Ministry of Corporate Affairs has come out with the Roadmap for Ind AS (Indian Accounting Standards) Implementation through Companies (Indian Accounting Standards) Rules, 2015. Ind AS or Indian Accounting Standards govern the accounting and recording of financial transactions as well as the presentation of statements such as profit and loss account and balance sheet of a company.
List of Ind AS Notified by MCA
What are Indian Accounting Standards (Ind AS)?
Indian Accounting Standards (Ind-AS) are the International Financial Reporting Standards (IFRS) converged standards issued by the Central Government of India under the supervision and control of Accounting Standards Board (ASB) of ICAI and in consultation with National Advisory Committee on Accounting Standards (NACAS). ASB is a committee under Institute of Chartered Accountants of India (ICAI) which consists of representatives from government department, academicians, other professional bodies viz. icsi, icai, representatives from ASSOCHAM, CII, FICCI, etc. National Advisory Committee on Accounting Standards (NACAS) recommend these standards to the Ministry of Corporate Affairs (MCA). MCA has to spell out the accounting standards applicable for companies in India. The Ind AS are named and numbered in the same way as the corresponding International Financial Reporting Standards (IFRS).
List of Ind AS vis-a-vis IFRS and AS
Recommended
Applicability of Accounting standardsValue Added statementAccounting PolicyCertificate of ServiceICAI Exam form
