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Introduction, Applicability, Objectives, Scope, Definitions, Reconciliations, Measurement, Disclosures etc. under Ind-AS
Updated on Sep, 2026
Finance and Accounting, Compliance,
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A warm welcome to the Indian Accounting Standards (Ind AS) course by Uplatz.
Indian Accounting Standards (Ind AS) are the accounting standards followed by business entities in India. These standards are supervised by the Accounting Standards Board (ASB) since the year 1977. ASB is a committee that comes under ICAI. It is represented by the government department, and academicians, namely ICAI, CII, FICCI, ASSOCHAM, and other professional bodies.
Accounting is a comprehensive process of recording transactions. It portrays financial data that helps readers draw conclusions and make business decisions. Accounting procedures are incorporated with standardized guidelines for disciplined execution. These guidelines are usually known as accounting policies. Standardized accounting policies allow companies to make alterations according to their substantial needs. However, the freedom to alter makes it impossible to compare by any means. Thus, the government sets specific standards to create an ideal system in place, and this concept is known as the accounting standard. Accounting Standards are written policy documents issued by expert accounting bodies or by the government or other regulatory bodies covering the aspects of recognition, measurement, treatment, presentation, and disclosure of accounting transactions in financial statements.
The accounting standards in India are formulated by ICAI – Institute of Chartered Accountants of India. Thus Indian Accounting Standards mean the standard of accounting recommended by the ICAI and prescribed by the Central Government in consultation with the National Advisory Committee on Accounting Standards (NACAs) constituted under section 210(1) of the Companies Act, 1956.
Uplatz provides this comprehensive course on Indian Accounting Standards. The Ind AS training covers an introduction to Ind AS, benefits and applicability of Ind AS, objectives, scope, definitions, reconciliations, measurement, disclosures etc. of Ind AS, a list of Ind AS, and then explains each and every Indian Accounting Standard in detail with practical industry examples and context.
This Indian Accounting Standards training is useful for students and professionals alike including chartered accountants, financial analysts, company secretaries, tax & audit consultants, and so on.
Accounting standards in India strive to combat major financial issues that include:
Recognize the financial events
Measure the financial transactions
Fair presentation of financial statements
Company disclosure requirement to ensure that stakeholders are not misled
Ind AS features the naming and numbering of International Financial Reporting Standards (IFRS). Income Computation and Disclosure Standards (ICDS) is the standardized tax computation in India, implemented in 2015. In India, the Ministry of Corporate Affairs (MCA) lays out detailed standards for corporate companies concerning the recommendations of the National Financial Reporting Authority (NFRA).
Objectives of Accounting Standards:
The main objective of Accounting Standards is to standardize the diverse accounting policies and practices. These Accounting Standards were implemented to eliminate the non-comparability of financial statements and the reliability of the financial statements. Since accounting is one of the mainstream functions of business operations, the standards help individuals understand the financial position of the company. In the case of accounting, the standardized rules are similar to the literature rules.
The framework and regulations of accounting differ from one country to another.
Here are some of the vital objectives of Accounting standards in India:
1) Enhance the Financial Statements
The Ind-AS mainly aims to enhance the definitive financial statements. The objective is to ensure that financial statements are formulated as per the accounting standards. It enables easy understanding and helps individuals rely on them. Doing so rids of the dire consequences for businesses.
The second main objective is comparability. Adhering to the criteria allows a streamlined comparison between companies. It helps verify the progress and positioning of the company in the market.
Accounting standard executes one set of accounting policies. It is a combination of necessary disclosure requirements and valuation methods of numerous financial transactions.
Indian Accounting Standards - Course Syllabus
Introduction of Ind AS
Applicability of Ind AS
A thorough discussion of all the IND AS (Applicability, Objectives, Scope, Definitions, Reconciliations, Measurement, Disclosures, etc.)
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 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 Contingent Assets.
Ind AS 38 - Intangible Assets.
Ind AS 40 - Investment Property.
Ind AS 41 - Agriculture.
Ind-As provides a wide range of benefits to corporate entities. Here are some of the critical benefits of accounting standards in India.
1) Uniformed Accounting
The set of rules under the accounting standard ensures standardized treatment of transaction records. It provides standard format produce for financial statements. It helps carry out unified accounting.
Ind-AS is widely accepted as it intersects with IFRS. It enables the user to access the financial statements confidently. It also helps MNCs save costs as they can use the same set of rules globally.
Most stakeholders and investors rely on financial statements for information. It is what enables them to make smarter business decisions. Thus, it is crucial to provide a clear and precise financial statement. The set of rules under AS ensures that these statements are accurate and factual.
The accounting standard provides comparability. Every business firm functions under the same standardized rules in India. It enables business owners to compare their financial positions before competitors and make comprehensive decisions.
5) Changes in AS Concerning the Economic Situations
Economic situations in a developing country are more likely to fluctuate. Under any inflated economic circumstances, the Ind-AS principles provide room for modifications. For instance, “Financial Reporting in Hyper-inflammatory Economies” under Ind AS -29 helps deal with any escalated economic situation.
6) Foreign Investments
Adopting Ind-AS helps attract foreign investors. It provides them the opportunity to compare before investing.
7) Eliminate Fraudulent Accounting and Manipulations
The accounting standard specifies uniform rules that are mandatory for all corporate companies. Management cannot misrepresent financial data as the methodologies and principles are streamlined. It rids any fraudulent outcome for businesses.
Compliance with Accounting Standards issued by ICAI
Sub Section(3A) to Section 211 of the Companies Act, 1956 requires that every Profit/Loss Account and Balance Sheet shall comply with the Accounting Standards.
Under the Companies Act, 1956, subsection 3(A) to 211 demands each P/L (Profit and Loss) account and balance sheet to be complied with as per the accounting standards. The Compliance specified under accounting standards is recommended by ICAI, which is prescribed by the Central Government and consulted with NAC (National Advisory Committee) under section 210(1) of the Companies Act 1956.
Applicability of Indian Accounting Standards
Indian standards on auditing apply to specific categories of companies as set out below:
1) Mandatory Requirement
Companies must follow the Ind-AS for the 2015-2016 fiscal year. For the financial year 2018-19, below is the maximum limit for companies that must follow the Ind-AS:
Companies whose shares or debt securities are listed or under listing on any stock exchange in India or elsewhere.
Unlisted companies with a net worth above Rs. 250 crores.
They are holding companies, subsidiaries, joint ventures, or associates of companies included in the pointers mentioned above.
2) Non-Bank Financial Companies (NBFC)
Accounting standards apply to NBFCs with a net worth above Rs 500 million. It can be holding companies, subsidiaries, joint ventures, or associates of companies under NBFCs.
Accounting standards apply to shares, or debt securities listed or in the process of listing on any stock exchange in India/outside India. It applies to companies with a net worth of less than Rs. 500 crores.
And for NBFCs, which are unlisted companies, with a net worth between Rs. 250 crores – Rs. 500 crores. It can either be the holding companies, subsidiaries, joint ventures, or associates of companies under NBFCs.
3) Voluntary Applicability
According to this applicability rule, the companies can voluntarily apply Indian Accounting Standards (Ind AS).
4) The requirement to Follow AS
Corporate entities are required to follow the Accounting Standard (Ind-AS as applicable). They can formulate the notified rules while preparing their financial statements under section 129 of the Companies Act 2013.
5) In a conflict between the Companies Act and Indian Accounting Standards
The provision of the act prevails in case of any inconsistency or conflict between the Companies Act and Ind-AS.
Comprehensive coverage of Indian Accounting Standards (Ind AS).
Application of Ind AS.
Full List of Ind AS.
Applicability, Objectives, Scope, Definitions, Reconciliations, Measurement, Disclosures, etc.
End-to-end explanation and examples of Ind AS 1 to Ind AS 115.
Prepare for CA, CFA, and CS exams.
Become a top Accountant Tax Consultant or Financial Analyst.
Enthusiasm and determination to make your mark on the world!
Check out the detailed breakdown of what’s inside the course
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