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Near Final Indian Accounting Standards (IND ASs) - ICAI

Sandeep Garg (Consolidation and IndAS Application) (1056 Points)

17 January 2011

Indian Accounting Standards (Ind ASs) finalised by the Council of the ICAI and sent to the National Advisory Committee on Accounting Standards (NACAS). These are subject to any changes, which may be made by the Government before their notification.

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8 Replies

C.A. LINESH PATIL (CA) (910 Points)
Replied 17 January 2011

sir i want to know whether number of AS will remain same as previous or these would be change as per number of IFRS.

for example:- for business combination these is a IFRS 3 so our AS number would be 3 or 14

Sandeep Garg (Consolidation and IndAS Application) (1056 Points)
Replied 17 January 2011

Dear Linesh,

New accounting rules will be issued as 'IND AS' and numbering might be same as IFRS/IAS.

C.A. LINESH PATIL (CA) (910 Points)
Replied 17 January 2011

thanks sir, so there number will be same as AS that are applicable in present.

but sir i saw on ICAI site that number is similar to IFRS.

Rohit Agarwal (AGM (Accounts)) (269 Points)
Replied 17 January 2011

The numbering has been done in equivalence to that of IAS/IFRS, except IAS 41 for which no corresponding IND - AS has been issued.

Suresh (Service) (91 Points)
Replied 17 January 2011

Present AS are 32 and proposed IND AS are 42

Sandeep Garg (Consolidation and IndAS Application) (1056 Points)
Replied 18 January 2011

Following is the list of IND-AS sent to ministry for approval. Proposes No. are corresponding to IFRS/IASs:

These are the near final Indian Accounting Standards (Ind ASs) finalised by the Council of the ICAI and sent to the National Advisory Committee on Accounting Standards (NACAS). These are subject to any changes, which may be made by the Government before their notification. Any changes in the Ind AS vis. a vis. corresponding IAS/IFRS are given in Appendix 1 appearing at the end of each Ind AS.