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.
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.
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 I used to imagine there are 41 standards and later on found out that replacements and withdrawn standards are there.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.
CAclubindia
