The Institute of Chartered Accountants of India (ICAI) has issued an Overview on Indian Accounting Standards (Ind AS).
“I am happy to pen a Foreword to this sixth edition of the publication “Indian Accounting Standards: An Overview (Revised 2021)” capturing all the recent amendments made in Ind ASs in the summary section. This publication also contains differences between Ind AS and IFRS and Ind AS and existing AS,” ICAI President CA. Nihar N. Jambusaria said.
The ICAI President has expressed his sincere gratitude and appreciation to CA. G. Sekar, Chairman, CA. Tarun Ghia, Vice-chairman and other members of Ind AS Implementation Committee of ICAI for their untiring efforts in taking various initiatives to address implementation issues involved in Ind AS and to enhance the knowledge of the professionals and other stakeholders for smooth implementation of Ind AS in India.
The Ind AS Implementation Committee has been making relentless efforts to ensure effective implementation of Ind AS through its various endeavours. The Committee has been working tirelessly to provide guidance to the members and other stakeholders on the notified Ind AS. For this purpose, Educational Materials on various Ind AS covering various issues have been issued. Apart from this, the Committee also organises Online Certificate Course on Ind AS and it conducts In-house training programmes on Ind AS for regulatory bodies such as RBI, C&AG, IRDAI, CBDT, SEBI, SFIO etc. and other corporate entities, develops video lectures on Ind AS, organises seminars, awareness programmes on Ind AS.
Recently, certain amendments have been made in IFRS/IAS issued by the IASB. The Institute of Chartered Accountants of India (ICAI) to keep up the pace with the global developments, revised the notified Ind AS in line with the amendments made in IFRS/IAS issued by the IASB. MCA has notified the amendments to the Ind AS vide notification dated June 18, 2021, as Companies (Indian Accounting Standards) Amendment Rules, 2021, comprising critical amendments to Ind AS which are applicable for the accounting year beginning on or after April 1, 2021. This publication gives a glance at the basic aspects of applicable standards in a summarised manner, differences between Ind AS, AS and IFRS, while significantly capturing all the recent amendments in Ind AS.
Read the full text of the Overview on Ind AS Click here.
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