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Ind AS Accounting and disclosure guide

Ind AS Accounting and disclosure guide

This Guide is a detailed question based tool designed to assist companies in complying with Indian Accounting Standards.


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Ind AS Accounting and disclosure Guide

The Ministry of Corporate Affairs (MCA), through its notification on 16 February 2015, issued the Indian Accounting Standards (Ind AS), which are converged with the International Financial Reporting Standards (IFRS). The MCA also laid down an implementation road map for corporates and financial services entities, mandating the adoption of Ind AS in a phased manner. Subsequently, the Ind AS implementation for banks and insurance companies has been deferred by their respective regulatory authorities.

Since the issue of Ind AS, various standards have been amended to make their implementation and application easier, and to provide timely interpretations. The amendments also include notification of the new revenue standard, Ind AS 115, Revenue from Contracts with Customers, which is applicable for annual reporting periods beginning on or after 1 April 2018.


About the Ind- Accounting and disclosure guide (the Guide)

Ind AS comprises 39 accounting standards that provide extensive guidance and entail a significant change in the financial reporting framework used by Indian companies to report their financial results. Their application requires a detailed level of analysis for which companies may need to invest substantial amounts of time to ensure compliance.

Our publication ‘Ind AS – Accounting and disclosure guide (the guide)’ is an extensive tool designed to assist companies in preparing financial statements in accordance with Ind AS by identifying the potential accounting considerations and disclosure requirements that are applicable to them. It covers key recognition, measurement and disclosure requirements for each standard along with some additional considerations.


Need for judgement

The Guide has been revised, and is based on the standards notified by MCA, including all amendments upto 8 February 2019. Since Ind AS and their interpretations may change over time, this publication is expected to be used as a guide in addition to referring to the standards themselves. Further, preparers of financial statements will continue to be required to exercise judgement to evaluate and determine appropriate accounting policy and disclosure choices.


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