LearningCat: Implementation and Compliance (IND AS)
Applicability of IND AS
Companies (Indian Accounting Standards (Ind AS)) Rules 2015 Notified by the Ministry of Corporate Affairs (MCA), which makes financial reporting in India turn a new leaf. This makes the accounting period 2016–17 Ind AS adoption phase-wise. These standards were later improved upon by the other subsequent changes in the years 2016, 2017, and 2018, which […]
Audit and Assurance with Respect to Indian Accounting Standards
In the tangled world of finance, auditing and assurance are like the backbone of reliable financial reporting. In India, these services ensure that financial statements line up with Indian Accounting Standards (Ind AS), which aim to match global practices. Let’s break down how audit and assurance work with Ind AS and why they matter. What […]
Case Study: Infosys IndAS Implementation
Infosys, an Indian multinational company that is now a global leader in innovation and technology, took off on the journey for the installation of Indian Accounting Standards (IndAS) to synchronize with international financial reporting standards. This shift is taken for the sake of more clarity, compatibility, and enhanced financial disclosures, making Infosys more determined and […]
Challenges in Adopting Ind AS
Adopting Indian Accounting Standards (Ind AS) is a major step towards synchronizing India’s financial reporting with global practices. But the path to adopting Ind AS is crowded with a lot of challenges. For system updates and vast training, the process can be challenging. This blog will guide you through the challenges and how to overcome […]
The Process of Standard Development in Ind AS
Introduction The objective of the comprehensive and methodical process of developing Indian Accounting Standards (Ind AS) is to ensure that India’s financial reporting standards are consistent with the internationally recognized International Financial Reporting Standards (IFRS). The objective of this harmonization is to enhance the transparency, comparability, and reliability of financial statements in India, thereby facilitating […]