Can anyone tell me what's the difference between AS, Ind AS & IFRS..??
Difference between AS, IND AS & IFRS
Manasa Ponnapalli (CA-Articleship CWA-inter) (97 Points)
01 September 2011
Manasa Ponnapalli (CA-Articleship CWA-inter) (97 Points)
01 September 2011Can anyone tell me what's the difference between AS, Ind AS & IFRS..??
Amit Gupta
(Loosening Myself)
(1508 Points)
Replied 01 September 2011
AS are the accounting standards as issued by ICAI..
International Financial Reporting Standards (IFRS) are principles-based Standards, Interpretations and the Framework (1989) adopted by the International Accounting Standards Board (IASB). India being a member country is bound to adopt these standards..
However since any changes in these IFRS would hv an impact on books of Indian companies, it would be hard for the companies to adopt these IFRS as and when amended.
So to bridge the gap , Company law board has came with a solution named as IND AS which is nothing bt IFRS..These standards have been made applicable to Indian companies through a road map ie. in a systematic manner.The benefit of these standards is that any change in IFRS would not impact IND AS directly.The company law ministry can analyse such changes and incorporate the same in IND AS if it thinks fit
James Antony FCA, CISA
(Chartered Accountant)
(135 Points)
Replied 07 September 2011
| Originally posted by : Amit Gupta | ||
 |
AS are the accounting standards as issued by ICAI.. International Financial Reporting Standards (IFRS) are principles-based Standards, Interpretations and the Framework (1989) adopted by the International Accounting Standards Board (IASB). India being a member country is bound to adopt these standards.. However since any changes in these IFRS would hv an impact on books of Indian companies, it would be hard for the companies to adopt these IFRS as and when amended. So to bridge the gap , Company law board has came with a solution named as IND AS which is nothing bt IFRS..These standards have been made applicable to Indian companies through a road map ie. in a systematic manner.The benefit of these standards is that any change in IFRS would not impact IND AS directly.The company law ministry can analyse such changes and incorporate the same in IND AS if it thinks fit |
 |
Please note that Indian Accounting Standards are not issued by Company Law Board. As per Section 210A of the Companies Act, 1956, the Central Government has formed a National Advisory Committee on Accounting Standards which is empowered to issue accounting standards applicable to Indian Companies. Section 211(3C) has given authority to those standards.
Further, they are not IFRS. They are exact reproduction of the Accounting standards issued by the ICAI.
And, the Ministry of Company Affairs had published a road map for the convergence of Indian Accounting Standards to IFRS, as per which, the convergence will take place in stages starting from opening balances as on 01.04.2011. However, this implimentation of the convergence is now posponed indefinitely, due objections from various quarters.
Regards
CA. James Antony FCA, CISA
www.financeandtax.blogspot.com
Amit Gupta
(Loosening Myself)
(1508 Points)
Replied 07 September 2011
| Originally posted by : James Antony FCA, CISA | ||
|
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Originally posted by : Amit Gupta AS are the accounting standards as issued by ICAI.. International Financial Reporting Standards (IFRS) are principles-based Standards, Interpretations and the Framework (1989) adopted by the International Accounting Standards Board (IASB). India being a member country is bound to adopt these standards.. However since any changes in these IFRS would hv an impact on books of Indian companies, it would be hard for the companies to adopt these IFRS as and when amended. So to bridge the gap , Company law board has came with a solution named as IND AS which is nothing bt IFRS..These standards have been made applicable to Indian companies through a road map ie. in a systematic manner.The benefit of these standards is that any change in IFRS would not impact IND AS directly.The company law ministry can analyse such changes and incorporate the same in IND AS if it thinks fit Please note that Indian Accounting Standards are not issued by Company Law Board. As per Section 210A of the Companies Act, 1956, the Central Government has formed a National Advisory Committee on Accounting Standards which is empowered to issue accounting standards applicable to Indian Companies. Section 211(3C) has given authority to those standards. Further, they are not IFRS. They are exact reproduction of the Accounting standards issued by the ICAI. And, the Ministry of Company Affairs had published a road map for the convergence of Indian Accounting Standards to IFRS, as per which, the convergence will take place in stages starting from opening balances as on 01.04.2011. However, this implimentation of the convergence is now posponed indefinitely, due objections from various quarters. Regards CA. James Antony FCA, CISA www.financeandtax.blogspot.com |
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Sorry sir but i differ with ur view that there is no difference b/w IND AS and AS ..For ur referece i am attaching the differences issued by ICAI
Naman
(article)
(27 Points)
Replied 27 May 2015
In agreement with CA James.
now Ind AS are indianized version of IFRS because it won't be practical to just adopt the IFRS blindly without being considerate about current Indian scenario. Do watch this video for more clarity by CA DS Rawat. He is an expert AS,IFRS and Ind AS speaker also author of Students guide to accounting standards.
https://youtu.be/4oR2fiJrtjs
sohail
(Sr Accountant at JWY)
(126 Points)
Replied 24 May 2017
sohail
(Sr Accountant at JWY)
(126 Points)
Replied 05 June 2017
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