What are Accounting Standards (AS)? What is Ind-AS?

Question

Accepted Answer

Accounting Standards (AS) are guidelines for financial reporting. Ind-AS is the Indian version of International Financial Reporting Standards (IFRS).

AS are issued by the Institute of Chartered Accountants of India (ICAI) to ensure consistency and transparency in financial reporting.
Ind-AS is based on IFRS and is mandatory for certain companies in India.
Ind-AS aims to improve the quality of financial reporting and make it more comparable globally.
Ind-AS covers areas such as revenue recognition, financial instruments, and leases.
Companies listed on Indian stock exchanges and certain other companies are required to adopt Ind-AS.
AS and Ind-AS help investors and stakeholders make informed decisions based on accurate financial information.

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