The implementation of Indian Accounting Standards (Ind. AS) in India signifies a progressive leap forward in the accounting landscape, bringing India’s financial reporting framework in line with international standards. It is poised to benefit various stakeholders, drive economic growth, and position India as a robust and transparent investment
destination in the global arena.
By continuously working towards formulation and effective implementation of IFRS-converged Ind AS, the Institute of Chartered Accountant of India (ICAI) is contributing significantly to the transformation of the financial reporting system in the country. The combined efforts of ICAI, professionals, businesses, and other regulatory bodies are crucial in making this ongoing mega accounting reform in India a resounding success.
ICAI has published the Seventh Edition (July 2023) of the booklet “Indian Accounting Standards (IND ASs): An Overview” capturing all the recent amendments made in Ind ASs. This publication captures
all the relevant aspects envisaged in Ind AS and also provides differences between Ind AS and IFRS and Ind AS and existing AS, so as to enable the readers get overall insights to Ind AS in a crisp and focused manner.
it is pertinent to mention here that post issuance of the last edition of this publication in the year 2021, certain amendments have been made in IFRS/IAS issued by the IASB. In order to keep up the pace with the global developments, Ind AS have been revised in line with the amendments made in IFRS/IAS issued by the IASB. MCA has notified the amendments to the Ind AS vide notifications dated March 23, 2022 and March 31, 2023, as Companies (Indian Accounting Standards) Amendment Rules, 2022 and Companies (Indian Accounting Standards) Amendment Rules, 2023, respectively. The mentioned notifications comprises of critical amendments to Ind AS which are applicable for the accounting year beginning on or after April 1, 2022 and April 1, 2023, respectively.
READ / DOWNLOAD BOOKLET: CLICK HERE
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TW Editorial Team comprises of team of experienced Chartered Accountants and Advocates devoted to spread the knowledge of GST amongst the various stakeholders.