IFRS AND

INDIAN AS
IFRS
 IFRS is a set of international accounting
standards stating how particular types of
transactions & other events should be reported in
financial statements.
 IFRS are issued by the International Accounting
Standards Board (IASB), and they specify exactly
how accountants must maintain and report their
accounts. IFRS was established in order to have a
common accounting language, so business and
accounts can be understood from company to
company and country to country
INDIAN AS
 The ICAI has formulated IFRS-converged
standards, known as Indian Accounting
Standards (Ind AS), which have been notified by
the MCA under Companies (Indian Accounting
Standards) Rules, 2015 vide Notification dated
February 16, 2015, after recommendation of the
National Advisory Committee on Accounting
Standards (NACAS).
 It is a common set of accepted accounting
principles, standards, and procedures that
companies and their accountants must follow
when they compile their financial statements.
 INDIAN
BASIS IFRS AS
1. ISSUING BODY Accounting standards in International Financial
India are issued by the Reporting Standards
Institute of chartered (IFRS) are issued by
accountants of India International
(ICAI). Accounting Standards
Board (IASB), London.
2. BASED ON IFRS is principles-based Indian Accounting
standards. They leave Standards aregenerally
more room for rule based and are
interpretation and may lessflexible in
often require lengthy comparison withIFRS.
disclosures on financial Regulatory authorities
statements. But are likeSEBI, ROC, RBI,
more logically sound IRDA, etc. play a very
and may possibly better important role
represent the economics indefining rules
of business
transactions.
 INDIAN
BASIS IFRS AS
3. TREATMENT OF IFRS rules ban the IndianASallow for
INVENTORY use of last-in, first- LIFO. It does not
out (LIFO) inventory allow for inventory
accounting methods. reversals,

4.