18 March 2013
Can anyone explain me whts is the difference between IFRS, Ind AS and IFRS.....nd which ones are mandatory in India for companies...???????????
18 March 2013
One of the major differences is that the series of standards in the IAS were published by the International Accounting Standards Committee (IASC) between 1973 and 2001, whereas, the standards for the IFRS were published by the International Accounting Standards Board (IASB), starting from 2001. When the IASB was established in 2001, it was agreed to adopt all IAS standards, and name future standards as IFRS. One major implication worth noting, is that any principles within IFRS that may be contradictory, will definitely supersede those of the IAS. Basically, when contradictory standards are issued, older ones are usually disregarded.
there are total 41 IAS and 9 IFRS. IFRS are still in progress and IAS have been stopped and no more issuance of IAS. in fact the IFRS are basically addition in standards and revision or amendment in existing IAS and supersedes the IAS e.g. IAS 39 has been superseded by IFRS 9.
For IAS
It was general rule that first preference will be given to the local standard of the country and then IAS will be followed. however, now the standards are being made uniform around the globe. therefore, it is better to follow the IFRS and remember the following of IFRS means following the IAS as well. but still the indian standards are not aligned with IFRS so some of the companies are still following the indian standards.
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