Difference between International Financial Reporting Standards (IFRS) and Ind AS:

1. IFRS allows the profi t and loss account to be presented either as one statement (statement of comprehensive income) or as two statements (as profit and loss account and a statement of other comprehensive income). Ind AS allows only the one statement approach. 2. IFRS requires the statement of changes in equity to be presented as a separate statement. Ind AS requires the statement of changes in equity to be shown as a part of the balance sheet. 3. IFRS requires a company to present expenses recognised in the profit and loss account using a classification based on either their nature or their function within the company. Ind AS requires such classification by nature. 4. In the case of companies other than financial companies, IFRS gives an option to classify the interest and dividend paid and interest and dividend received, as item of operating cash flows. Ind AS does not provide such an option and requires these items to be classified as items of financing activity and investing activity, respectively.