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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.<ref>{{cite news|title=Govt notifies 35 accounting standards in line with IFRS|url=http://www.business-standard.com/india/news/govt-notifies-35-accounting-standards-in-lineifrs/127075/on|accessdate=26 February 2011|newspaper=Business Standard|date=25 February 2011}}</ref> The text of the 35 Ind AS are now available at the Ministry of Corporate Affairs portal. <ref>{{cite web|title=35 Indian Accounting Standards (Ind AS)|url=http://mca.gov.in/Ministry/accounting_standards.html|publisher=Ministry of Corporate Affairs, Government of India|accessdate=26 February 2011}}</ref>. 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 my 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.<ref>{{cite news|title=Govt deferred IFRS implementation|url=http://m.economictimes.com/PDAET/articleshow/7578251.cms|accessdate=28 February 2011|newspaper=The Economic Times|date=26 February 2011}}</ref>
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.<ref>{{cite news|title=Govt notifies 35 accounting standards in line with IFRS|url=http://www.business-standard.com/india/news/govt-notifies-35-accounting-standards-in-lineifrs/127075/on|accessdate=26 February 2011|newspaper=Business Standard|date=25 February 2011}}</ref> The text of the 35 Ind AS are now available at the Ministry of Corporate Affairs portal. <ref>{{cite web|title=35 Indian Accounting Standards (Ind AS)|url=http://mca.gov.in/Ministry/accounting_standards.html|publisher=Ministry of Corporate Affairs, Government of India|accessdate=26 February 2011}}</ref>. 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 my 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.<ref>{{cite news|title=Govt deferred IFRS implementation|url=http://m.economictimes.com/PDAET/articleshow/7578251.cms|accessdate=28 February 2011|newspaper=The Economic Times|date=26 February 2011}}</ref>


==List of Ind AS with full text link==
**'''ALL FULL TEXTS available here at the ICAI''' [http://www.icai.org.in/post.html?post_id=6856]


# Ind AS 101 First-time Adoption of Indian Accounting Standards

# Ind AS 102 Share based Payment

# Ind AS 103 Business Combinations

# Ind AS 104 Insurance Contracts

# Ind AS 105 Non current Assets Held for Sale and Discontinued Operations

# Ind AS 106 Exploration for and Evaluation of Mineral Resources

# Ind AS 107 Financial Instruments: Disclosures

# Ind AS 108 Operating Segments

# Ind AS 1 Presentation of Financial Statements

# Ind AS 2 Inventories

# Ind AS 7 Statement of Cash Flows

# Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors

# Ind AS 10 Events after the Reporting Period

# Ind AS 11 Construction Contracts

# Ind AS 12 Income Taxes

# Ind AS 16 Property, Plant and Equipment

# Ind AS 17 Leases

# Ind AS 18 Revenue

# Ind AS 19 Employee Benefits

# Ind AS 20 Accounting for Government Grants and Disclosure of Government Assistance

# Ind AS 21 The Effects of Changes in Foreign Exchange Rates

# Ind AS 23 Borrowing Costs

# Ind AS 24 Related Party Disclosures

# Ind AS 27 Consolidated and Separate Financial Statements

# Ind AS 28 Investments in Associates

# Ind AS 29 Financial Reporting in Hyperinflationary Economies

# Ind AS 31 Interests in Joint Ventures

# Ind AS 32 Financial Instruments: Presentation

# Ind AS 33 Earnings per Share

# Ind AS 34 Interim Financial Reporting

# Ind AS 36 Impairment of Assets

# Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets

# Ind AS 38 Intangible Assets

# Ind AS 39 Financial Instruments: Recognition and Measurement

# Ind AS 40 Investment Property


==External Links==
==External Links==

Revision as of 15:44, 28 February 2011


Indian Accounting Standards(Ind AS) are accounting standards issued by Institute of Chartered Accountants of India (ICAI) which are converged with International Financial Reporting Standards(IFRS)[1] . Now India will have two sets of accounting standards viz. existing Indian accounting standards and IFRS converged Indian Accounting Standards(Ind AS)[2] . 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[3] .

Convergence with IFRS

The inception of the idea of convergence of Indian GAAP with IFRS was made my 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 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.[4] The text of the 35 Ind AS are now available at the Ministry of Corporate Affairs portal. [5]. 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 my 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.[6]

List of Ind AS with full text link

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

External Links

References

  1. ^ [1],IFRS converged.
  2. ^ [2], List of Ind AS.
  3. ^ http://www.mca.gov.in/Ministry/accounting_standards.html], Ind As notified by MCA.
  4. ^ "Govt notifies 35 accounting standards in line with IFRS". Business Standard. 25 February 2011. Retrieved 26 February 2011.
  5. ^ "35 Indian Accounting Standards (Ind AS)". Ministry of Corporate Affairs, Government of India. Retrieved 26 February 2011.
  6. ^ "Govt deferred IFRS implementation". The Economic Times. 26 February 2011. Retrieved 28 February 2011.
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