ICAI’s Quick Referencer on Indian Accounting Standards (Ind AS): November 2019 Edition

ICAI’s Quick Referencer on Indian Accounting Standards (Ind AS): November 2019 Edition

ICAI has released Quick Referencer on Indian Accounting Standards (Ind AS), which provides summarised basic understanding on the scope/ applicability of Ind AS to find relevant guidance on specific aspects.

ICAI’s Quick Referencer on Indian Accounting Standards (Ind AS): November 2019 Edition

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 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.

Index of Contents: ICAI’s Quick Referencer on Indian Accounting Standards (Ind AS)

ICAI’s Quick Referencer lists out all the the existing Indian Accounting Standards (Ind AS) notified by the MCA and those which are presently applicable based on amendments made by MCA upto 31 March 2019:

1. Ind AS 101, First-time Adoption of Indian Accounting Standards

2. Ind AS 102, Share-based Payment

3. Ind AS 103, Business Combinations

4. Ind AS 104, Insurance Contracts

5. Ind AS 105, Non-current Assets Held for Sale and Discontinued Operations

6. Ind AS 106, Exploration for and Evaluation of Mineral Resources

7. Ind AS 107, Financial Instruments: Disclosures

8. Ind AS 108, Operating Segments

9. Ind AS 109, Financial Instruments

10. Ind AS 110, Consolidated Financial Statements

11. Ind AS 111, Joint Arrangements

12. Ind AS 112, Disclosure of Interest in Other Entities

13. Ind AS 113, Fair Value Measurement

14. Ind AS 114, Regulatory Deferral Account

15. Ind AS 115, Revenue from Contracts with Customers

16. Ind AS 116, Leases

17. Ind AS 1, Presentation of Financial Statements

18. Ind AS 2, Inventories

19. Ind AS 7, Statement of Cash Flows

20. Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors

21. Ind AS 10, Events after the Reporting Period

22. Ind AS 12, Income Taxes

23. Ind AS 16, Property, Plant and Equipment

24. Ind AS 19, Employee Benefits

25. Ind AS 20, Accounting for Government Grants and Disclosure of Government Assistance

26. Ind AS 21, The Effects of Changes in Foreign Exchange Rates

27. Ind AS 23, Borrowing Costs

28. Ind AS 24, Related Party Disclosures

29. Ind AS 27, Separate Financial Statements

30. Ind AS 28, Investments in Associates and Joint Ventures

31. Ind AS 29, Financial Reporting in Hyper-inflationary Economies

32. Ind AS 32, Financial Instruments: Presentation

33. Ind AS 33, Earnings per Share

34. Ind AS 34, Interim Financial Reporting

35. Ind AS 36, Impairment of Assets

36. Ind AS 37, Provisions, Contingent Liabilities and Contingent Assets

37. Ind AS 38, Intangible Assets

38. Ind AS 40, Investment Property

39. Ind AS 41, Agriculture

40. List of applicable Indian Accounting Standards (this includes all above 39 Ind AS)

41. Ind AS Implementation Initiatives

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