Indian Accounting Standards (Ind AS)

AFM Definition, Scope & Accounting Standards including Ind AS Free JAIIB Capsule 40 views Updated
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AFM · Definition, Scope & Accounting Standards including Ind AS
How are Ind AS related to IFRS, and what makes them different from exact IFRS guidelines?
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Ind AS are the converged form of IFRS in India. They contain certain additions and deletions (carve-outs) to suit the Indian economic/legal environment.
The MCA notifies Ind AS based on ICAI's recommendation to the NFRA. Scheduled commercial banks must apply Ind AS per RBI guidelines.
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Indian Accounting Standards (Ind AS) — Full Text

How are Ind AS related to IFRS, and what makes them different from exact IFRS guidelines?

Answer

Ind AS are the converged form of IFRS in India. They contain certain additions and deletions (carve-outs) to suit the Indian economic/legal environment.

Additional notes

The MCA notifies Ind AS based on ICAI's recommendation to the NFRA. Scheduled commercial banks must apply Ind AS per RBI guidelines.

Part of Accounting & Financial Management for Bankers · Definition, Scope & Accounting Standards including Ind AS · Last updated

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