Indian Accounting Standards&International Financial Reporting Standards (Ind AS) vs (IFRS)

- In order to have uniform accounting standards across the globe Indian companies are converging towards IFRS and adopted Ind AS. By the year 2020-21 all the companies will have these standards. Companies need to prepare balance sheet, P& L, cash flow and notes in accordance with Ind AS. A new grouping called Financial Assets and liabilities, A statement of changes in equity has been included. The Profit and Loss statement will show income and expenses for the year along with a statement of other comprehensive income.