List of Indian Accounting Standards

Ind AS

Objective/ Deals with

Relevant Accounting standard or Guidance note

Ind AS 101 –

First-time adoption of Ind AS

Its main objective is to prepare first financial statements as per Ind AS containing high quality information that is transparent, comparable and prepared at economical cost, suitable starting point for accounting in accordance with Ind AS.

N.A.

Ind AS 102 –

Share Based payments

It deals with accounting of share-based payment transactions and reflect effect of such payment on profit or loss and financial statements of entity.

Guidance note on Employee Share Based Plans

Ind AS 103 –

Business Combination

It applies to transaction or other event that meets the definition of a business combination. This standard helps in improving the relevance, reliability and comparability of the information that a reporting entity provides in its financial statements about a business combination and its effects. 

AS 14

Ind AS 104 –

Insurance Contracts

This standard specifies financial reporting for insurance contracts by insurer entity.

N.A.

Ind AS 105 –

Non-Current Assets Held for Sale and Discontinued Operations

This standard specifies accounting for assets held for sale, and presentation and disclosure of discontinued operations.

AS 24

Ind AS 106 –

Exploration for and Evaluation of Mineral Resources

This standard specifies financial reporting for exploration and evaluation of mineral resources.

N.A.

Ind AS 107 –

Financial Instruments: Disclosures

This standard require entities to provide disclosures related to financial instruments that will enable users to evaluate significance of financial instruments for entity’s financial position and performance and nature and extent of risks arising from financial instruments to which the entity is exposed during the period and at the end of the reporting period, and how the entity manages those risks.

AS 32

Ind AS 108 –

Operating Segments

This standard discloses information to enable users of its financial statements to evaluate the nature and financial effects of the business activities in which it engages and the economic environments in which it operates.

AS 17

Ind AS 109 –

Financial Instruments

This Standard establish principles for financial reporting of financial assets and financial liabilities that will present relevant and useful information to users of financial statements for their assessment of the amounts, timing and uncertainty of an entity’s future cash flows.

AS 30, AS 31 and Guidance note on derivative contract

Ind AS 110 –

Consolidated Financial Statements

This standard establish principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities.

AS 21

Ind AS 111 –

Joint Arrangements

This standard establish principles for financial reporting by entities that have an interest in arrangements that are controlled jointly (known as joint arrangements).

AS 27

Ind AS 112 –

Disclosure of Interests in Other Entities

This standard requires an entity to disclose information that enable users of its financial statements nature risk and effect of such interest in other entities.

AS 21, AS 23 and AS 27

Ind AS 113 –

Fair Value Measurement

This standard defines fair value, set outs framework for measuring fair value and disclosures about fair value measurements. Such fair measurement principle will apply when another Ind AS requires or permits use of fair value.

N.A.

Ind AS 114 –

Regulatory Deferral Accounts

This Standard specifies financial reporting requirements for regulatory deferral account balances that arise when an entity provides goods or services to customers at a price or rate that is subject to rate regulation.

Guidance note on accounting for rate regulated activities

Ind AS 115 –

Revenue from Contracts with Customers

This Standard establishes principles that an entity shall apply to report useful information to users of financial statements about nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer.

AS 7 & AS 9

Ind AS 1 –

Presentation of Financial Statements

This standard sets out overall requirements for presentation of financial statements, guidelines for their structure and minimum requirements for their content to ensure comparability.

AS 1

Ind AS 2 –

Inventories Accounting

Its deals with accounting of inventories such as measurement of inventory, inclusions and exclusions in its cost, disclosure requirements, etc.

AS 2

Ind AS 7 –

Statement of Cash Flows

It deals with cash received or paid during the period from operating, financing and investing activities. It also shows any change in the cash and cash equivalents of any entity.

AS 3

Ind AS 8 –

Accounting Policies, Changes in Accounting Estimates and Errors

It prescribes criteria for selecting and changing accounting policies together with accounting treatments and disclosures.

AS 5

Ind AS 10 –

Events after Reporting Period

It deals with any adjusting or non-adjusting event occurring after reporting date and

AS 4

Ind AS 12 –

Income Taxes

This standard prescribes accounting treatment for income taxes. The principal issue in accounting for income taxes is how to account for the current and future tax

AS 22

Ind AS 16 –

Property, Plant and Equipment

This standard prescribes accounting treatment for Property, Plant And Equipment (PPE) such as recognition of assets, determination of their carrying amounts and the depreciation charges and impairment losses to be recognised in relation to them.

AS 10

Ind AS 116 –

Leases

This standard prescribes appropriate accounting policies and principle for lessees and lessors.

AS 19

Ind AS 19 –

Employee Benefits

This standard prescribes accounting and disclosure requirements relating to employee benefits.

AS 15

Ind AS 20 –

Accounting for Government Grants and Disclosure of Government Assistance

This Standard shall be applied in accounting for and in disclosure of, government grants and in disclosure of other forms of government assistance.

AS 12

Ind AS 21 –

The Effects of Changes in Foreign Exchange Rates

This Standard prescribes how to include foreign currency transactions and foreign operations in the financial statements of an entity and how to translate financial statements into a presentation currency.

AS 11

Ind AS 23 –

Borrowing Costs

It provides borrowing cost incurred on qualifying asset should form part of that asset, it also guides on which finance cost should be capitalised, conditions for capitalisation, time of commencement and cessation of capitalisation of borrowing cost.

AS 16

Ind AS 24 – Related Party Disclosures

This standard ensures that an entity’s financial statements contains necessary disclosures to draw attention to the possibility that its financial position and profit or loss may have been affected by the existence of related parties and by transactions and outstanding balances.

AS 18

Ind AS 27 –

Separate Financial Statements

This Standard prescribes accounting and disclosure requirements for investments in subsidiaries, joint ventures and associates when an entity prepares separate financial statements.

AS 13

Ind AS 28 –

Investments in Associates and Joint Ventures

This standard prescribes accounting for investments in associates and to set out requirements for the application of equity method when accounting for investments in associates and joint ventures.

AS 23, AS 27

Ind AS 29 –

Financial Reporting in Hyperinflationary Economies

This standard will gives inclusive list of characteristics that will categorise an economy as hyper inflationary and reporting of operating results and financial position.

N.A.

Ind AS 32 –

Financial Instruments: Presentation

This Standard establishes principles for presenting financial instruments as liabilities or equity and for offsetting financial assets and financial liabilities.

AS 32

Ind AS 33 –

Earnings per Share

This Standard prescribe principles for the determination and presentation of earnings per share

AS 20

Ind AS 34 –

Interim Financial Reporting

This Standard prescribes minimum content of an interim financial report and principles for recognition & measurement in complete or condensed financial statements for an interim period.

AS 25

Ind AS 36 –

Impairment of Assets

This Standard prescribe procedures that an entity applies to ensure that an asset’s carrying amount is not more than its recoverable amount.

AS 28

Ind AS 37 –

Provisions, Contingent Liabilities and Contingent Assets

This Standard ensures that appropriate recognition criteria and measurement bases are applied to provisions, contingent liabilities and contingent assets and proper disclosures are made in the notes to enable users to understand their nature, timing and amount.

AS 29

Ind AS 38 –

Intangible Assets

This Standard prescribes accounting treatment for intangible assets. It specifies conditions for recognition of intangible asset and how to measure carrying amount at which intangible asset should be recognised.

AS 26

Ind AS 40 –

Investment Property

This Standard prescribes accounting treatment for investment property and related disclosure requirements.

AS 13

Ind AS 41 –

Agriculture

This Standard prescribes accounting treatment and disclosures related to agricultural activity.

N.A.