The Indian Accounting Standards also known as Ind AS and are structured in line with the International Financial Reporting Standards (IFRS). The nomenclature for the naming and numbering of Ind AS is same as that of IFRS
With Ind As compliance being mandatory for specified companies, for companies operating in India need to prepare for Ind AS implementation. Businesses should firstly develop an outline of how the new standards will replace existing ones, and then look to embed Ind AS into their operational systems, train their financial teams, and ensure all company managers understand the new accounting principles.
These standards have introduced several changes in the way companies report financials, including how they account for income and expenditure and items in the balance sheet. Ind AS is different from the existing Indian GAAP framework in following key aspects: