Converging with IFRS-IND AS, Differences and Challenges

Abstract

After a series of amendments and notifications, finally Ministry of Corporate Affairs (MCA) declared the adaptation of Indian Accounting Standards (IND-AS).The main purpose of adopting IND AS is to make Indian accounting practices global. But India did not adopt IFRS (International Financial Reporting System), instead of that India prepared its own Accounting Standards known as IND-AS which converges with IFRS. It means it is much similar to IFRS but with some modification in order to fulfill the requirements of Indian Laws. The basic purpose of this paper is to understand new IND-AS, difference with IFRS and what types of challenges India would face in adapting to IND-AS.