Ind AS Convergence with IFRS
– By CA Niketa Agarwal
Ind AS–Indian Accounting Standards converged with International Financial Reporting Standards (IFRS) has now become a reality. Soon after the revised roadmap for implementing Ind AS was announced in January, 2015, the MCA through notification dated 16th February, 2015 issued the Companies (Indian Accounting Standards) Rules, 2015 (Rules) which lays down a roadmap for companies other than insurance companies, banking companies and non-banking finance companies (NBFC) for implementation of Ind AS converged with IFRS. Adopting Ind AS may affect many facets of an organization beyond its financial reporting. This article deals with the conversion process and the exemptions available under various Ind AS.