Differences between Ind-AS and existing AS

Differences between Ind-AS and existing AS. Hi Friends Find Differences between new standards (IndAS) & 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. noAreaInd-AS (Indian Accounting Standards as converged with IFRS)Indian Accounting Standards
1SubstanceInd-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
2ApplicabilityInd-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
3GuidanceInd-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
4New StandardsInd-AS provide guidance on various transactions like agriculture, business combinations etc.These guidances were not existing in AS.
5InterpretationsInd-AS has incorporated various interpretations which are part of IFRS, thus making it comprehensiveVarious guidance notes and other publications are available along with AS in existing scenario
6Conceptual DifferencesThere are specific guidances on various matters like depreciation or revenue recognitionAS contains subjectivity at quite a few places.

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Article by Raju Choudhary Raju has written 810 articles. If you like This post, you can follow CAknowledge on Twitter. Subscribe to CAknowledge feed via RSS or EMAIL to receive instant updates.

One comment

  1. Dear Sir ,

    Would appreciate a comparison if could be emailed i.e between IND AS and Current AS .
    Reply Would be most appreciated


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