IFRS stands for International Financial Reporting Standards, It is prepared by the IASB (International Accounting Standards Board). It is used in around 144 countries and is regarded as one of the most popular accounting standards.
IND AS is also known as Indian Accounting Standards or Indian version of IFRS. Indian AS or IND AS is used in the context of Indian companies.
Let us look at some of the points of difference between the IFRS and IND AS.
|IFRS stands for International Financial Reporting Standards, it is an internationally recognised accounting standard||IND AS stands for Indian Accounting Standards, it is also known as India specific version of IFRS|
|IASB (International Accounting Standards Board)||MCA (Ministry of Corporate Affairs)|
|144 countries across the world||Followed only in India|
|Companies complying with IFRS have to disclose as a note that the financial statements comply with IFRS||Such a disclosure is not mandatory for companies complying with Indian Accounting Standards or IND AS|
|It includes the following
1. Statement of financial position
2. Statement of profit and loss
3. Statement of changes in equity for the period
4. Statement of cash flows for the period
|It includes the following:
1. Balance Sheet
2. Profit and loss account
3. Cash flow statement
4. Statement of changes in equity
5. Notes to financial statements
6. Disclosure of accounting policies
|Companies complying with IFRS need have specific guidelines for preparing balance sheet with assets and liabilities to be classified as current and non-current||Companies complying with IND AS need have no such requirements for balance sheet format, but the guidelines are defined for presenting balance sheet|
This article was all about the topic of difference between IFRS and IND AS, which is an important topic for Commerce students. For more such interesting articles, stay tuned to BYJU’S.
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