The need for converging to international financial reporting practices in India is now being realised with the adoption of Indian Accounting Standards by Indian companies that are converged International Financial Reporting Standards. With incorporating the aspects of international financial reporting framework and accounting practices, the financial statements of reporting entities now provide a picture comparable on international level for the users. This provides an ease in comparing the performance of multiple entities from different countries.
Being one of the active formulators of the IFRS-converged Indian Accounting Standards (Ind AS), the Institute of Chartered Accountants of India adheres to the responsibility of successful and proper implementation of these standards in the spirit they were formulated. For this purpose, the Institute of Chartered Accountants of India (ICAI) is actively engaged in providing guidance to members and other stakeholders through Ind AS Implementation Committee.
The implementation of the IFRS-converged Indian Accounting Standards (Ind AS) has been driven by tireless efforts of the Institute of Chartered Accountants of India (ICAI) to make sure that the financial reports of the Indian entities are on par with the internationally accepted practices. The importance on the adoption and implementation of these standards has been stressed by ICAI through its various collective efforts in programs and publications. With the phased adoption road map numerous entities are now reporting their annual performances in accordance with the requirements of these standards.
The Ind AS Implementation Committee has strived with its onerous efforts for the implementation of these standards as per the crux and the spirit in which they were formulated. The Ind AS Implementation Committee has conducted countless programs to provide guidance to the members and other stakeholders on the notified Ind AS. A great deal of publications such as Educational Materials on Ind AS covering various issues are being formulated and updated on a regular basis by the Committee. The Committee has offered a helping hand to address the issues faced by the members while transiting from the previous GAAP to Ind AS through the Ind AS Technical Facilitation Group (ITFG). ITFG Clarification Bulletins are being issued by the Ind AS Technical Facilitation Group (ITFG) which contain the clarifications to the implementation issues reported to the group in a speedy and timely manner. Regular batches for Certificate Course on Ind AS with quarterly examinations are being conducted throughout the year and in multiple locations throughout the nation.
Looking at the vast literature of the Indian Accounting Standards and the practical problems of skimming through the entire literature when in need of an aspect to be looked upon, the Committee progressed with the thought of bringing in the ease of use and referral characteristic to this issue by creating a publication that gives a glance on the basic aspects of applicable standards in a summarised manner. This idea is realised in the form of Quick Referencer on Indian Accounting Standards. This publication provides only a glance through the applicable Ind ASs and for a better and detailed understanding of Ind ASs, it is advisable go thoroughly through the entire text of the Standards and publications such as Educational Materials and ITFG Clarification Bulletins.
The Ind AS Implementation Committee of ICAI has brought out this Quick Referencer on Ind AS with an objective to provide a basic understanding of Ind ASs for the members.