Accounting Standard to be followed AS or IND AS ?, Corporate Laws / SEBI / LLP

[Prashant Kumar]

Which accounting standard to be followed AS as per ICAI or IND AS notified by MCA

Posts / Replies

[Ganeshan Kalyani]

Sir, IND AS is applicable w.e.f. 01.04.2016. Thanks.

[Prashant Kumar]

Thanks for reply , but my question is not regarding applicability , i want to know which AS to be followed ? IND AS or AS as issued by ICAI.

[Ganeshan Kalyani]

Sir, the draft of accounting standards are prepared by ICAI and MCA publishes the same. Hence both are same. This is my view. Thanks.

[MARIAPPAN GOVINDARAJAN]

Rule 4 of Companies (Indian Accounting Standard) Rules, 2015 prescribes the list of companies for which Indian Accounting Standards are applicable. For the companies other than in Rule 4 the Accounting Standards are applicable. You have to verify with Rule 4 for your applicability.