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The Indian Accounting Standards also known as Ind AS and are structured in line with the International Financial Reporting Standards (IFRS). The nomenclature for the naming and numbering of Ind AS is same as that of IFRS.
In India, Ministry of Corporate Affairs (MCA) had notified phase-wise convergence of Indian Standards with IFRS which are known as Indian Accounting Standard (Ind AS). These standards have become effective from financial year 2016-17 and in Phase I, were applicable to all listed companies and companies having net worth exceeding Rs.500 crores and by Phase II it was applicable to companies having net worth exceeding Rs.250 crores.
With Ind AS compliance being mandatory for specified companies, for companies operating in India need to prepare for Ind AS implementation. Businesses should firstly develop an outline of how the new standards will replace existing ones, and then look to embed Ind AS into their operational systems, train their financial teams, and ensure all company managers understand the new accounting principles.
We have the experience of working on Ind AS conversion of more than 20 companies