Indian Accounting Standard (abbreviated as Ind-AS) is the Accounting standard adopted by companies in India and issued under the supervision and control of Accounting Standards Board (ASB), which was constituted as a body in the year 1977
ASB is a committee under Institute of Chartered Accountants of India (ICAI) which consists of representatives from government department, academicians, other professional bodies viz. ICAI, representatives from ASSOCHAM, CII, FICCI, etc.
The Ind AS are named and numbered in the same way as the corresponding International Financial Reporting Standards (IFRS)
National Advisory Committee on Accounting Standards (NACAS) recommend these standards to the Ministry of Corporate Affairs (MCA)
MCA has to spell out the accounting standards applicable for companies in India. As on date MCA has notified 41 Ind AS
This shall be applied to the companies of financial year 2015-16 voluntarily and from 2016-17 on a mandatory basis
Based on the international consensus, the regulators will separately notify the date of implementation of Ind-AS for the banks, insurance companies etc.
Standards for the computation of Tax has been notified as ICDS in February 2015
