The Ministry of Corporate Affairs through a notification dated February 16, 2015, has issued the Companies (Indian Accounting Standards) Rules, 2015 which lay down a roadmap for companies other than insurance companies, banking companies, and non-banking finance companies for the implementation of Ind AS converged with IFRS. The notification of these IFRS converged standards fill up the gaps in the previous accounting guidance. India can now claim to have financial reporting standards that are virtually at par with the leading global standards. This will improve India's place in the worldwide ranking on corporate governance and transparency in financial reporting. A list of these standards is given below:
List of Indian Accounting Standards
- Indian Accounting Standard (Ind AS) 101 - First-time adoption of Indian Accounting Standards
- Indian Accounting Standard (Ind AS) 102 - Share-based Payment
- Indian Accounting Standard (Ind AS) 103 - Business Combinations
- Indian Accounting Standard (Ind AS) 104 - Insurance Contracts
- Indian Accounting Standard (Ind AS) 105 - Non-current Assets Held for sale and discontinued operations
- Indian Accounting Standard (Ind AS) 106 - Exploration for and Evaluation of Mineral Resources
- Indian Accounting Standard (Ind AS) 107 - Financial Instruments: Disclosures
- Indian Accounting Standard (Ind AS) 108 - Operation Segments
- Indian Accounting Standard (Ind AS) 109 - Financial Instruments
- Indian Accounting Standard (Ind AS) 110 - Consolidated Financial Statements
- Indian Accounting Standard (Ind AS) 111 - Joint Arrangements
- Indian Accounting Standard (Ind AS) 112 - Disclosure of Interests in Other Entries
- Indian Accounting Standard (Ind AS) 113 - Fair Value Measurement
- Indian Accounting Standard (Ind AS) 114 - Regulatory Deferral Accounts
- Indian Accounting Standard (Ind AS) 115 - Revenue from Contracts with Customers
- Indian Accounting Standard (Ind AS) 1 - Presentation of Financial Statements
- Indian Accounting Standard (Ind AS) 2 - Inventories
- Indian Accounting Standard (Ind AS) 7 - Statement of Cash Flows
- Indian Accounting Standard (Ind AS) 8 - Accounting Policies, Changes in Accounting Estimates and Errors
- Indian Accounting Standard (Ind AS) 10 - Events after the Reporting Period
- Indian Accounting Standard (Ind AS) 12 - Income Taxes
- Indian Accounting Standard (Ind AS) 16 - Property, Plant and Equipment
- Indian Accounting Standard (Ind AS) 17 - Leases
- Indian Accounting Standard (Ind AS) 19 - Employee Benefits
- Indian Accounting Standard (Ind AS) 20 - Accounting for Government Grants and Disclosure of Government Assistance
- Indian Accounting Standard (Ind AS) 21 - The Effects of changes in foreign exchange rates
- Indian Accounting Standard (Ind AS) 23 - Borrowing Costs
- Indian Accounting Standard (Ind AS) 24 - Related Party Disclosures
- Indian Accounting Standard (Ind AS) 27 - Separate Financial Statements
- Indian Accounting Standard (Ind AS) 28 - Investments in Associates and Joint Ventures
- Indian Accounting Standard (Ind AS) 29 - Financing Reporting in Hyperinflationary Economies
- Indian Accounting Standard (Ind AS) 32 - Financial instruments: Presentation
- Indian Accounting Standard (Ind AS) 33 - Earnings per share
- Indian Accounting Standard (Ind AS) 34 - Interim Financing Reporting
- Indian Accounting Standard (Ind AS) 36 - Impairment of Assets
- Indian Accounting Standard (Ind AS) 37 - Provisions, Contingent Liabilities, and Contingent Assets
- Indian Accounting Standard (Ind AS) 38 - Intangible Assets
- Indian Accounting Standard (Ind AS) 40 - Investment Property
- Indian Accounting Standard (Ind AS) 41 - Agriculture
- IFRS 1 - First-time of adoption of international reporting standards
- IFRS 2 - Share-based Payment
- IFRS 3 - Business Combinations
- IFRS 4 - Insurance Contracts
- IFRS 5 - Non-current Assets Held for sale and Discontinued Operations
- IFRS 6 - Explorations for and Evaluation of Mineral Resources
- IFRS 7 - Financial Instruments: Disclosure
- IFRS 8 - Operating Segment
- IFRS 9 - Financial Instruments
- IFRS 10 - Consolidated Financial Statement
- IFRS 11 - Joint arrangement
- IFRS 12 - Disclosure of Interests in Other Entities
- IFRS 13 - Fair Value Measurement
- IFRS 14 - Regulatory Deferral Accounts
- IFRS 15 - Revenue from Contracts with Customers
