I’m a commerce student in India preparing for my college exams. I have some doubts regarding the new Ind AS and implementation of Ind AS in India. Can someone explain these accounting standards to me in simple terms?
Ind AS are the new accounting standards adopted by Indian companies to align with IFRS. Some key changes are fair value based accounting, new revenue recognition standard etc. It aims for more transparent financial reporting.
Ind AS will involve a lot of estimates and judgments so you need to be careful while implementing them. Don’t worry too much about the details, focus on the key changes from earlier Indian GAAP standards.
Ind AS is still a work in progress in India, many companies have yet to fully implement them. So there will still be some confusion and issues in the initial years. But it’s the right move towards international convergence.
The biggest change will be in the financial statements – balance sheet, income statement and cash flow statement. You have to understand how each Ind AS will impact these statements for different types of companies. Start with that.
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