TL;DR for CAs
- Ind AS applicability depends on listing and net worth criteria.
- First-time adoption (Ind AS 101) needs careful exemptions election.
- IT systems and tax book differences are major change areas.
What it is
Indian Accounting Standards (Ind AS) converge with IFRS for specified classes of companies.
Who it applies to
Listed companies and unlisted companies meeting net worth thresholds, plus voluntary adopters.
Key provisions
- Roadmap phases
- Ind AS 101 exemptions/exceptions
- Comparative period restatement
Practical tips for CAs
Run parallel reporting for one year. Align revenue recognition and lease accounting early.
Common mistakes
Ignoring deferred tax on Ind AS adjustments; weak opening balance sheet documentation.
For general guidance only. Verify with the latest Finance Act, GST notifications, and ICAI guidance notes before advising clients.