Indian Accounting Standards ( Ind AS)

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Introduction to Indian Accounting Standards

Indian Accounting Standards or Ind AS, standards require the approval of various company and NBFC firms in India under the direction of the Accounting Standards Board (ASB). The ASB is a professional and independent body headed by the Institute of Chartered Accountants of India (ICAI). Apart from this, there are other agencies such as the Confederation of Indian Industry (CII), the Federation of Indian Chambers of Commerce and Industry (FICCI), and the Associated Chambers of Commerce and Industry of India (ASSOCHAM) which regulate the ASB.

Individuals, scholars, and academicians from the above-mentioned pathways experience different levels of accounting. Indian accounting standards are developed to conform to standards related to international accounting and reporting. International Investment Standards are in line with International Financial Reporting Standards (IFRS). The Indian government body that recommends this standard to the Department of Business Affairs is the National Investment Standards Advisory Committee (NACAS).

Indian Accounting Standards Objectives

The key objectives after having an Indian Accounting Standards are:

Ensure that companies in India apply these standards to implement world-class best practices.

A wide scope is acceptable for this Indian rate as Indian companies have expanded their scope globally compared to the past.

This will make the annual financial statements and company account clear.

These standards are aligned to ensure that companies comply with global requirements.

The accounting systems adopted in India can be analyzed and understood by international companies.

Benefits of Indian Accounting Standards ( Ind AS)

Consistency

By adopting these standards, companies can adjust accounting rules. Global accounting principles can be developed through consensus.

Effective compliance

By accepting these standards, companies can guarantee effective compliance.

Globally acceptance

The existence of these standards ensures worldwide recognition of all government institutions and agencies.

International domain

These are internationally recognized accounting standards. So if a company wants to grow internationally, such principles are accepted.

What services are offered according to Indian accounting standards ( Ind AS)?

Business advisory services related to specific uses of IFRS and IND AS, e.g. Consolidation, Merger, Financial Instruments, Hedge Accounting, Revenue Recognition, and Leasing.

Planning, execution, and modification of IND accounting standards.

Make it easy to switch to a new IND calculation level.

Assistance in analyzing the differences between GAAP and India's accounting standards.

Assistance in determining new policies and procedures to be implemented by India's accounting standards.

Support in implementing identified changes to meet Indonesian accounting standards.

Staff training in Ind AS concepts and requirements.

Support in preparing annual financial reports by IND accounting standards.

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Phases for Ind-AS adoption

The ministry has informed the phase-by-phase integration of the category in Ind-AS from the current calculation rates.

IND-AS mandatory performance of all companies with effect from April 1, 2016, if:

It is a listed or unlisted company.
Its value is Rs 500 crores and above.

Mandatory performance of Ind-AS on all companies with effect from April 1, 2017, if:

It is a listed company or in the process of being listed, as of March 31, 2016.
Its value is Rs 250 crores but less than Rs 500 crores.

Mandatory performance of Ind-AS on all banks, NBFCs, and insurance companies with effect from 1 April 2018, if:

Their value is Rs 500 crores on April 1, 2018.

All NBFCs with a total value of Rs 250 crores and above but less than Rs 500 crores, must apply the rules from April 1, 2019.

How does Ind-AS help businesses?

In addition to providing them with acceptance, comparability, and readability, hence, attracting foreign investment, the standard Ind-AS procedures also help businesses to make the necessary changes in adverse economic conditions. AS 29, for example, deals with financial reporting on a recession and inflation and provides companies with a need to seek regulatory reform in adverse circumstances.

By providing flexibility, Ind-AS also ensures that company executives do not misrepresent or defraud important financial information, leading to financial fraud.

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FAQs on Indian Accounting Standard ( Ind AS)

If accounting standards are adopted by Indian companies, they will apply to all types of subsidiary companies i.e. sister, parent, and related companies. Any kind of individual qualification is not possible in this type of company. This means that IND can be used automatically. If the company is controlled by an external company, accounting principles should be considered on a separate basis.

Indian Accounting Standards are called Ind As. Such standards are required to be applied by all Indian companies.

IFRS is related to international accounting standards that are developed and followed internationally. Indian accounting standards were developed and followed in India.

Ind As was developed under the direction and supervision of the Accounting Standards Board (ASB). The Accounting Standards Board was established as the governing body and body in 1977.

The phased approach to adopt and implement refers to the process that all companies must adhere to.

Of course, such standards should be followed by the NBFC, Insurance Companies, Registered Companies, and SEBI-regulated companies.

Voluntary acquisition refers to the standards adopted by the company before 2016-17. This is the time when the MCA has issued a notice relating to the adoption of accounting standards.

There are various benefits to adopting standards such as compliance, compliance with international accounting principles, and internationally accepted norms.

Yes, the risk will be primarily in the form of acquisitions. For example, following principles related to such standards would be problematic.

These standards apply to NBFCs with a value of more than Rs 500 million. They also apply to hold companies, subsidiaries, joint ventures (JVs), or NBFC participants.