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Ind AS

14 June 2017

Hello Frnds,

I wanted to Know why Ind AS was
introduced in first place and second on what aspects it is going to benefit Indian Companies.

And thirdly,how different is Ind AS from previous AS.

All comments are welcomed and much Appreciated.

Pls Enlighten me on these questions

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7 Replies

Riya Garg (Student) (114 Points)
Replied 14 June 2017

1. in pursuance of the G-20 commitment given by india
2

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Riya Garg (Student) (114 Points)
Replied 14 June 2017

to converge indian as with ifrs
2. it will it improve the quality of financial reporting and hv an impact on how key financials such as revenue, operating profit, net profit, book value, goodwill and return on equity will be calculated
3. the fundamental difference is that ind as recognize substance over form and importance of fair value to compute finl statements

CA Gopal Somani (Consultant) (2057 Points)
Replied 14 June 2017

I've been uploading videos on youtube explaining the differences between various AS and Ind AS. If you want to know AS wise differnces the videos. Below is the link to some of the videos

Difference in AS & Ind AS - AS 16 vs Ind AS 23 (Borrowing Costs)

https://youtu.be/hhAJnysdgng

Difference in AS and Ind AS - AS 2 vs Ind AS 2

https://youtu.be/DowstExpNio

Difference in AS & Ind AS - AS 3 vs Ind AS 7 (Cash Flow)

https://youtu.be/zVt11LkogNI

Please let me know if you have any doubts.

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