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.
- 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.
- 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 — plus lessor accounting and the contrast with AS 19.