Indian Accounting Standards
Indian Accounting Standards are issued under the supervision of Accounting
Standards Board (ASB) which was constituted as a body in the year 1977.
ASB is a committee Institute of chartered accountants of India (ICAI)
which consists of representatives from government department, academicians,
other professional bodies viz. ICAI, representatives from ASSOCHAM (The
Associated chambers of commerce and industry of India – Apex body of trade
associations in India) , CII (Confederation of Indian Industry – business
association in India, non-governmental trade association and no-for-profit
organization), FICCI (The Federation of Indian Chambers of commerce and
Industry), etc.
The Indian AS are named and numbered in the same way as the 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 41 Indian AS.
Applicability
Companies shall follow Indian AS either Voluntarily or Mandatorily.
Once a company follows Indian AS, either mandatorily or voluntarily,
it can't revert to old method of Accounting.
Mandatory Applicability from Accounting Period beginning on or
after 1st April 2016
Every Company with Net worth of not less than 500 crores (5
billion).
Mandatory Applicability from Accounting Period beginning on or
after 1st April 2017
Every Listed Company.
Unlisted Companies with Net worth greater than or equal to Rs.
250 crore (2.5 billion) but less than Rs. 500 crore (5 billion)(for
any of the below mentioned periods).
Net worth shall be checked for the previous four Financial Years
(2013-14, 2014-15, 2015-16, and 2016-17)
List of Indian Accounting Standards
Ind As No. Name of Indian Accounting Standard
Ind AS 101 First-time adoption of Ind AS
Ind AS 102 Share Based payments
Ind AS 103 Business Combination
Ind AS 104 Insurance Contracts
Non-Current Assets Held for Sale and Discontinued
Ind AS 105
Operations
Ind AS 106 Exploration for and Evaluation of Mineral Resources
Ind AS 107 Financial Instruments: Disclosures
Ind As No. Name of Indian Accounting Standard
Ind AS 108 Operating Segments
Ind AS 109 Financial Instruments
Ind AS 110 Consolidated Financial Statements
Ind AS 111 Joint Arrangements
Ind AS 112 Disclosure of Interests in Other Entities
Ind AS 113 Fair Value Measurement
Ind AS 114 Regulatory Deferral Accounts
Ind AS 115 Revenue from Contracts with Customers
Ind AS 1 Presentation of Financial Statements
Ind AS 2 Inventories Accounting
Ind AS 7 & in
Statement of Cash Flows
only AS 3
Accounting Policies, Changes in Accounting Estimates and
Ind AS 8
Errors
Ind As No. Name of Indian Accounting Standard
Ind AS 10 Events after 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
Accounting for Government Grants and
Ind AS 20
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 Separate Financial Statements
Ind As No. Name of Indian Accounting Standard
Ind AS 28 Investments in Associates and Joint Ventures
Ind AS 29 Financial Reporting in Hyper inflationary Economies
Ind AS 32 Financial Instruments: Presentation
Ind AS 33 Earnings per Share
Ind AS 34 Interim Financial Reporting
Ind AS 36 Impairment of Assets
Provisions, Contingent Liabilities and
Ind AS 37
Contingent Assets
Ind AS 38 Intangible Assets
Ind AS 40 Investment Property
Ind AS 41 Agriculture
Ind-AS IS In lIne wIth the InternAtIonAl
FInAncIAl reportIng StAndArdS (IFrS).
