Indian Accounting Standards (IND-AS)
Indian Accounting Standard (abbreviated as Ind-AS) is the Accounting standard adopted by companies in India and issued under the supervision of Accounting Standards Board (ASB) which was constituted as a body in the year 1977.
ASB is a committee under Institute of Chartered Accountants of India (ICAI) which consists of representatives from government department, academicians, other professional bodies viz. ICAI, representatives from ASSOCHAM, CII, FICCI, etc.
India’s new accounting standard, Ind AS 115, is in effect from April 1, 2018, which is the start of the country’s new financial year. As explained by the Ministry of Corporate Affairs, the Ind AS 115 lays down the principles to be applied by an entity in order to report useful information to users of financial statements.
The Ind AS 115 is in keeping with international best practices, and aligns with the International Financial Reporting Standards (IFRS) set globally by the International Accounting Standards Board and the IFRS Foundation.