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Difference between IND AS and AS

Pradeep Kumar T V (6 Points)

11 December 2023

May I know the difference between IND AS and AS?

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5 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14805 Points)
Replied 11 December 2023

1)IND AS are applicable to Corporate sector , likes Companies, Banking Companies , NBFC, Insurance Companies etc.

2) IND AS are prepared in line with IFRS by MCA .

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1)AS are applicable to Non Corporate sector like Sole proprietorship, partnership firm, AOP , Society, Trust, etc .

2)AS are prepared by ICAI .

3) Non corporate entities are divided in 4 part, Level I , Level II , Iii , IV , for applicability of AS .

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MPR Sanjay Kumar (3118 Points)
Replied 11 December 2023

@ prasad nillugal sir doubt

cash payment to Bajaj finance ,how to make entry in tally prime

Yasaswi Gomes new (Finance ) (4514 Points)
Replied 11 December 2023

Dr. Bajaj finance

Cr. Cash account

In f5 voucher.

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 11 December 2023

@ Mr MPR Sanjay Kumar,

Please post separate forum.
Please don't cross the other persons...
🙏🙏🙏🙏🙏

mr shad (20 Points)
Replied 12 December 2023

Indian Accounting Standards (Ind AS) are a set of accounting standards in India converged with International Financial Reporting Standards (IFRS), applicable primarily to listed companies and certain others. Accounting Standards (AS) were the earlier set of standards issued by the Institute of Chartered Accountants of India (ICAI) and applied to all companies in India, irrespective of international convergence.