List of Indian Accounting Standards (AS and Ind AS)
India has two sets of accounting standards: the legacy Indian Accounting Standards (AS) issued by ICAI under the old framework, and the newer Indian Accounting Standards (Ind AS), which are converged with IFRS and mandated for larger companies. Understanding which set applies to your business is the first step.
Two Frameworks: AS vs Ind AS
| Aspect | AS (Indian GAAP) | Ind AS (IFRS-converged) |
|---|---|---|
| Issued by | ICAI | MCA (notified under Companies Act) |
| Applicable to | Companies not mandated to use Ind AS; smaller entities | Listed companies, large unlisted companies |
| Convergence | Independent Indian standards | Converged with IFRS (some carve-outs) |
| Complexity | Simpler | More detailed, more disclosures |
| Financial statements | Historical cost basis largely | Fair value for many instruments |
Who Must Use Ind AS
| Category | Ind AS Applicability |
|---|---|
| Listed companies (equity / debt) | Mandatory - all listed companies |
| Unlisted companies with paid-up capital ≥ ₹250 crore | Mandatory |
| Unlisted companies with turnover ≥ ₹500 crore | Mandatory |
| Holding, subsidiary, JV, associate of above | Mandatory |
| Banks, NBFCs, Insurance companies | Separate regulatory frameworks apply |
| All others | Use AS (Indian GAAP) |
Key Indian Accounting Standards (AS)
| Standard | Topic |
|---|---|
| AS 1 | Disclosure of Accounting Policies |
| AS 2 | Valuation of Inventories |
| AS 3 | Cash Flow Statements |
| AS 6 | Depreciation Accounting (superseded by Schedule II, Companies Act) |
| AS 9 | Revenue Recognition |
| AS 10 | Property, Plant and Equipment |
| AS 11 | Effects of Changes in Foreign Exchange Rates |
| AS 13 | Accounting for Investments |
| AS 15 | Employee Benefits |
| AS 16 | Borrowing Costs |
| AS 17 | Segment Reporting |
| AS 18 | Related Party Disclosures |
| AS 21 | Consolidated Financial Statements |
| AS 22 | Accounting for Taxes on Income (Deferred Tax) |
| AS 26 | Intangible Assets |
| AS 28 | Impairment of Assets |
| AS 29 | Provisions, Contingent Liabilities and Assets |
Key Ind AS Standards
| Standard | IFRS Equivalent | Topic |
|---|---|---|
| Ind AS 1 | IAS 1 | Presentation of Financial Statements |
| Ind AS 2 | IAS 2 | Inventories |
| Ind AS 7 | IAS 7 | Cash Flow Statements |
| Ind AS 16 | IAS 16 | Property, Plant and Equipment |
| Ind AS 19 | IAS 19 | Employee Benefits (includes defined benefit plans) |
| Ind AS 32/107/109 | IAS 32/IFRS 7/IFRS 9 | Financial Instruments |
| Ind AS 36 | IAS 36 | Impairment of Assets |
| Ind AS 37 | IAS 37 | Provisions, Contingent Liabilities and Assets |
| Ind AS 38 | IAS 38 | Intangible Assets |
| Ind AS 101 | IFRS 1 | First-time Adoption of Ind AS |
| Ind AS 102 | IFRS 2 | Share-Based Payment |
| Ind AS 108 | IFRS 8 | Operating Segments |
| Ind AS 115 | IFRS 15 | Revenue from Contracts with Customers |
| Ind AS 116 | IFRS 16 | Leases |
Options for Small and Medium Entities
ICAI has issued the Accounting Standards for Non-Corporate Entities and a simplified framework for Small and Medium-sized Entities (SMEs). These reduce disclosure requirements while maintaining the core measurement principles.
For a private limited company not covered by Ind AS, the full AS framework applies - but disclosure requirements are lighter than for listed or large companies.
QCan a company voluntarily adopt Ind AS even if not required?
Yes. Any company may voluntarily adopt Ind AS. Once adopted, it cannot revert to AS. Voluntary adoption is common for companies planning an IPO or seeking foreign investment.
QWhen did Ind AS become mandatory in India?
Phase I (FY 2016-17): companies with net worth ≥ ₹500 crore. Phase II (FY 2017-18): listed companies and those with net worth ≥ ₹250 crore. The thresholds have since been revised.
Was this article helpful?