chartered accountant
Published on 10 April 2025
A Complete Guide to Indian Accounting Standards: Ind AS vs AS
Understanding Indian Accounting Standards: A Comparison of Ind AS and AS
The Indian Accounting Standards (Ind AS) represent a revised framework for financial statement preparation, developed by the Institute of Chartered Accountants of India (ICAI). This shift emerged in response to market globalization, resulting in a set of standards that are compliant with International Financial Reporting Standards (IFRS). Below is a structured comparison of Ind AS and their corresponding Accounting Standards (AS) to facilitate analysis.
Ind AS vs. AS: A Comprehensive Overview
| IND AS NO | NAME OF IND AS | AS NO | NAME OF AS |
|---|---|---|---|
| IND AS 1 | Presentation of Financial Statements | AS 1 | Disclosure of Accounting Policies |
| IND AS 2 | Inventories | AS 2 | Valuation of Inventories |
| IND AS 7 | Statement of Cash Flows | AS 3 | Cash Flow Statements |
| IND AS 10 | Events After Reporting Period | AS 4 | Contingencies and Events Occurring After the Balance Sheet Date |
| IND AS 8 | Accounting Policies, Changes in Estimates & Errors | AS 5 | Net Profit or Loss for the Period, Prior Period Items |
| IND AS 11 | Construction Contracts | AS 7 | Construction Contracts |
| IND AS 18 | Revenue | AS 9 | Revenue Recognition |
| IND AS 16 | Property, Plant & Equipment | AS 10 | Property, Plant & Equipment |
| IND AS 21 | The Effects of Changes in Foreign Exchange Rates | AS 11 | The Effects of Changes in Foreign Exchange Rates |
| IND AS 20 | Accounting for Government Grants and Disclosure of Government Assistance | AS 12 | Accounting for Government Grants |
| IND AS 40 | Investment Property | AS 13 | Accounting for Investments |
| IND AS 103 | Business Combinations | AS 14 | Accounting for Amalgamations |
| IND AS 19 | Employee Benefits | AS 15 | Employee Benefits |
| IND AS 23 | Borrowing Costs | AS 16 | Borrowing Costs |
| IND AS 108 | Operating Segments | AS 17 | Segment Reporting |
| IND AS 24 | Related Party Disclosures | AS 18 | Related Party Disclosures |
| IND AS 17 | Leases | AS 19 | Leases |
| IND AS 33 | Earnings Per Share | AS 20 | Earnings Per Share |
| IND AS 27 | Separate Financial Statements | AS 21 | Consolidated Financial Statements |
| IND AS 12 | Income Taxes | AS 22 | Accounting for Taxes on Income |
| IND AS 28 | Investments in Associates and Joint Ventures | AS 23 | Accounting for Investments in Associates in Consolidated Financial Statements |
| IND AS 105 | Non-Current Assets Held for Sale and Discontinued Operations | AS 24 | Discontinuing Operations |
| IND AS 34 | Interim Financial Reporting | AS 25 | Interim Financial Reporting |
| IND AS 38 | Intangible Assets | AS 26 | Intangible Assets |
| IND AS 31 | Interests in Joint Ventures | AS 27 | Financial Reporting of Interests in Joint Ventures |
| IND AS 36 | Impairment of Assets | AS 28 | Impairment of Assets |
| IND AS 37 | Provisions, Contingent Liabilities, and Contingent Assets | AS 29 | Provisions, Contingent Liabilities and Contingent Assets |
| IND AS 39 | Financial Instruments: Recognition and Measurement | AS 30 | Financial Instruments: Recognition and Measurement |
| IND AS 32 | Financial Instruments: Presentation | AS 31 | Financial Instruments: Presentation |
| IND AS 107 | Financial Instruments: Disclosures | AS 32 | Financial Instruments: Disclosures |
Conclusion
This comparison illustrates the evolution of accounting standards in India, highlighting the transition from traditional Accounting Standards to the more globally aligned Indian Accounting Standards. Understanding these distinctions is instrumental for professionals in the field of accounting and finance, enhancing clarity in financial reporting and promoting adherence to international practices.