MCA has notifed 35 New Indian AS on 25th Feb.. This news is noting do with the applicability of the International IFRS (as issued by ISAB) on the listed and some other Indian companies w.e.f. 01.04.2011..
These new 35 Ind. AS are applicable only on the residual Indian entities which are not covered by the original IFRS convergence roadmap as notified earlier, starting from 01.04.2011. These new Ind. AS (based on IFRS) will replace the existing 32 Accounting Standards issued by the ASB of the ICAI.