• Ind AS are India's accounting standards for specified classes of companies.

  • They are substantially based on International Financial Reporting Standards (IFRS).

  • However, India has introduced certain carve-outs and carve-ins to make them suitable for Indian legal and economic conditions.

  • The Companies (Indian Accounting Standards) Rules, 2015 notified Ind AS.

  • Standards are notified under the Companies Act, 2013 by the Ministry of Corporate Affairs.

  • NFRA has an important role in the financial-reporting regulatory framework.

  • ICAI develops/recommends standards through the relevant institutional process, while notification is done by the government.

Key Pointers

  • Full form: Indian Accounting Standards

  • International basis: IFRS

  • Notified under: Companies Act, 2013

  • Rules: 2015

  • Ministry: Ministry of Corporate Affairs

  • Important distinction: Ind AS ≠ exact copy of IFRS