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

[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.

[DR.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.

AI Summary

Applicability of Indian Accounting Standards determines whether IND AS or Accounting Standards govern company financial reporting. Applicability determines whether IND AS or Accounting Standards govern a company: notified Indian Accounting Standards apply to companies listed in the statutory applicability rules, while companies not covered by that list continue to follow Accounting Standards. The professional body drafts the standards, but regulatory notification establishes formal applicability, so practitioners must verify statutory criteria to determine the applicable framework.