WHAT ARE INDIAN ACCOUNTING STANDARDS

WHAT ARE INDIAN ACCOUNTING STANDARDS (IND AS)?

• Indian Accounting Standards (Ind AS) are IFRS converged standards issued by the Central Government of India under the supervision and control of Accounting Standards Board (ASB) of ICAI and in consultation with National Advisory Committee on Accounting Standards (NACAS). 
• 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. 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. 
• Ind AS are named and numbered in the same way as the corresponding International Financial Reporting Standards (IFRS).

Indian Accounting Standard
Globalization and Libreralization	Transparency of financial statements	Comparability of financial statements	Enhanced Disclosure requirements