ICAI's Revised Overview of IND ASs issued by MCA (July, 2023)

ICAI has published the Seventh Edition (July 2023) of the booklet “Indian Accounting Standards (IND ASs): An Overview”, which provides a summary of different aspects related to Ind ASs issued by the Ministry of Corporate Affairs (MCA) in consonance with the International Financial Reporting Standards (IFRS). The booklet covers topics such as the applicability of Ind AS, carve-outs from IFRS/IAS, changes in financial reporting compared to traditional accounting standards (ASs) and a summary of all the Ind ASs, so as to enable the readers get overall insights to Ind AS in a crisp and focused manner.

Ind AS adoption brought significant changes to financial reporting in India. This shift aligned Indian financial reporting with international norms. ICAI played a crucial role in bringing Indian accounting standards in line with globally accepted standards. The publication of financial accounts following Ind AS by Phase I and Phase II enterprises marks the successful implementation of Ind AS.

ICAI Announcement dated 27/07/2023: An Overview of the Indian Accounting Standards (Ind AS) (Revised Edition July 2023)

This publication covers all the amendments to the IND AS notified by the MCA up to June 2023. It also explains the differences between IND ASs, ASs and IFRSs in respect of all important matters along with the reasons behind those distinctions. Additionally, it provides a brief summary of the essential features of the relevant IND ASs.

After the last edition of this publication by ICAI in 2021, certain changes were made to the International Financial Reporting Standards (IFRS/IAS) issued by the IASB. To keep up with global developments, the Indian Accounting Standards (Ind AS) have been revised to align with these IFRS/IAS amendments.

The Ministry of Corporate Affairs (MCA) has notified the amendments to the Ind AS through two notifications. The first notification was issued on March 23, 2022 and the second on March 31, 2023, titled “Companies (Indian Accounting Standards) Amendment Rules, 2022” and “Companies (Indian Accounting Standards) Amendment Rules, 2023,” respectively.

These notifications contain significant changes to the Ind AS, which are applicable for the accounting year beginning on or after April 1, 2022 and April 1, 2023, respectively.