Applicability of International Financial Reporting Standards in India

The Ministry of Corporate Affairs (MCA) has notified the Companies (Indian Accounting Standards) Rules, 2015 vide its notification dated 16th February 2015. Accordingly, it has notified 39 Indian accounting standards (Ind ASs) and set the roadmap for implementation of Ind ASs for companies. The new Ind Ass, which are the converged version of international financial reporting standards (IFRSs) are applicable from different dates for different companies in India. The changeover to IFRS is a significant challenge, but it is also an opportunity for chartered accountants. This paper is intended to provide an overview of the background of Accounting Standards and IFRS, a brief discussion about Accounting standards and Ind As and the road map which is notified by MCA for Indian companies.