Introduction to Ind AS

Introduction to Ind AS

An introduction to Ind AS discussed by the Dr. Sanjeev Kumar Singhal.   

Status of IFRS convergence In India

►MCA issued the press release in May 2010 with the roadmap for adoption of converged Ind AS from April 2011. However, the same was deferred due to various reasons.

►A revised roadmap was submitted by ICAI to MCA in March 2014.

►In the finance budget on 10 July 2014, the Finance Minister iterated that there is an urgent need to converge current Indian accounting standards with IFRS.

►The Finance Minister proposed for the adoption of new Ind AS by Indian companies from the financial year 2015-16 voluntarily and from the financial year 2016-17 on a mandatory basis.

►On 2 January 2015, MCA issued a press release to lay down the revised roadmap for implementation of Ind AS for companies other than banking, Insurance, and NBFC’s.

►On 16 February 2015, MCA notified the Companies (Indian Accounting Standards) Rules, 2015 which laid down the roadmap for applicability of Ind AS for companies other than banking, insurance, and NBFCs.

►On 18 January 2016, MCA issued a press release laying down the roadmap for implementation of Ind AS for scheduled commercial banks, insurance companies, and NBFCs.