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Differences between Ind-AS and existing AS


Differences between Ind-AS and existing AS. Hi Friends Find Differences between new standards (Ind-AS) & existing standards (AS). In this article you can Quick difference between old AS and new Ind AS. In this article you can find difference between Ind-AS (Indian Accounting Standards as converged with IFRS) and Indian Accounting Standards. Recently we provide Complete details for IFRS in India – Beginning of A New Journey and Complete details for What is IASB, FASB, IFRS, Ind AS and US GAAP?. Now you can scroll down below and check complete details regarding “Differences between Ind-AS and existing AS”

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Differences between Ind-AS and existing AS

Following table provide a quick glance on differences between new standards (Ind-AS) and existing standards (AS):

Sr. no Area Ind-AS (Indian Accounting Standards as converged with IFRS) Indian Accounting Standards
1 Substance Ind-AS are generally substance based. For example, consolidation is required under Ind-AS 110 if the holding company has control over its subsidiary and definition of control is substance based. Indian Accounting Standards (‘AS’) are generally rule based and are less flexible. For example as per AS 21, consolidation is required if a company holds more than 50% of the voting rights or control the board of directors
2 Applicability Ind-AS will be applicable in phases to mainly large companies (see table given above in this article) AS applicable to not only the companies, but to other entities as well. To the companies, notified standards under company rules are applicable and for other entities, AS published by ICAI are applicable
3 Guidance Ind-AS generally use the word –“shall” in its guidance, which makes it more strict. AS generally use the word “Should” which is more advisory in nature
4 New Standards Ind-AS provide guidance on various transactions like agriculture, business combinations etc. These guidances were not existing in AS.
5 Interpretations Ind-AS has incorporated various interpretations which are part of IFRS, thus making it comprehensive Various guidance notes and other publications are available along with AS in existing scenario
6 Conceptual Differences There are specific guidances on various matters like depreciation or revenue recognition AS contains subjectivity at quite a few places.

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Article by Raju Choudhary Raju has written 537 articles. If you like This post, you can follow CAknowledge on Twitter. Subscribe to CAknowledge feed via RSS or EMAIL to receive instant updates.

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