Indian Accounting Standards

Accountancy
Key concepts
Accountant · Accounting period · Bookkeeping · Cash and accrual basis · Cash flow forecasting · Chart of accounts · Journal · Special journals · Constant item purchasing power accounting · Cost of goods sold · Credit terms · Debits and credits · Double-entry system · Mark-to-market accounting · FIFO and LIFO · GAAP / IFRS · General ledger · Goodwill · Historical cost · Matching principle · Revenue recognition · Trial balance
Fields of accounting
Cost · Financial · Forensic · Fund · Management · Tax (U.S.)
Financial statements
Balance sheet · Cash flow statement · Statement of retained earnings · Income statement · Notes · Management discussion and analysis · XBRL
Auditing
Auditor's report · Financial audit · GAAS / ISA · Internal audit · Sarbanes–Oxley Act
Accounting qualifications
CA · CPA · CCA · CGA · CMA · CAT · CFA · CIIA · IIA · CTP · ACCA

Indian Accounting Standards, abbreviated as Ind AS are a set of accounting standards notified by the Ministry of Corporate Affairs which are converged with International Financial Reporting Standards(IFRS). These accounting standards are formulated by Accounting Standards Board of Institute of Chartered Accountants of India. Now India will have two sets of accounting standards viz. existing accounting standards under Companies (Accounting Standard) Rules, 2006 and IFRS converged Indian Accounting Standards(Ind AS). The Ind AS are named and numbered in the same way as the corresponding IFRS. NACAS recommend these standards to the Ministry of Corporate Affairs. The Ministry of Corporate Affairs has to spell out the accounting standards applicable for companies in India. As on date the Ministry of Corporate Affairs notified 35 Indian Accounting Standards(Ind AS). But it has not notified the date of implementation of the same.[1]

Contents

Convergence with IFRS

The inception of the idea of convergence of Indian GAAP with IFRS was made by the Prime Minister of India Dr. Manmohan Singh by committing in G20 to align Indian accounting standards with IFRS. Thereafter ICAI has decided to converge its Accounting Standards with IFRS for accounting periods commencing on or after 1 April 2011 in a phased manner as envisaged the Roadmap to IFRS formulated by the Ministry of Corporate Affairs. For smooth transition to IFRS, ICAI has taken up the matter of convergence with the National Advisory Committee on Accounting Standards and various regulators such as the RBI, SEBI and IRDA, CBDT. IASB, the issuer of IFRS, is also supporting the ICAI in its endeavours towards convergence.

It has been decided that there shall be two sets of Accounting Standards under the Companies Act. The new set of standards which have been converged with IFRS are now known as Indian Accounting Standards or Ind AS. The Ministry of Corporate Affairs has notified the 35 Ind AS on 25 February 2011.[2] The text of the 35 Ind AS are now available at the Ministry of Corporate Affairs portal.[3] At the same time The Ministry of Corporate Affairs haven't specified the date of implementation of the same. This reluctance of The Ministry of Corporate Affairs to notify the date even when the proposed date is less than a month away is seen as rooted in the strong lobbying by the Corporates in India to defer the implementation. But the president of ICAI. CA.G.Ramaswamy expects that it will be notified soon and there wont be any deferment.[4]

List of Ind AS

  1. Ind AS 101 First-time Adoption of Indian Accounting Standards
  2. Ind AS 102 Share based Payment
  3. Ind AS 103 Business Combinations
  4. Ind AS 104 Insurance Contracts
  5. Ind AS 105 Non current Assets Held for Sale and Discontinued Operations
  6. Ind AS 106 Exploration for and Evaluation of Mineral Resources
  7. Ind AS 107 Financial Instruments: Disclosures
  8. Ind AS 108 Operating Segments
  9. Ind AS 1 Presentation of Financial Statements
  10. Ind AS 2 Inventories
  11. Ind AS 7 Statement of Cash Flows
  12. Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors
  13. Ind AS 10 Events after the Reporting Period
  14. Ind AS 11 Construction Contracts
  15. Ind AS 12 Income Taxes
  16. Ind AS 16 Property, Plant and Equipment
  17. Ind AS 17 Leases
  18. Ind AS 18 Revenue
  19. Ind AS 19 Employee Benefits
  20. Ind AS 20 Accounting for Government Grants and Disclosure of Government Assistance
  21. Ind AS 21 The Effects of Changes in Foreign Exchange Rates
  22. Ind AS 23 Borrowing Costs
  23. Ind AS 24 Related Party Disclosures
  24. Ind AS 27 Consolidated and Separate Financial Statements
  25. Ind AS 28 Investments in Associates
  26. Ind AS 29 Financial Reporting in Hyperinflationary Economies
  27. Ind AS 31 Interests in Joint Ventures
  28. Ind AS 32 Financial Instruments: Presentation
  29. Ind AS 33 Earnings per Share
  30. Ind AS 34 Interim Financial Reporting
  31. Ind AS 36 Impairment of Assets
  32. Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets
  33. Ind AS 38 Intangible Assets
  34. Ind AS 39 Financial Instruments: Recognition and Measurement
  35. Ind AS 40 Investment Property

See also

External links

References

  1. ^ "Indian Accounting Standards Converged with IFRS Notified". Press Information Bureau. http://pib.nic.in/newsite/erelease.aspx?relid=70248. Retrieved 25 February 2011. 
  2. ^ "Govt notifies 35 accounting standards in line with IFRS". Business Standard. 25 February 2011. http://www.business-standard.com/india/news/govt-notifies-35-accounting-standards-in-lineifrs/127075/on. Retrieved 26 February 2011. 
  3. ^ "35 Indian Accounting Standards (Ind AS)". Ministry of Corporate Affairs, Government of India. http://mca.gov.in/Ministry/accounting_standards.html. Retrieved 26 February 2011. 
  4. ^ "Govt deferred IFRS implementation". The Economic Times. 26 February 2011. http://m.economictimes.com/PDAET/articleshow/7578251.cms. Retrieved 28 February 2011.