Indian Accounting Standards | Ind AS List & Applicability - TaxGyata

Indian Accounting Standards (Ind AS) are the IFRS converged standards issued by the Government of India through MCA. List of Ind AS 2021.

Ind AS 1 - Presentation of Financial Statements

Ind AS 2 - Inventories

Ind AS 7 - Statement of Cash Flows

Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors

Ind AS 10 - Events after the Reporting Period

Ind AS 11 - Construction Contracts

Ind AS 12 - Income Taxes

Ind AS 16 - Property, Plant and Equipment

Ind AS 17 - Leases

Ind AS 18 - Revenue

Ind AS 19 - Employee Benefits

Ind AS 20 - Accounting for Government Grants and Disclosure of Government Assistance

Ind AS 21 - The Effects of Changes in Foreign Exchange Rates

Ind AS 23 - Borrowing Costs

Ind AS 24 - Related Party Disclosures

Ind AS 27 - Consolidated and Separate Financial Statements

Ind AS 28 - Investments in Associates

Ind AS 29 - Financial Reporting in Hyperinflationary Economies

Ind AS 31 - Interests in Joint Ventures

Ind AS 32 - Financial Instruments: Presentation

Ind AS 33 - Earnings per Share

Ind AS 34 - Interim Financial Reporting

Ind AS 36 - Impairment of Assets

Ind AS 37 - Provisions, Contingent Liabilities and Contingent Assets

Indian Accounting Standards (Ind-AS) are the International Financial Reporting Standards (IFRS) converged standards issued by the Central Government of India through Ministry of Corporate Affairs (MCA) under the supervision and control of Accounting Standards Board (ASB) of ICAI and in consultation with National Financial Reporting Authority (NFRA).

Ind AS are named and numbered in the same way as the corresponding International Financial Reporting Standards (IFRS).

Applicability of Ind AS

The Ministry of Corporate Affairs (MCA) issued the Companies (Indian Accounting Standards) Rules, 2015 vide Notification dated February 16, 2015 covering the revised roadmap of implementation of Ind AS for companies other than Banking companies, Insurance Companies and NBFCs.

As per the aforesaid Notification, Indian Accounting Standards (Ind AS) shall be implemented by the aforesaid companies on voluntary basis from 1st April, 2015 and mandatorily in two phases starting from 1st April, 2016 based on the criteria set in rule 4 of the Companies (Indian Accounting Standards) Rules, 2015.

Roadmap for implementation of Ind AS

Phase 1

Mandatory applicable to following companies from 1st April 2016:

Listed or unlisted companies having a net worth equal to or greater than Rs 500 crore

Holding, Subsidiary, Associate and Joint venture of above

Phase 2

Mandatory applicable to following companies from 1st April 2017:

All companies which are listed / or in process of listing in or outside India on Stock Exchanges not covered in Phase I

Unlisted companies having net worth of Rs 250 crore or more but less than rupees Rs 500 crore

Holding, Subsidiary, Associate and Joint venture of above

 Phase 3 

Mandatory applicable to following companies from 1st April 2018 (with comparatives):

NBFCs (whether listed or unlisted) having net worth Rs 500 crore or more

Holding, Subsidiary, JV and Associate companies of above NBFC other than those already covered under corporate roadmap shall also apply from said date

Phase 4

Mandatory applicable to following companies from 1st April 2019 (with comparatives):

NBFCs whose equity and/or debt securities are listed or are in the process of listing on any stock exchange in India or outside India and having net worth less than 500 crore

NBFCs that are unlisted having net worth Rs 250 crore or more but less Rs 500 crore

Holding, Subsidiary, JV and Associate companies of above other than those already covered under corporate roadmap shall also apply from said date