Indian Accounting Standards (Ind AS): Applicability, Complete List & Guide
- Ind AS are 40 MCA-notified accounting standards under the Companies Act, 2013, broadly converged with IFRS with India-specific modifications.
- Ind AS applies to companies covered by the notified roadmap, including specified listed and unlisted companies and their holding, subsidiary, associate, and joint venture entities, subject to separate rules for banks, NBFCs, and insurance entities.
- Once a company adopts Ind AS, whether mandatorily or voluntarily, it must continue to follow it.
- The 40 notified Ind AS cover major reporting areas such as financial statements, revenue, leases, financial instruments, consolidation, fair value, business combinations, and insurance contracts.
- Ind AS 115 and Ind AS 116 are among the most significant standards in practice, especially for revenue recognition and lease accounting.
- Scheduled commercial banks are still outside a live Ind AS implementation date under the RBI roadmap. NBFCs and insurance entities follow separate sector-specific frameworks, and Ind AS 117 now applies in place of Ind AS 104 for entities within its scope.
- LLPs, partnership firms, and sole proprietorships are outside the Companies Act Ind AS roadmap and follow the applicable ICAI framework instead.
- From December 1, 2025, Small Company thresholds were enhanced to paid-up capital up to ₹10 crore and turnover up to ₹100 crore, subject to statutory exclusions.
- Ind AS transition requires an opening balance sheet, comparative restatement, and reconciliations under Ind AS 101, which can significantly affect profits, equity, assets, liabilities, and ratios.
- Non-compliance with applicable Ind AS can lead to Companies Act non-compliance and affect the statutory auditor’s report.
What Are Accounting Standards?
Accounting standards are authoritative written rules that determine how transactions and events should be recognised, measured, presented, and disclosed in financial statements.
In India, accounting standards for companies are notified by the Ministry of Corporate Affairs under Section 133 of the Companies Act, 2013. The Institute of Chartered Accountants of India develops and recommends standards through its standard setting process. The National Financial Reporting Authority oversees financial reporting quality and auditor accountability in the classes of entities that fall within its jurisdiction.
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Legal and Regulatory Framework
| Authority | Role |
|---|---|
| Ministry of Corporate Affairs | Notifies accounting standards under the Companies Act, 2013 |
| ICAI | Develops, reviews, and recommends standards |
| NFRA | Oversees financial reporting quality and auditor accountability in covered entities |
| RBI | Issues sector specific directions for banks and NBFCs |
| IRDAI | Issues sector specific directions for insurance entities |
| SEBI | Requires listed entities to comply with applicable financial reporting requirements in their filings |
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Objectives of Accounting Standards
• Ensure consistency in financial reporting across companies and across years
• Improve transparency so that financial statements reflect the substance of transactions
• Support comparability between companies
• Reduce inconsistency in accounting treatment
• Strengthen investor confidence
• Provide a clear framework for statutory audit and financial reporting compliance
History and Development of Ind AS in India
Pre Ind AS: The Old AS Framework
Before Ind AS, Indian companies generally followed the Accounting Standards notified under the older framework. India had a long standing set of standards developed by ICAI and notified by the MCA under the Companies Act framework applicable at the time.
The older AS framework was more India specific and less aligned with IFRS. It relied more heavily on historical cost and had narrower rules in areas such as financial instruments, fair value, revenue recognition , and consolidation.
Why India Moved to Ind AS
India chose convergence with IFRS instead of direct adoption. That means Ind AS is based on IFRS but includes modifications where Indian law, regulatory structure, or local conditions required a different treatment.
This approach aimed to improve comparability with global financial statements while preserving compatibility with Indian company law and sectoral regulation.
Key Milestones
| Year | Event |
|---|---|
| 2007 | ICAI formally advances the convergence approach with IFRS |
| 2011 | Earlier implementation discussions begin but are later deferred |
| 2015 | Companies (Indian Accounting Standards) Rules, 2015 notified |
| April 1, 2016 | Phase I implementation begins for larger companies |
| April 1, 2017 | Phase II implementation expands coverage |
| April 1, 2018 and April 1, 2019 | Separate Ind AS roadmap phases for NBFCs |
| 2024 | Ind AS 117 comes into the current insurance contracts framework, replacing Ind AS 104 for entities within scope |
| 2025 | MCA issued further amendment rules affecting the Ind AS framework |
| 2026 | Ind AS continues as the main corporate convergence framework for covered companies |
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Ind AS vs Old Indian GAAP (AS Standards)
Two accounting frameworks continue to exist in India for different classes of entities and companies.
| Feature | Old Indian GAAP (AS Standards) | Ind AS |
|---|---|---|
| Governing rules | Companies (Accounting Standards) Rules, 2021 for companies still under old AS | Companies (Indian Accounting Standards) Rules, 2015 |
| Alignment | India specific framework | IFRS converged framework |
| Number of standards | AS 1 to AS 29, with some numbering gaps | 40 notified Ind AS |
| Main users | Companies not covered by the Ind AS roadmap | Companies covered by the Ind AS roadmap |
| Revenue recognition | Older AS based model | Ind AS 115 |
| Leases | AS 19 | Ind AS 116 |
| Financial instruments | Limited and older framework | Ind AS 109, 107, 32 |
| Consolidation | Older consolidation standards | Ind AS 110, 111, 112, 28 |
| Fair value | Limited use | Structured fair value framework under Ind AS 113 |
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Schedule III Formats
• Division I applies to companies following old AS.
• Division II applies to companies following Ind AS.
• A company following Ind AS must use Division II of Schedule III.
Applicability of Ind AS
Phase I: From April 1, 2016
Ind AS became mandatory for:
• Listed companies with net worth of ₹500 crore or more
• Unlisted companies with net worth of ₹500 crore or more
Phase II: From April 1, 2017
Ind AS became mandatory for:
• Listed companies, other than companies listed on SME exchanges, that were not already covered in Phase I
• Unlisted companies with net worth of ₹250 crore or more but less than ₹500 crore
Group Entities Also Covered
If a company is covered by the Ind AS roadmap, Ind AS also applies to its:
• Holding companies
• Subsidiaries
• Associate companies
• Joint ventures
This applies even if the group entity itself does not independently meet the threshold.
This group extension is one of the most commonly missed triggers in practice.
Applicability Summary Matrix
| Company Type | Net Worth | Listing Status | Ind AS Mandatory From |
|---|---|---|---|
| Company | ₹500 crore or more | Listed or unlisted | April 1, 2016 |
| Company | ₹250 crore or more but less than ₹500 crore | Unlisted | April 1, 2017 |
| Company | Any net worth | Listed, other than SME exchange listed companies | April 1, 2017, subject to the roadmap |
| Group entity of Ind AS covered company | Any amount | Listed or unlisted | Same date as the covered company |
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Entities Outside the Ind AS Roadmap
The following entities are generally outside the Companies Act Ind AS roadmap unless brought in through a specific legal route:
Small Companies
A company that qualifies as a Small Company under Section 2(85) of the Companies Act, 2013 is generally outside the normal Ind AS applicability roadmap unless another trigger applies.
A major 2026 correction is the threshold. From December 1, 2025, the enhanced Small Company thresholds are:
• Paid up share capital up to ₹10 crore
• Turnover up to ₹100 crore
These limits are subject to the exclusions in the Companies Act. Not every private company under those financial limits automatically qualifies as a Small Company.
One Person Companies
One Person Companies are generally outside the normal Ind AS roadmap unless covered through another trigger.
LLPs, Partnership Firms, and Sole Proprietorships
These entities do not follow Ind AS under the Companies Act roadmap. However, it is incorrect to say that they follow no accounting standards at all.
They follow the applicable ICAI framework for LLPs and non company entities, not the Companies Act Ind AS framework.
Government and Special Category Entities
Certain public sector, government, regulated, or special category entities may have separate accounting or reporting directions. Their treatment depends on the legal framework governing the entity.
Voluntary Adoption of Ind AS
A company not mandatorily required to follow Ind AS may adopt it voluntarily, subject to the notified rules.
Important points:
• Voluntary adoption must be for a full financial year
• A company cannot adopt Ind AS in the middle of the year
• Once a company adopts Ind AS voluntarily, it cannot revert to old AS later
• If Ind AS applies through voluntary adoption, the related holding companies, subsidiaries, associates, and joint ventures are also affected according to the rule framework
When Companies Voluntarily Adopt Ind AS
Voluntary adoption is often considered when:
• A company is preparing for listing
• A company is part of a group that already reports under Ind AS
• A company has institutional or foreign investors seeking IFRS aligned reporting
• A company wants greater consistency with group reporting and valuation expectations
Complete List of All 40 Ind AS with Brief Descriptions
Ind AS 1 to 41 Series
| Ind AS | Title | Main Area |
|---|---|---|
| Ind AS 1 | Presentation of Financial Statements | Overall presentation of financial statements |
| Ind AS 2 | Inventories | Inventory measurement and valuation |
| Ind AS 7 | Statement of Cash Flows | Cash flow reporting |
| Ind AS 8 | Accounting Policies, Changes in Accounting Estimates and Errors | Changes in policies, estimates, and correction of errors |
| Ind AS 10 | Events after the Reporting Period | Adjusting and non adjusting events |
| Ind AS 12 | Income Taxes | Current tax and deferred tax |
| Ind AS 16 | Property, Plant and Equipment | Recognition and measurement of PPE |
| Ind AS 19 | Employee Benefits | Employee benefit accounting |
| Ind AS 20 | Accounting for Government Grants and Disclosure of Government Assistance | Government grants |
| Ind AS 21 | Effects of Changes in Foreign Exchange Rates | Foreign currency accounting |
| Ind AS 23 | Borrowing Costs | Capitalisation of borrowing costs |
| Ind AS 24 | Related Party Disclosures | Related party reporting |
| Ind AS 27 | Separate Financial Statements | Standalone accounting for investments |
| Ind AS 28 | Investments in Associates and Joint Ventures | Equity method |
| Ind AS 29 | Financial Reporting in Hyperinflationary Economies | Hyperinflation accounting |
| Ind AS 32 | Financial Instruments: Presentation | Liability vs equity classification |
| Ind AS 33 | Earnings Per Share | Basic and diluted EPS |
| Ind AS 34 | Interim Financial Reporting | Quarterly and interim reporting |
| Ind AS 36 | Impairment of Assets | Impairment testing |
| Ind AS 37 | Provisions, Contingent Liabilities and Contingent Assets | Provisions and contingencies |
| Ind AS 38 | Intangible Assets | Recognition and amortisation of intangibles |
| Ind AS 40 | Investment Property | Investment property accounting |
| Ind AS 41 | Agriculture | Biological assets and agricultural produce |
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Ind AS 101 to 117 Series
| Ind AS | Title | Main Area |
|---|---|---|
| Ind AS 101 | First time Adoption of Indian Accounting Standards | Transition to Ind AS |
| Ind AS 102 | Share based Payment | ESOPs and share based settlements |
| Ind AS 103 | Business Combinations | Acquisitions and goodwill |
| Ind AS 104 | Insurance Contracts | Earlier insurance standard, now replaced for in scope entities |
| Ind AS 105 | Non current Assets Held for Sale and Discontinued Operations | Held for sale classification |
| Ind AS 106 | Exploration for and Evaluation of Mineral Resources | Extractive sector exploration costs |
| Ind AS 107 | Financial Instruments: Disclosures | Risk and instrument disclosures |
| Ind AS 108 | Operating Segments | Segment reporting |
| Ind AS 109 | Financial Instruments | Classification, measurement, impairment, hedge accounting |
| Ind AS 110 | Consolidated Financial Statements | Consolidation |
| Ind AS 111 | Joint Arrangements | Joint operations and joint ventures |
| Ind AS 112 | Disclosure of Interests in Other Entities | Group structure disclosures |
| Ind AS 113 | Fair Value Measurement | Fair value framework |
| Ind AS 114 | Regulatory Deferral Accounts | Rate regulated activities for eligible adopters |
| Ind AS 115 | Revenue from Contracts with Customers | Revenue recognition |
| Ind AS 116 | Leases | Lease accounting |
| Ind AS 117 | Insurance Contracts | Current insurance contracts standard for entities within scope |
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Key Ind AS Deep Dives
Ind AS 101: First time Adoption
Ind AS 101 governs transition from the old GAAP framework to Ind AS.
It requires the company to prepare an opening Ind AS balance sheet at the transition date. That transition date is usually the beginning of the earliest comparative period presented in the first Ind AS financial statements .
Key features include:
• Mandatory exceptions, such as certain rules relating to estimates and financial instrument derecognition
• Optional exemptions, such as deemed cost options for property, plant and equipment and certain reliefs for past business combinations
• Detailed reconciliation requirements from previous GAAP to Ind AS
The transition usually affects retained earnings, deferred tax, asset measurement, and disclosures.
Ind AS 115: Revenue from Contracts with Customers
Ind AS 115 replaced the earlier revenue framework with a single 5 step model.
The 5 Step Model
• Step 1: Identify the contract with the customer
• Step 2: Identify the performance obligations
• Step 3: Determine the transaction price
• Step 4: Allocate the transaction price to the performance obligations
• Step 5: Recognise revenue when or as each performance obligation is satisfied
Key impact areas include:
• Multi element contracts
• Bundled products and services
• Variable consideration such as rebates, bonuses, and discounts
• Contract modifications
• Contract assets and contract liabilities
• Capitalisation of certain contract costs
Industries such as software, telecom, real estate, construction, and long term services often face the most detailed analysis under this standard.
Ind AS 116: Leases
Ind AS 116 fundamentally changed lessee accounting.
Under the old lease model, operating leases usually stayed off balance sheet for lessees.
Under Ind AS 116, lessees generally recognise:
• A right of use asset
• A lease liability
Main exemptions:
• Short term leases
• Leases of low value assets, where the practical expedient applies
Practical Effects of Ind AS 116
• Total assets increase
• Total liabilities increase
• EBITDA generally improves because rent expense is replaced by depreciation and interest
• Finance cost increases
• Key ratios such as debt to equity and return metrics may change significantly
Companies with large lease portfolios, such as retail chains, hospitals, logistics businesses, telecom infrastructure users, and companies operating from leased office or warehouse space, often see a major impact.
Ind AS 109: Financial Instruments
Ind AS 109 is one of the most technically demanding standards.
It covers:
• Classification and measurement of financial assets and liabilities
• Impairment
• Hedge accounting
Financial Asset Categories
• Amortised Cost
• Fair Value Through Other Comprehensive Income, or FVOCI
• Fair Value Through Profit or Loss, or FVTPL
Expected Credit Loss Model
Ind AS 109 replaced the older incurred loss approach with the expected credit loss model.
That means losses are recognised on a forward looking basis rather than only after a loss event becomes probable.
This is especially significant for:
• Trade receivables
• Loans
• NBFC portfolios
• Inter company funding exposures
The ECL model often requires data discipline, judgment, and support from robust provisioning methodology.
Ind AS Carve Outs and Carve Ins from IFRS
India adopted a convergence model, not pure adoption. Because of this, Ind AS differs from IFRS in some places.
Examples of Carve Outs
• Long term foreign currency monetary items have historically had different transitional treatment in India
• Investment accounting in separate financial statements has India specific options in the Ind AS framework
• Certain transition reliefs under Ind AS 101 are framed differently from IFRS
• Some aspects of hedge accounting and legal presentation are adapted for India
Examples of India Specific Additions
• Guidance connected with Indian tax features such as MAT related accounting treatment within the tax standard framework
• Indian company law presentation requirements through Schedule III
• Legal and capital structure related treatments that reflect Indian corporate law
The broad point remains that Ind AS is substantially aligned with IFRS, but not identical to IFRS.
Ind AS for Banks, NBFCs, and Insurance Companies
Banks
Banks do not follow the normal company roadmap in the same way as ordinary companies.
RBI had earlier announced an Ind AS implementation plan for scheduled commercial banks, but that transition was deferred. As of 2026, scheduled commercial banks continue outside a live implemented Ind AS date under the banking roadmap.
The main issues historically involved:
• Expected credit loss provisioning under Ind AS 109
• Alignment with prudential norms
• Regulatory capital implications
• System readiness and legislative alignment
NBFCs
NBFCs follow a separate phased roadmap.
Broadly, larger listed NBFCs and NBFCs crossing the prescribed net worth thresholds moved into Ind AS earlier than smaller NBFCs under that sector specific roadmap.
For NBFCs, the most important standards in practice are usually:
• Ind AS 109 for loan book classification and ECL
• Ind AS 107 for disclosures
• Ind AS 32 for instrument classification
• Ind AS 116 for leased premises and branch networks
Insurance Companies
Insurance entities are governed through a separate implementation framework.
Ind AS 117 is the current insurance contracts standard in place of Ind AS 104 for entities within its scope. Insurance accounting under Ind AS is highly specialised and interacts with IRDAI directions and sector specific implementation requirements.
Insurance companies and analysts should not rely on generic corporate Ind AS summaries alone. They should read the applicable IRDAI framework as well.
Ind AS vs IFRS
| Area | IFRS | Ind AS |
|---|---|---|
| Overall framework | International standards issued by IASB | IFRS converged Indian standards |
| Presentation terminology | Statement of Financial Position | Balance Sheet terminology retained through Indian law based formats |
| Legal framework | International reporting framework | Integrated with Indian company law and Schedule III |
| Carve outs | No India specific carve outs | Includes India specific carve outs and carve ins |
| Tax references | No Indian MAT context | Indian tax linked treatment where relevant |
| Insurance and sector regulation | Jurisdiction specific | Must work with Indian sectoral regulators such as RBI and IRDAI |
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Ind AS financial statements are broadly comparable with IFRS based statements, but they are not identical in every detail.
Transition to Ind AS
Transition to Ind AS is not just a note disclosure exercise. It is a full conversion process.
Step 1: Determine the First Ind AS Financial Year
The company must identify the first year in which it is required to report under Ind AS.
Step 2: Determine the Transition Date
The transition date is normally the start of the earliest comparative period presented in the first Ind AS financial statements.
Step 3: Prepare the Opening Ind AS Balance Sheet
- Assets and liabilities are re measured under Ind AS rules.
- Some earlier balances may need to be derecognised.
- Some new balances may need to be recognised.
Step 4: Restate Comparative Figures
The previous year's comparative financial statements are restated under Ind AS.
Step 5: Present Reconciliations
The first Ind AS financial statements must include reconciliation from previous GAAP to Ind AS for equity and profit measures, as required by Ind AS 101.
Common Transition Impact Areas
| Standard | Typical Impact |
|---|---|
| Ind AS 116 | Lease assets and liabilities recognised |
| Ind AS 109 | Higher impairment provisions in some cases |
| Ind AS 12 | Broader deferred tax recognition |
| Ind AS 115 | Revenue timing differences and contract balances |
| Ind AS 19 | Employee benefit remeasurement effects |
| Ind AS 103 | Goodwill and fair value related acquisition adjustments |
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Common Compliance Challenges in 2026
1. Fair Value Measurement
Valuing unquoted instruments, level 3 inputs, complex investments, and acquisition balances often requires valuation expertise and strong documentation.
2. ECL Under Ind AS 109
Even non financial corporates face ECL challenges for trade receivables, deposits, guarantees, and inter company balances.
3. Lease Identification
Many embedded leases are hidden inside service or outsourcing contracts. These are often missed during implementation.
4. Revenue Recognition
Complex contracts, bundled deliverables, and variable consideration require contract by contract assessment.
5. Deferred Tax
Ind AS 12 often produces wider deferred tax effects than companies expect during first time transition and after fair value or lease related adjustments.
6. Group Reporting Consistency
When the parent is under Ind AS, group entities pulled into the framework need aligned policies, reporting packs, and consolidation controls.
Recent Amendments and Updates
The Ind AS framework has continued to evolve, including amendment rules issued in 2025. Companies should ensure they are using the current text of the standards and not older compilations.
Key current update points include:
• Ind AS 117 is now the current insurance contracts standard for entities within scope
• The Ind AS framework saw further amendments in 2025
• The 2026 position on Small Company thresholds has changed significantly from what older articles still quote
• NFRA remains active in enforcement and reporting quality oversight in areas such as revenue recognition, impairment, related party disclosures, and audit quality
Penalties and Consequences of Non Compliance
If a company that is required to follow Ind AS does not prepare its financial statements in accordance with the applicable framework, the issue is not merely technical. It can affect compliance under the Companies Act, 2013 and the auditor's reporting obligations.
Main Consequences
• Failure to maintain proper books and prepare financial statements correctly can trigger statutory consequences for the company and officers in default
• The statutory auditor must report departures from applicable accounting standards in the audit report
• Serious cases involving falsification or intentional misstatement can have wider legal consequences
• NFRA may also take action in matters involving audit quality and reporting failures within its jurisdiction
Ind AS and GST
Ind AS and GST do not operate on the same basis. Ind AS governs the recognition of accounting in financial statements. GST is governed by the CGST Act, IGST Act, rules, notifications, and time of supply provisions.
Important: Accounting revenue under Ind AS 115 does not decide when GST becomes payable. GST liability follows the GST law, not accounting timing.
Common Areas Where Numbers Differ
Advances
For goods, GST law and notifications must be checked carefully because the treatment of advances is not the same as a simple accounting rule.
For services, timing under GST may differ from accounting recognition.
Long Term Contracts
Revenue may be recognised over time under Ind AS, but GST liability is linked to tax law events such as invoicing and statutory time of supply rules.
Discounts and Variable Consideration
Ind AS may estimate variable consideration earlier than the tax adjustment process under GST.
Contract Liabilities
Amounts shown as contract liabilities in books do not automatically determine GST treatment.
Ind AS revenue and GST turnover often differ, and companies should document the reconciliation clearly for annual compliance and scrutiny management.
How Accounting Software Supports Ind AS Compliance
Software does not replace accounting judgment, but it can reduce compliance risk and improve consistency.
Useful Ind AS Support Features
• Division II Schedule III financial statement formats
• Deferred tax tracking
• Multi currency accounting
• Lease schedules and amortisation tracking
• Related party tagging and reporting support
• Segment wise coding for reporting
• Audit trail and change tracking
• Consolidation support where group reporting is required
For companies subject to e-invoicing under GST, BUSY's e invoice software ensures that invoice data registered on the IRP flows directly into accounting records, supporting the consistency between revenue entries, GST returns, and financial reporting required under Ind AS.
For Ind AS compliant reporting, system structure matters because many adjustments require repeatable schedules and disciplined closing controls.
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Conclusion
Indian Accounting Standards are now the main corporate financial reporting framework for companies covered by the notified roadmap in India. They have moved Indian reporting much closer to global practice while preserving India-specific legal and regulatory requirements.
For finance teams, auditors, lenders, investors, and growing businesses, Ind AS is not just an accounting label. It affects valuation, covenant interpretation, lease reporting, impairment, revenue timing, tax reconciliations, and the overall credibility of financial statements.
For companies approaching the applicability threshold or entering a larger group structure, transition planning should start early. The first year requires technical choices, system readiness, comparative restatement, and strong documentation.
BUSY Accounting Software supports the reporting foundation needed by Ind AS applicable companies through Schedule III reporting formats, audit trail support, multi currency accounting, and structured financial reporting workflows.
