The Indian Accounting Standards (Ind AS) are India's IFRS-converged financial reporting standards, notified by the Ministry of Corporate Affairs under the Companies Act, 2013. They apply, in a phased manner based on net worth and listing status, to larger companies and their group entities, and they bring Indian financial reporting substantially into line with international practice while retaining certain India-specific carve-outs.
There are 40 notified Ind AS, named and numbered to mirror the corresponding IFRS and IAS standards (Ind AS 11 is omitted). They cover the full span of financial reporting — presentation, revenue, leases, financial instruments, consolidation, fair value, business combinations, and more. Below are detailed plain-language guides to the key Ind AS, each covering its objective, principles, recognition and measurement, disclosures, and the contrast with the corresponding AS. Further standards are being added.
For the framework applied by non-Ind-AS entities, see our companion index to the Accounting Standards (AS).
- 1Ind AS 1 — Presentation of Financial StatementsWhat a complete set of financial statements comprises, fair presentation, going concern, materiality, and the concept of other comprehensive income (OCI).
- 2Ind AS 2 — InventoriesLower of cost and net realisable value, cost formulas (FIFO and weighted average), the financing element in deferred-settlement purchases, and reversal of write-downs.
- 7Ind AS 7 — Statement of Cash FlowsOperating, investing and financing classifications, the direct and indirect methods, flexibility on interest and dividends, and the financing-liabilities reconciliation.
- 8Ind AS 8 — Accounting Policies, Changes in Estimates and ErrorsSelecting policies, retrospective application of policy changes, prospective changes in estimates, and retrospective correction of prior period errors.
- 10Ind AS 10 — Events after the Reporting PeriodAdjusting versus non-adjusting events, the treatment of dividends declared after period-end, going concern, and required disclosures.
- 12Ind AS 12 — Income TaxesCurrent and deferred tax under the balance sheet (temporary difference) approach, deferred tax assets and liabilities, and backwards tracing to OCI and equity.
- 16Ind AS 16 — Property, Plant and EquipmentRecognition and cost, componentisation, depreciation, the cost and revaluation models (with revaluation gains in OCI), and decommissioning obligations.
- 19Ind AS 19 — Employee BenefitsShort-term benefits, defined contribution versus defined benefit plans, remeasurements recognised in OCI, the net interest approach, and the contrast with AS 15.
- 20Ind AS 20 — Government GrantsRecognition on reasonable assurance, the income approach, grants related to assets versus income, concessional loans, and no promoters'-contribution route.
- 21Ind AS 21 — The Effects of Changes in Foreign Exchange RatesFunctional versus presentation currency, monetary versus non-monetary items, translation of foreign operations through OCI, and the contrast with AS 11.
- 23Ind AS 23 — Borrowing CostsCapitalising borrowing costs for qualifying assets, the capitalisation rate, commencement and cessation, and close convergence with AS 16.
- 24Ind AS 24 — Related Party DisclosuresWho is a related party, KMP compensation by category, the government-related entity exemption, and how it differs from AS 18.
- 27Ind AS 27 — Separate Financial StatementsAccounting for investments in subsidiaries, associates and joint ventures in an entity's own statements — at cost, under Ind AS 109, or by the equity method.
- 28Ind AS 28 — Investments in Associates and Joint VenturesThe equity method for associates and joint ventures, significant influence, impairment, and why joint ventures are equity-accounted rather than proportionately consolidated.
- 32Ind AS 32 — Financial Instruments: PresentationLiability versus equity classification on substance, splitting compound instruments like convertible bonds, offsetting, and why there is no direct AS equivalent.
- 33Ind AS 33 — Earnings per ShareBasic and diluted EPS, weighted average shares, dilutive versus anti-dilutive instruments, the continuing/discontinued split, and the contrast with AS 20.
- 34Ind AS 34 — Interim Financial ReportingMinimum content of an interim report (including the statement of changes in equity and OCI), same-policies measurement, interim materiality, and the contrast with AS 25.
- 36Ind AS 36 — Impairment of AssetsRecoverable amount as the higher of value in use and fair value less costs of disposal, cash-generating units, mandatory annual goodwill testing, and the contrast with AS 28.
- 37Ind AS 37 — Provisions, Contingent Liabilities and Contingent AssetsThe three recognition conditions, constructive obligations, discounting of long-term provisions, onerous contracts, and how it differs from AS 29.
- 38Ind AS 38 — Intangible AssetsRecognition, finite versus indefinite useful lives (no ten-year presumption), the revaluation model, research versus development, and the contrast with AS 26.
- 40Ind AS 40 — Investment PropertyProperty held for rentals or capital appreciation, the cost model with mandatory fair value disclosure, transfers on change of use, and why there is no AS equivalent.
- 41Ind AS 41 — AgricultureBiological assets at fair value less costs to sell through profit or loss, agricultural produce at harvest, bearer plants, and why there is no AS equivalent.
- 101Ind AS 101 — First-time Adoption of Ind ASThe opening Ind AS balance sheet, retrospective application, optional exemptions and mandatory exceptions, transition reconciliations, and why there is no AS equivalent.
- 102Ind AS 102 — Share-based PaymentEquity-settled versus cash-settled awards, grant-date fair value, and vesting conditions — with graded vesting explained step by step in worked tables, ESOP accounting, and the contrast with the old AS approach.
- 103Ind AS 103 — Business CombinationsThe acquisition method, identifiable assets and liabilities at fair value, goodwill that is not amortised but impairment-tested, and how it differs from AS 14.
- 104Ind AS 104 — Insurance ContractsThe interim standard for insurers, its limited requirements, the liability adequacy test, and its relationship to the comprehensive Ind AS 117.
- 105Ind AS 105 — Non-current Assets Held for Sale and Discontinued OperationsThe held-for-sale classification, measurement at lower of carrying amount and fair value less costs to sell, discontinued operations, and how it differs from AS 24.
- 106Ind AS 106 — Exploration for and Evaluation of Mineral ResourcesExploration and evaluation assets, cost measurement, impairment indicators, and why it is a specialist interim standard with no AS equivalent.
- 107Ind AS 107 — Financial Instruments: DisclosuresSignificance disclosures, risk disclosures for credit, liquidity and market risk, the fair value hierarchy, and why there is no AS equivalent.
- 108Ind AS 108 — Operating SegmentsThe management approach, the chief operating decision maker, internal measures with reconciliations, entity-wide disclosures, and how it differs from AS 17.
- 109Ind AS 109 — Financial InstrumentsClassification by business model and cash flows, amortised cost / FVOCI / FVTPL, the expected credit loss model, hedge accounting, and why there is no AS equivalent.
- 110Ind AS 110 — Consolidated Financial StatementsThe principle-based control model (power, variable returns, ability to affect returns), consolidation procedures, NCI within equity, and how it differs from AS 21.
- 111Ind AS 111 — Joint ArrangementsJoint operations versus joint ventures, classification by rights and obligations, equity accounting for joint ventures, and why proportionate consolidation is gone (unlike AS 27).
- 112Ind AS 112 — Disclosure of Interests in Other EntitiesA single disclosure standard for subsidiaries, joint arrangements, associates and unconsolidated structured entities, and why there is no single AS equivalent.
- 113Ind AS 113 — Fair Value MeasurementThe exit-price definition of fair value, the three-level fair value hierarchy, valuation techniques, and why there is no AS equivalent.
- 114Ind AS 114 — Regulatory Deferral AccountsRate-regulated activities, who may apply it (first-time adopters only), separate presentation and disclosure, and why there is no AS equivalent.
- 115Ind AS 115 — Revenue from Contracts with CustomersThe five-step model — identifying the contract and performance obligations, determining and allocating the transaction price, and recognising revenue as control transfers.
- 116Ind AS 116 — LeasesThe single lessee model — right-of-use assets and lease liabilities on the balance sheet — with step-by-step worked examples in tables, lessor accounting, and the contrast with AS 19.
- 117Ind AS 117 — Insurance ContractsThe general measurement model, fulfilment cash flows and the contractual service margin, the premium allocation approach, and how it replaces Ind AS 104.