Is Ind AS is applicable to partnership firm

This discussion explores the applicability of Ind AS to partnership firms, particularly those in the construction sector. It delves into how accounting, GST, and income tax are handled for advance payments received from customers. While Ind AS doesn't explicitly cover partnership accounting beyond joint operations/ventures, the consensus is to follow Ind AS for reporting assets and liabilities, with profits recognised according to the Partnership Act and liabilities shared in the agreed ratio.