Ind AS



The Ministry of Corporate Affairs (MCA), through its notification on 16 February 2015, issued the Indian Accounting Standards (Ind AS), which are converged with the International Financial Reporting Standards (IFRS). The MCA also issued an implementation road map for companies, other than insurance, banking and non-banking finance companies, mandating the adoption of Ind AS in a phased manner. Subsequently, on 30 March 2016, the MCA notified two additional Ind AS on revenue, along with amendments to the existing Ind AS, and announced the deferral of Ind AS 115, Revenue from Contracts with Customers.

In the first phase, all companies, listed or unlisted, with a net worth of INR500 crore or more (along with their holding, subsidiary, joint venture or associate companies) shall be required to adopt Ind AS for accounting periods commencing on or after 1 April 2016 and present comparative financial information under Ind AS for the year ending 31 March 2016.


About the Ind AS Accounting and disclosure guide

Ind AS comprises 40 accounting standards that provide extensive guidance and entail a significant change in the financial reporting framework used by Indian companies to report their financial results. Their adoption requires a detailed level of analysis for which companies may need to invest substantial amounts of time to ensure compliance.

Our publication Ind AS – Accounting and disclosure guide (the Guide) is an extensive tool designed to assist companies in preparing financial statements in accordance with Ind AS by identifying the potential accounting considerations and disclosure requirements that are applicable to them. It covers key recognition, measurement and disclosure requirements for each standard along with some additional considerations.


Need for judgement

The Guide shall be based on the Ind AS standards issued and notified by the MCA as on 16 February 2015 and 30 March 2016. Since Ind AS and their interpretations may change over time, this publication is expected to be used as a guide in addition to referring to the standards themselves. Further, prepares of financial statements will continue to be required to exercise judgement to evaluate and determine appropriate accounting policy and disclosure choices.

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