigm shift has relatively filled the gaps of the financial reporting framework and has made it at par with high quality global standards of reporting.
Certain amendments have been made in IFRS/ IAS issued by the IASB. The Institute of Chartered Accountants of India (ICAI) to keep up the pace with the global developments, revised the notified Ind AS in line with the amendments made in IFRS/ IAS issued by the IASB. MCA had notified the amendments to the Ind AS vide notification dated March 17, 2017, as Companies (Indian Accounting Standards) Amendment Rules, 2017. It may be noted that this booklet captures all the recent amendments to Ind AS notified by the MCA in March 2017.