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INTRODUCTION TO IND AS – Indian Accounting Standards

INTRODUCTION TO IND AS – Indian Accounting Standards

Here in this article we sprinkle on Introduction to Indian Accounting Standards (IND AS) which can help you in understanding the IND AS and DipIFR so that you can make a wise decision by choosing it as a career option. IND AS is a reality which sooner you accept, better your life will be! Let’s know how:Ind AS is converged form of IFR, the Indian accounting standards applicable in India beginning financial year 1 April 2016 with the country transitioning to Ind AS for first time on 1 April 2015.
Ind AS is based on IFR, which is in great demand globally as International Accounting Standards Board (IASB) is committed to globalize the accounting standards internationally so that companies can produce a set of financial statements which are universal.The pace at which IFR is getting adopted around the world has created a shortage for accounting professionals who are aware of IFR and will take time to fill the gap, the reason for a sudden and increasing demand for IFR expertise globally.IFR or Ind AS, the words can be used interchangeably in India, since there are very few differences between Ind AS and IFR.
This also means that professionals, having knowledge of Ind AS is a global financial and accounting resource, capable to serving anywhere in the world.Since, India has already converged to IFR in the form of Ind AS with banking & insurance companies to follow the change sooner, the demand for Ind AS/IFR professionals is very high as all the companies who need to comply require a specialized manpower for successful implementation and maintaining the compliance to international accounting standards.
The professionals in India are aware of the fact that India will move to Ind AS/IFR since 2008, as our Prime Minister Dr Manmohan Singh was part of the group of countries in G20 Summit, who agreed to comply with international financial reporting requirements and declared 1 April 2011 for Ind AS implementation along with Canada, Brazil & Argentina. All these countries moved to IFR in 2011, but India postponed it and finally we implemented Ind AS in phases in India, beginning 1 April 2015.

The finance & accounting professionals or chartered accountants (CA’s), who were waiting for its implementation and had doubts regarding its implementation in India, now understand its importance and have no option, other than learning it.
A large number of listed& unlisted entities above worth 250 crores, are developing the skills of finance & accounts teams to cope with the change and are making the employees aware of the efforts and cooperation required from them to bring about a successful change and maintain it. To achieve the compliance, they are expecting new employees to have knowledge of Ind AS and wish the existing resources or professionals, to be prepared and understand the importance and impacts of the inevitable global change in the form of IFR in the world and Ind AS in India. It is better late than never!

The corporate finance & accounting professionals have either learnt Ind AS or are in the process of learning to maintain their jobs as well as compliance requirements in their respective entities.
So, who do you think, who needs to learn Ind AS/IFR Snow.
It is the turn of the students who are pursuing professional courses in India like CA. ICWA, CMA, CS and even post graduate courses MBA, M Com require the knowledge of Ind AS.

The syllabus of all the professional bodies is changing to incorporate Ind AS in the curriculum, so that students are prepared with the financial reporting & regulatory requirements of the corporate world.
It is high time for learning IFR/Ind AS from one of reputed global accountancy bodies to prove competency and being at par with global accounting professionals.
India is waiting for you to accept the change; the change is inevitable-Ind AS!

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April 1, 2020

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