Ind AS vs. Indian GAAP: What are the key differences?

India is trying to move to the Indian IFRS accounting standards popularly known as Ind AS. This move will not be easy considering that Ind AS is rather different from the current Indian GAAP standards. Here are some highlights in the differences between the two standards that are bound to make the migration challenging. Taxonomy Generally, the Indian GAAP taxonomy has an estimation of 2500 elements. This is a small figure compared to the Ind […]

XBRL impact on the new Ind AS Accounting Standards

It is no new news that ICAI has been working on IFRS convergence with Indian Accounting Standards for several years now. This converged standard is termed Ind AS popularly. The Ind AS is very similar to the IFRS but has some sections carved out to match the Indian accounting environment. As a part of MCA’s road map, the first set of financial statements prepared as per Ind AS standards are set to be prepared and filed by companies with a share […]