The Indian Accounting Standards (Ind AS) were declared under Section 133 of the Companies Act 2013 and have been formulated to align with the IFRS standards issued by the IFRS Foundation. The objective of Ind AS is to establish principles…
Ind AS – Standard for financial reporting in India
The Indian financial reporting process is about to revolutionize thanks to the new Ind AS standard. The Indian Accounting Standards (Ind AS) are a set of accounting principles and standards developed by (ICAI) the Institute of Chartered Accountants of India…
Implementing Ind AS: What, why, and how?
Implementing Ind As can be tricky, but you can see significant benefits with the proper guidance. However, one crucial question stands out: how do you implement Ind As? This introductory article will help you break down the implementation process and…
Ind AS implementation in India: An essential part of preparing financial statements
Financial statements will help you in how you should manage your company, and the accuracy of the financial statements is very important before financial analysis. The data in the trial balance should be accurate and the income and expense figures…
Why should your company follow the Ind AS?
Companies prepare financial statements (income statements, balance sheets, etc.) at the end of the fiscal year. Every company is obliged to report its business performance and financial position to the stakeholders of the company, such as shareholders and creditors.…
Ind As Implementation: The Best Way To Prepare Financial Statements For Your Company
Accounting is a scientific field that has an important role in various things. In practice, accounting science can help companies, organizations, investors, and government agencies to make decisions in allocating available resources. To provide the required information, an accountant…
Implementation of Ind AS
The Indian Accounting Standards also known as Ind AS and are structured in line with the International Financial Reporting Standards (IFRS). The nomenclature for the naming and numbering of Ind AS is same as that of IFRS. Overall, the accounting…
Applicability of Ind AS
Since Indian companies have a far wider global reach now as compared to earlier, the need to converge reporting standards with international standards was felt, which has led to the introduction of Ind AS (Indian Accounting Standard). These new standards…
The New Lease Model (IND AS 116)
Under the existing rules as per IND AS 17 (Lease), lessees account for leases either as operating leases or as finance leases, depending on complex rules and tests. These, in practice, use ‘bright-lines’ resulting in all or nothing being recognized on-balance…