Difference between Accounting Standards and IND-AS
Answers
Answer:
Explicit statement in the financial statements of compliance with all the Indian Accounting Standards. Further, Ind AS 1 allows deviation from a requirement of an accounting standard. Requires presentation and provides criteria for classification of Current / Non- Current assets / liabilities.
The best definition of Ind AS that I’ve come across so far is that it’s an “International dish served with Indian flavour” or “Desi version of IFRS”. As we know, any company communicates it’s position through financial statements, and Accounting Standards (AS) are the written documents issued to cover the aspects of recognition, measurement, treatment, presentation and disclosure of these financial statements.
Every country has it’s own language to express the financial statements, and with increased globalisation India like many other countries felt the need to converge it’s standards of reporting with the international ones which makes it easier, comparable and transparent being only a few of the many benefits of this decision.Basically bridging the gap between indian and international reporting standards. So in short, Indian Accounting Standards are just Accounting standards refined and converged with IFRS to address the changing reporting needs of the Indian economy.
Hope this helped.