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Indian Accounting Standard corresponding to Accounting Standard (Ind AS vs AS)

Hemanta Ghosh 16 Jun 2022 6,186 Views 1 comment Print CA, CS, CMA | Articles

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Indian Accounting Standard (Ind AS) is an amended version of Accounting Standard issued by ICAI for preparation of financial statement. Previously there was only Accounting Standard but due to globalization of market, Ind AS has been prepared which is IFRS compliance.

Below are the Summary of Ind AS corresponding to Accounting Standard which helps to analyze the Standards easily.

IND AS VS AS

IND AS NO	NAME OF IND AS	AS NO	NAME OF AS
IND AS 1	Presentation of Financial Statements	AS 1	Disclosure of Accounting Policies
IND AS 2	Inventories	AS 2	Valuation of Inventories
IND AS 7	Statement of Cash Flows	AS 3	Cash Flow Statements
IND AS 10	Events after reporting period	AS 4	Contingencies and Events occurring after the sheet date
IND AS 8	Accounting Policies, Changes in Accounting Estimates & Errors	AS 5	Net Profit or Loss for the Period, Prior Period items and Changes in Accounting Policies
IND AS 11	Construction Contracts	AS 7	Construction Contracts
IND AS 18	Revenue	AS 9	Revenue Recognition
IND AS 16	Property, Plant & Equipment	AS 10	Property, Plant & Equipment
IND AS 21	The Effects of Changes in Foreign Exchange Rates	AS 11	The Effects of Changes in Foreign Exchange Rates
IND AS 20	Accounting for Government Grants and Disclosure of Government Assistance	AS 12	Accounting for Government Grants
IND AS 40	Investment Property	AS 13	Accounting for Investments
IND AS 103	Business Combinations	AS 14	Accounting for Amalgamations
IND AS 19	Employees Benefits	AS 15	Employees Benefits
IND AS 23	Borrowing Costs	AS 16	Borrowing Costs
IND AS 108	Operating Segments	AS 17	Segment Reporting
IND AS 24	Related Party Disclosures	AS 18	Related Party Disclosures
IND AS 17	Leases	AS 19	Leases
IND AS 33	Earnings Per Share	AS 20	Earnings Per Share
IND AS 27	Separate Financial Statements	AS 21	Consolidated Financial Statements
IND AS 12	Income Taxes	AS 22	Accounting for Taxes on Income
IND AS 28	Investments in Associates and Joint Ventures	AS 23	Accounting for Investments in Associates in Consolidated Financial Statements
IND AS 105	Non-current Assets Held for Sale and Discontinued Operations	AS 24	Discontinuing Operations
IND AS 34	Interim Financial Reporting	AS 25	Interim Financial Reporting
IND AS 38	Intangible Assets	AS 26	Intangible Assets
IND AS 31	Interests in Joint Ventures	AS 27	Financial Reporting of Interests in Joint Venture
IND AS 36	Impairment of Assets	AS 28	Impairment of Assets
IND AS 37	Provisions, Contingent Liabilities and Contingent Assets	AS 29	Provisions, Contingent Liabilities and Contingent Assets
IND AS 39	Financial Instruments: Recognition and Measurement	AS 30	Financial Instruments: Recognition and Measurement
IND AS 32	Financial Instruments: Presentation	AS 31	Financial Instruments: Presentation
IND AS 107	Financial Instruments: Disclosures	AS 32	Financial Instruments: Disclosures