Accounting Standard to be followed AS or IND AS ?

[Prashant Kumar]

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

AI Summary

Clarification on Accounting Standards: IND AS Applicable from April 1, 2016; Check Rule 4 for Specific Applicability. A discussion on a forum involves a query about which accounting standards to follow: AS as per ICAI or IND AS notified by MCA. One participant clarifies that IND AS became applicable from April 1, 2016. Another states that both standards are essentially the same, as ICAI drafts them and MCA publishes them. A third participant refers to Rule 4 of the Companies (Indian Accounting Standard) Rules, 2015, which lists companies for which IND AS is applicable, advising to check Rule 4 for specific applicability.