Indian Accounting Standards
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Indian Accounting Standards (abbreviated as Ind-AS) in India accounting standards were issued under the supervision and control of Accounting Standards Board (ASB), which was constituted as a body in the year 1977. 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.
The Ind AS are named and numbered in the same way as the corresponding International Financial Reporting Standards (IFRS). 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. As on date MCA has notified 39 Ind AS. This shall be applied to the companies of financial year 2015-16 voluntarily and from 2016-17 on a mandatory basis.
Based on the international consensus, the regulators will separately notify the date of implementation of Ind-AS for the banks, insurance companies etc. Standards for the computation of Tax has been notified as ICDS in February 2015.[1]
History
India was following accounting standards from Indian Generally Acceptable Accounting Principle (IGAAP) prior to adoption of Ind-AS.[2][3]
Applicability
Ind-AS are mandatory to be followed by companies having net worth of ₹5 billion (US$60 million) or more from 1 April 2016.[3][4][2]
Provisions
Ind-AS is in line with the International Financial Reporting Standards (IFRS).[5]
Ind-AS 107 deals with disclosures related to financial instruments and related risks and the policies for managing such risks.[4]
See also
References
- ^ "Indian Accounting Standards Converged with IFRS Notified". Press Information Bureau.
- ^ a b "How new accounting standards will impact Indian companies", The Economic Times, 14 July 2016
- ^ a b "Ind-AS to raise June quarter tax liabilities by 20%", The Economic Times, 13 April 2016
- ^ a b "Ind AS requires 3,000 disclosures for fair picture of cos", Business Standard, 24 May 2016
- ^ "Corporates put restructuring, mergers, de-mergers within organisation on hold", The Economic Times, 27 May 2016
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