Indian Accounting Standards (abbreviated as Ind AS) are a set of accounting standards notified by the Ministry of Corporate Affairs which are converged with International Financial Reporting Standards (IFRS).

So, Now India will have two set of Accounting Standards:-

• Existing Accounting Standards issued by Companies (Accounting Standards) Rules, 2006.
• IFRS converged Indian Accounting Standards (Ind AS).

PLEASE REFER THE ATTACHED NOTE FOR APPLICABILITY OF INDIAN ACCOUNTING STANDARDS (Ind AS) ALONG WITH EXISTING ACCOUNTING STANDARDS