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Accounting std and Ind As

JAGANATHAN R ACMA, SAP(Fi-Co) (Manager Accounts and Finance) (915 Points)

21 April 2022

Hi.,

Can anyone tell the difference between indian accounting std . and Ind as .,

where it will used ., why it is difference accounting number and name as same Example Accounting standard 3 is cash flow statement and Ind as 7 is cash flow statement .,

sometime i m unable to answer and satisfy the with the interviewer

Thanks

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prasad Nilugal ( GST Practitioner & Accounts ) (14169 Points)
Replied 21 April 2022

Indian Accounting Standards ( IND AS) based on IFRS are applicable to Corporate sector Like , LTD Companies , Pvt Ltd Companies , Banking companies, NBFC , Insurance companies etc , based on the Net worth and some other conditions . Indian Accounting Standards are governed by MCA .
Accounting Standards ( AS) are applicable to Non Companies based on the Turnover . These Non Companies are divided in to 4 level ( level 1 to level 4 ) . Accounting Standards are governed by ICAI .
So ,AS 3 cash flow statement is applicable to Non Companies and IND AS 7 Cash flow statement is applicable to Ltd Companies , Pvt Ltd Companies , Banking companies, NBFC , Insurance companies etc .( corporate sector )