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CA Vishnu Ram
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Enlightened
Asked: 2022-03-15T13:23:06+05:30 In:

What is the difference between Ind As and AS?

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What is the difference between Ind As and AS?
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    1. Enlightened Chartered Accountant

      Below are the key differences between Ind AS and AS: Particulars Ind AS (Indian Accounting Standards) AS (Accounting Standards) Applicability Mandatory for specified companies (as per Companies (Ind AS) Rules) Applicable to other companies not required to follow Ind AS Objective Converged with IFRSRead more

      Below are the key differences between Ind AS and AS:

      Particulars Ind AS (Indian Accounting Standards) AS (Accounting Standards)
      Applicability Mandatory for specified companies (as per Companies (Ind AS) Rules) Applicable to other companies not required to follow Ind AS
      Objective Converged with IFRS – for global financial reporting comparability Designed primarily for Indian reporting needs
      Conceptual Framework Substance over form – economic reality takes precedence Legal form is generally followed
      Fair Value Measurement Emphasis on fair value accounting (Ind AS 113) Primarily based on historical cost
      Presentation of Financials Requires detailed disclosures – e.g., in Ind AS 1 Less detailed disclosures
      Consolidation Mandates consolidation under Ind AS 110 Consolidation not mandatory under AS (except in limited cases)
      Financial Instruments Recognized under Ind AS 32, 109 etc., with complex valuation models No comprehensive guidance under AS
      Use of Other Comprehensive Income (OCI) OCI is presented separately (Ind AS 1) No concept of OCI under AS
      Impact of Changes in Accounting Estimates & Errors More detailed guidance in Ind AS 8 Less extensive under AS 5
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