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Accounting standards are policy documents published by expert accounting bodies or by the government or other regulatory bodies covering aspects of recognition, measurement, treatment, presentation, and disclosure of accounting transactions in financial statements.

Accounting standards are applicable to each enterprise based on their classification. Enterprises are classified and labeled as Level I, Level II and Level III companies.

Level I Enterprises

These are enterprises that fall under any one or more category below:

  • Enterprises whose equity or debt securities are listed whether in India or outside India
  • Enterprises which are in the process of listing their equity or debt securities. Board of directors’ resolution must be available as an evidence
  • Banks including co-operative banks
  • Financial institutions
  • Enterprises carrying on insurance business
  • All commercial, industrial, and business reporting enterprises, whose turnover not including ‘other income’ for the immediately preceding accounting period on the basis of audited financial statements exceeds INR 500 million
  • All commercial, industrial and business reporting enterprises having borrowings, including public deposits, in excess of INR 100 million at any time during the accounting period
  • Holding and subsidiary enterprises of any one of the above at any time during the accounting period

Level II enterprises

These enterprises fall under any one or more category below:

  • All commercial, industrial, and business reporting enterprises where turnover (excluding ‘other income’) for the immediately preceding accounting period on the basis of audited financial statements is greater than INR 4 million but less than INR 500 million
  • All commercial, industrial, and business reporting enterprises where borrowings, including public deposits, is greater INR 10 million but less than INR 100 million at any time during the accounting period
  • Holding and subsidiary enterprises of any one of the above at any time during the accounting period

Level III enterprises are those that do not fall under Level I and Level II.

Indian Accounting Standards

The Indian Accounting Standards (Ind AS), as notified under section 133 of the Companies Act 2013, have been formulated keeping in view the Indian economic and legal environment and to converge with the International Financial Reporting Standards.

Ind AS notified under the Companies Act, 2013 are governed by the provisions of the Indian Copyright Act, 1957 and the copyright in Ind AS vests in Government of India.

Indian Accounting Standards (Ind AS) as on April 1, 2020

Ind AS 101

First-Time Adoption of Indian Accounting Standards

Ind AS 102

Share-Based Payment

Ind AS 103

Business Combinations

Ind AS 104

Insurance Contracts

Ind AS 105

Non-current Assets Held for Sale and Discontinued Operations

Ind AS 106

Exploration for and Evaluation of Mineral Resources

Ind AS 107

Financial Instruments Disclosures

Ind AS 108

Operating Segments

Ind AS 109

Financial Instruments

Ind AS 110

Consolidated Financial Statements

Ind AS 111

Joint Arrangements

Ind AS 112

Disclosure of Interest in Other Entities

Ind AS 113

Fair Value Measurement

Ind AS 114

Regulatory Deferral Accounts

Ind AS 115

Revenue from Contracts with Customers

Ind AS 116

Leases

Ind AS 1

Presentation of Financial Statements

Ind AS 2

Inventories

Ind AS 7

Statement of Cash Flows

Ind AS 8

Accounting Policies, Changes in Accounting Estimates and Errors

Ind AS 10

Events after the reporting period

Ind AS 12

Income Taxes

Ind AS 16

Property, Plant and Equipment

Ind AS 19

Employee Benefits

Ind AS 20

Accounting for Government Grants and Disclosure of Government Assistance

Ind AS 21

The Effects of Changes in Foreign Exchange Rates

Ind AS 23

Borrowing Costs

Ind AS 24

Related Party Disclosures

Ind AS 27

Separate Financial Statements

Ind AS 28

Investments in Associates and Joint Ventures

Ind AS 29

Financial Reporting in Hyperinflationary Economies

Ind AS 32

Earnings per Share

Ind AS 33

Interim Financial Reporting

Ind AS 34

Impairment of Assets

Ind AS 37

Provisions, Contingent Liabilities and Contingent Assets

Ind AS 38

Intangible Assets

Ind AS 40

Investment Property

Ind AS 41

Agriculture

 

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