Applicability of IND AS

It starts from transactions. For example, The Ind AS is completely IFRS but there are other standard principles adjustments prevalent.

All the listed companies follow IFRS. Then, if someone is using IFRS and IND GAAP, then India has not adopted IFRS Standards for reporting by domestic companies and has not yet formally committed to adopting IFRS Standards. So reporting will be done as per Indian standards. 

Indian domestic companies need not follow IFRS for listings by foreign companies.

IFRS is not completely permitted for SME’s.

India converged to IFRS, but not completely.

Right now, Indian companies with 250 crore net worth is using Ind AS. Apart from these companies, all other companies follow Indian GAAP and no need to convert their figures to adjust for IFRS.

IFRS=IND AS, soon, India is committed to follow the new standards.