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 Taxonomy

Guidance Note on Certification of XBRL Financial Statements

The Ministry of Corporate Affairs vide General Circular No.37/2011 dated June 07, 2011 had made it mandatory for certain class of companies to file their financial statements along with Directors and Auditors Report for the FY 2010-11 onwards by using the XBRL taxonomy. Further vide Ministry’s General Circular No. 57/ 2011 dated July 28, 2011, besides signing by signatories as specified u/s 215 of the Companies Act, 1956, the financial statements prepared in XBRL mode for filing […]