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Accounting Standards Board The Institute of Chartered Accountants of India 25th August, 2020 ANNOUNCEMENT Release of New Compendium of Indian Accounting Standards (Ind AS) as on April 01, 2020. The Ministry of Corporate Affairs (MCA), notified Ind AS in year 2015 applicable to large entities as specified in its Roadmap for implementation of Ind AS. To remain converged with globally accepted IFRS Standards, the ICAI regularly monitors the developments globally and plays a critical role
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FAQ :
The new Compendium of Ind AS is a compilation of Indian Accounting Standards that are applicable as of April 1, 2020, released by the ICAI.
The amendments are applicable for the accounting year beginning on or after April 1, 2020.
The amendments provide clarification on the definition of 'Material' and 'Business', offer accounting relief for lessees under Ind AS 116 due to COVID-19, and address exceptions for hedge accounting due to interest rate benchmark reforms.
The ICAI is the Institute of Chartered Accountants of India. It plays a critical role in formulating new Ind ASs or making amendments to existing ones to remain converged with globally accepted IFRS Standards.
You can access the Compendium of Indian Accounting Standards via the link provided: https://www.icai.org/post/compendium-of-indian-accounting-standards
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