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Difference between ind as and ifrs

Naman (article) (27 Points)

10 May 2015

I want to know the difference between Ind AS and IFRS. Also when are they going to be applicable for CA Final.

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4 Replies

Pooja Tewary (Hedge Fund Accountant) (258 Points)
Replied 11 May 2015

IFRS are internationally acclaimed accounting standards and in simple terms IND AS is nothing but a desi version of IFRS. Why India opting for IND AS? This is because ..IFRS has been framed in context with global economy(which mostly comprises of developed economies) whereas India still being a developing economy will not be able to match up with the same...hence taking some links from the IFRS, IND AS has been formulated to keep up with the world economic standards and at the same time adjust to the Indian Scenario. Hope this satisfies :)

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Pooja Tewary (Hedge Fund Accountant) (258 Points)
Replied 11 May 2015

And yes Ind AS will be applicable for all attempts after Nov'15.Hence not applicable for Nov'15...and this is a confirmed news. Good luck!

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Mayank (CA) (23 Points)
Replied 19 May 2015

Its correctly answered by Pooja. The only thing I am not confident about it as withdrawl of AS when Ind AS gets applicable for students. Naman you could go through this video of D S Rawat for an overview : https://youtu.be/4oR2fiJrtjs