A Comparison of IFRS and IndAs: A Descriptive Analysis
Author : Dr. Sneha Babel
Abstract :
International Financial Reporting Standards (IFRS) are a set of accounting standards, developed by an independent, based in London, private sector standard-setting body for a non-profit organization called International Accounting Standards Board (IASB). The objective of the paper has tried to explore comparison between IFRS and Indas. This study descriptive in nature. The results concluded that India has decided to adopt the second option i.e. to converge its existing accounting standards with IFRS. The converged accounting standards titled “Ind-AS” have been issued and notified. IndAS are IFRS Standards as issued by the Board with some modifications, including changes of terminology; elimination of options, addition of disclosures; elimination of disclosures that are considered to be contradictory to local law. The new version of AS in India is Ind-AS. In AS there is limited disclosure about books of accounts meanwhile in IFRS there is wider Disclosure for Books of accounts.
IFRS are unique and high quality standards which brings uniformity in accounts at international level. IFRS are set of rules and regulation which easy to understand globally accepted and improve transparency. The objectives of adopting the convergence of Indian Accounting standards (IAS) with IFRS are to bring uniformity in accounting practices followed and to expand the capital market globally.
Keywords :
IFRS, IndAs, Comparison, India, roadmap, local law, disclosure, Indian accounting standards, accounting practices
