The Indian Ministry of Corporate Affairs (MCA) has issued 35 Indian Accounting Standards (Ind AS) that are converged with International Financial Reporting Standards and announced their 'phased implementation' once certain Indian tax and other issues have been resolved.
Consistent with our earlier story, the Ind AS are based on IFRSs, but include some changes which are noted in the appendix to each standard. Some of the modifications may prevent an entity following Ind AS from making an explicit and unreserved statement of compliance with IFRSs (Ind AS 1 Presentation of Financial Statements requires a statement of compliance with Ind AS, not IFRSs).
See full Press Release.
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