The Ministry of Corporate Affairs (MCA), in 2015, had notified the Companies (Indian Accounting Standards (IND AS)) Rules 2015, which stipulated the adoption and applicability of IND AS in a phased manner beginning from the Accounting period 2016-17.

The MCA has since issued three Amendment Rules, one each in year 2016, 2017, and 2018 to amend the 2015 rules. The IND AS are basically standards that have been harmonized with the IFRS to make reporting by Indian companies more globally accessible.

Since Indian companies have a far wider global reach now as compared to earlier, the need to converge reporting standards with international standards was felt, which has led to the introduction of IND AS.

Following are the objectives of applying Indian accounting standards: Ensure companies in India adopt these standards to implement internationally recognized best practices. Ensure that compliance is maintained worldwide. Have a single framework for a single accounting system. The standard was developed in accordance with IFRS principles. Therefore, it serves as a guide for the implementation of the standard. Accounting systems used in India can be analyzed and understood by global companies. This will make the annual financial statements and company accounts transparent.

This Brief course helps the Indian students and professionals to understand the basics of Indian accounting standards. Indian accounting standards is a paradigm shift from the already existing accounting standards. The students can also learn about schedule III of companies act,2013.