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Ind AS???

CA Ashwani Agarwal (Practice) (3049 Points)

14 July 2011

I cleared my CA Finals in the last attempt... And i thought that i was updated about most of the things, but Today i saw a new article on ICAI.ORG regarding difference between IFRS and Ind AS.

Now i have a certain theoritical idea about IFRS but heard Ind AS for the first time... What are these Ind AS and how are they different from the AS issued by ICAI?? And if they are of any significance and are they in the course of CA???

Here is the link i am talking about.

https://220.227.161.86/23157announ240611.pdf

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6 Replies

Joey Tribbiani (fdg) (2010 Points)
Replied 14 July 2011

Ind AS means Indian Accounting standards and where is the link btw....

CA Ashwani Agarwal (Practice) (3049 Points)
Replied 14 July 2011

I am not asking the full form..... The point is that it is diiferent from AS by ICAI......

CA Ashwani Agarwal (Practice) (3049 Points)
Replied 14 July 2011

https://220.227.161.86/23157announ240611.pdf

Here is the link again...

Jithin (Learner) (1057 Points)
Replied 14 July 2011

Hi..IND AS are new accounting standards issued in line with IFRS. The present accounting standards are going to be replaced with IND AS in a phased manner.

CA Ashwani Agarwal (Practice) (3049 Points)
Replied 14 July 2011

Yes, after reading it carefully the conclusion which can be drawn is that they are not yet notified. But as soon as the CG notifies them, they will be appplicable to the Companies mentioned in that notification.

They are made in consulatation of NACAS and ICAI.. And they are very much similar to IFRS.

NACAS is constituted u/s 210A of the companies Act, 1956.

So i guess they will be applicable very soon.

Jithin (Learner) (1057 Points)
Replied 14 July 2011

I think they are notified but the actual date of their applicability is not decided yet. The Ind AS were actually expected to be applicable from 1st April 2011 onwards..But now it is being postponed. May be these shall be applicable next year onwards..who knows..