Indian GAAP, IFRS and Ind AS
Outlining the key differences between Indian GAAP (including the provisions of Schedule III to the Companies Act, 2013, where considered necessary), IFRSs in issue as at 31 December 2014 and Ind ASs.
On 16 February 2015, the Ministry of Corporate Affairs (MCA) notified the Companies (Indian Accounting Standards) Rules, 2015 (the 'Rules') (pending publication in the Gazette of India. The Rules specify the Indian Accounting Standards (Ind AS) applicable to certain class of companies and set out the dates of applicability.
The summary does not attempt to capture all of the differences that exist or that may be material to a particular entity's financial statements or all the provisions of Schedule III to the Companies Act, 2013 nor does it include differences relating to pronouncements by other regulators such as RBI, Income tax authorities, etc. Our focus is on differences that are commonly found in practice. Accordingly, we recommend that readers seek appropriate professional advice regarding any specific issues that they encounter. This publication should not be relied as a substitute for such advice.