ICAI's Revised Overview of IND ASs issued by MCA (2021)

ICAI has published the Sixth Edition (December 2021) of the “IND AS: An Overview,” which is a booklet that summarises various aspects related to IFRS-converged Indian Accounting Standards (Ind ASs) issued by the MCA. These aspects include a road map for the applicability of Ind AS, carve-outs from IFRS/IAS, changes in financial reporting under Ind AS compared to changes in financial reporting under accounting standards, a summary of all of the Ind AS, and so on, as under:

Indian Accounting Standards (Ind AS): Revised Overview by ICAI (December 2021 Edition)

Recent amendments have been made to the IFRS/IAS published by the IASB. To stay up with advancements around the world, the Institute of Chartered Accountants of India (ICAI) updated the notified Ind AS to reflect amendments made to IFRS/IAS published by the IASB.

Critical Ind AS amendments that are effective for the accounting year 2021–2022 have been notified by MCA as Companies (Indian Accounting Standards) Amendment Rules, 2021, in a notification dated June 18, 2021.

This publication enumerates all current IND AS amendments that have been notified by MCA, distinguishes between Ind AS, AS, and IFRS in respect of all key issues with reasons, and briefly summarises the fundamental characteristics of applicable IND ASs.

Since Ind AS was adopted, financial reporting in India has seen a profound upheaval. Due to this paradigm shift, the Indian financial reporting structure is now on line with international reporting norms. In order to bring Indian accounting standards into line with those that are generally accepted, ICAI is playing a critical role. The publication of financial accounts in accordance with Ind AS by Phase I and Phase II enterprises marks the realisation of Ind AS.