Ind AS — Indian Accounting Standards
What it means
Ind AS are India's IFRS-converged accounting standards, notified under the Companies (Indian Accounting Standards) Rules, 2015, mandatory for listed companies and large unlisted companies. They are numbered to mirror IFRS/IAS (e.g., Ind AS 115 ≈ IFRS 15).
Where you meet it in the CA course
CA Final Paper 1 (Financial Reporting) is essentially an Ind AS paper — revenue (115), leases (116), financial instruments (109), business combinations (103) and consolidation (110) carry the bulk of marks.
Worked example
A listed company recognises lease liabilities and right-of-use assets under Ind AS 116, while a small private company under AS 19 still keeps operating leases off balance sheet.
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Talk to usWho must apply Ind AS?
All listed companies (and those in the process of listing) and unlisted companies with net worth of ₹250 crore or more, along with their holding, subsidiary, joint venture and associate companies. Banks and insurers follow their regulators' timelines.
Are Ind AS identical to IFRS?
They are converged, not identical — India made 'carve-outs' and 'carve-ins' (e.g., on bargain purchase gains and certain FX treatments) documented in each standard's appendix.