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Series of IND AS

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Ritesh

cost accountant

22 Points Posted on 02 May 2020

Guys, Please advise why IND AS are not in series...like some IND AS are in hundred series(ex. IND AS 115-Revenue From contracts with customers) and some are like in normal numeric series starting from 1,2 and so on...(ex. IND AS 1- Presentation of FS,IND AS 2-Inventories).

Please advise.

Replies (3)

Quick Summary

This discussion clarifies the numbering system used for Indian Accounting Standards (IND AS). It explains that standards starting with lower numbers (1, 2) are generally newer or replacements for old AS, while those in the hundreds series (e.g., 115) follow a convention adopted from International Accounting Standards (IAS) issued by the IASB. The numbering reflects the historical development and convergence with international standards, rather than a strict sequential update.

Bhavya Singhal

Auditor

22 Points Posted on 02 May 2020

Because some ind as are new and some are a replacement of old AS.
So the ones which are starting from normal numbers like 1,2 etc are new ones and those starting from hundred series are old ones

CA Harpreet Singh Juneja

22 Points Posted on 22 July 2021

IND AS is converged Adoption of IAS. In IAS, earlier there is a IASC which issue IAS 1 to 41 then these committee is replaced with IASB. Then IASB continue some IAS which were issued by IASC and Some of the standard got replaced and issued new IAS. The IAS which were Issued by IASB were starting from 100+ Series. So, Same concept is followed in the Ind AS.

yasaswi gomes

My grammar is 💯 good I

5110 Points Posted on 23 July 2021

Yes, I also know the names of the standards and not numbers. I used to imagine there are 41 standards and later on found out that replacements and withdrawn standards are there. They did not replace the numbers.