Indian accounting standard-An Indian version of IFRS Dr. Sharma Anita Reader, Maharaja Surajmal Institute, Affiliated to GGSIPU Online published on 20 May, 2017. Abstract The International Accounting Standard Committee (IASC) is committed to eliminate the problems of multiple reporting system which is very time consuming and costly by developing one set standards for reporting financial statements, i.e. IFRS. More than 100 countries including all European Union countries and Pakistan, Bangladesh, Sri Lanka have already adopted IFRS. Barring UK and USA, by 2011 all developed and developing economies including India will be converging to IFRS. In India, IFRS was supposed to be introduced from 1st April 2011, with Sensex and Nifty companies as per the proposal of ICAI which was announced in July 2007. However it has been found that huge legislative changes are to be implemented in Company Law and other act and rules. As a result, Ministry of Company Affairs (MCA) in their meeting dated 22nd January, 2010 has decided not to adopt IFRS in its original form, from 1st April, but to adopt it in a phased manner with the introduction of Indian AS (Indian version of IFRS). On vide notification dated 16 February 2015 a roadmap has been laid down by the Ministry of Corporate Affairs by issuing the Companies (Indian Accounting Standards) Rules, 2015 for companies other than insurance companies, banking companies and non-banking finance companies for implementation of Indian Accounting Standards which are converged with International Financial Reporting Standards (IFRS). Top Keywords IFRS, Indian Accounting Standard, Financial year, ICAI, Convergence. Top |