Implementation of IND AS & IFRS
The IND AS are basically standards that have been harmonised with the IFRS to make reporting by Indian companies more globally accessible.
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The Ministry of Corporate Affairs (MCA), in 2015, had notified the Companies (Indian Accounting Standards (IND AS)) Rules 2015, which stipulated the adoption and applicability of IND AS in a phased manner beginning from the Accounting period 2016-17. The MCA has since issued three Amendment Rules, one each in year 2016, 2017, and 2018 to amend the 2015 rules.
The IND AS are basically standards that have been harmonised with the IFRS to make reporting by Indian companies more globally accessible. Since Indian companies have a far wider global reach now as compared to earlier, the need to converge reporting standards with international standards was felt, which has led to the introduction of IND AS.
- Phases of adoption
- Net Worth Calculation
- Voluntary adoption
- SEBI Clarification
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