ICAI's Compendium of IND ASs issued by MCA (2023-24)

ICAI has released updated/revised edition of he ‘Compendium of Indian Accounting Standards (IND AS) 2023-24’, comprising of Volume 1 & Volume 2.

It may be noted that IND AS recommended by the ICAI, are prescribed by the MCA u/s 133 of the Companies Act, 2013 in consultation with the NFRA.

The Compendium of IND AS (as on April 1, 2023) and related guidance material have been released by the ICAI. This Compendium of IND AS is an up-to-date and comprehensive version that incorporates all the amendments that have been made by MCA till date, which are effective as on 01/04/2023.

In addition, the guidance material includes IFRS Part B (Accompanying Guidance such as illustrative examples, implementation guidance, etc.) and IFRS Part C (Bases for Conclusions), which serves as the foundation for Indian Accounting Standards (IND AS). It is helpful and appropriate to read IND AS along with the guidance material of IFRS Standards. This is due to the fact that IND AS are developed from IFRS Standards that were issued by the IFRS Foundation.

ICAI provides an annual compilation of the most recent editions of Indian Accounting Standards (Ind AS) by way of publishing the ‘Compendium of IND AS’, keeping in view the amendments made by the MCA in IND AS Rules from time to time. For all of the companies that are either voluntarily or mandatorily presenting their financial statements in accordance with Ind AS, this Compendium will provide comprehensive information. The updated version of ‘Compendium on IND AS’ contains updates applicable to the accounting period that will begin on April 1, 2023, i.e. from FY 2023-24.

ICAI Announcement dated April 1, 2023: Compendium of IND ASs (2023-24) Volume-1 (Ind AS 101 to 116)

Ind AS 101: First-time Adoption of Indian Accounting Standards
Ind AS 102: Share-based Payment
Ind AS 103: Business Combinations
Ind AS 104: Insurance Contracts
Ind AS 105: Non-current Assets Held for Sale and Discontinued Operations
Ind AS 106: Exploration for and Evaluation of Mineral Resources
Ind AS 107: Financial Instruments Disclosures
Ind AS 108: Operating Segments
Ind AS 109: Financial Instruments
Ind AS 110: Consolidated Financial Statements
Ind AS 111: Joint Arrangements
Ind AS 112: Disclosure of Interests in Other Entities
Ind AS 113: Fair Value Measurement
Ind AS 114: Regulatory Deferral Accounts
Ind AS 115: Revenue from Contracts with Customers
Ind AS 116: Leases

ICAI Announcement dated April 1, 2023: Compendium of IND ASs (2023-24) Volume-2 (Ind AS 1 to 41)

Ind AS 1: Presentation of Financial Statements
Ind AS 2: Inventories
Ind AS 7: Statement of Cash Flows
Ind AS 8: Accounting Policies, Changes in Accounting Estimates and Errors
Ind AS 10: Events after the reporting period
Ind AS 12: Income Taxes
Ind AS 16: Property, Plant and Equipment
Ind AS 19: Employee Benefits
Ind AS 20: Accounting for Government Grants and Disclosure of Government Assistance
Ind AS 21: The Effects of Changes in Foreign Exchange Rates
Ind AS 23: Borrowing Costs
Ind AS 24: Related Party Disclosures
Ind AS 27: Separate Financial Statements
Ind AS 28: Investments in Associates and Joint Ventures
Ind AS 29: Financial Reporting in Hyperinflationary Economies
Ind AS 32: Financial Instruments Presentation
Ind AS 33: Earnings per Share
Ind AS 34: Interim Financial Reporting
Ind AS 36: Impairment of Assets
Ind AS 37: Provisions, Contingent Liabilities and Contingents Assets
Ind AS 38: Intangible Assets
Ind AS 40: Investment Property
Ind AS 41: Agriculture

The ICAI’s Compendium of Indian Accounting Standards is a comprehensive guide that provides guidance on the implementation of Ind AS and to help stakeholders understand the financial reporting requirements for companies in India. The Compendium is useful for stakeholders, like Chartered Accountants, financial analysts, investors, etc., who need to comply with the accounting standards in India.