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Common Set of Standards - Coggle Diagram
Common Set of Standards
Accounting Standards
(AS)
(For National Level Comparison)
To Bridge the gap between AS and IFRS
Issued by
ICAI
Indian Accounting Standard
(Ind AS)
Benefits
Attract Foreign Investment
Helpful for companies having subsidiary or Holding company in different countries
Better Transparency
Better Comparability
Indirectly results in increase in employment opportunities
Appicability
From 1st April 2016
Mandatory
1st April 2015 or thereafter
Voluntary Basis
Once Ind AS is followed, opting out is not possible
Phases
Phase 1
01/04/2016 Listed/Unlisted Companies - of which net woerth is equal to or more than 500 crores
Phase 4
01/04/2019 NBFCs, & Insurance Companies of having net worth of Rs. 250 Cr or more
Phase 2
01/04/2017 Listed Companies/Companies in the process of being listed - of which net worth is equal to or more than 250 crores
Phase 3
01/04/2018 Banks, NBFCs, & Insurance Companies of having a net worth of Rs. 500 Cr or more
Issued by
ICAI
International Financial Reporting Standards
(IFRS)
(For Global Level Comparison)
Issued by
IASB
Consists of
24 IAS
15 IFRIC
5 SIC
16 IFRS
Adoption
Meaning
The Country applying IFRS would be Implementing IFRS in the same manner as issued by the IASB and would be 100% compliant with the guidelines issued by IASB
Convergence
Meaning
The Accounting board of the Country applying IFRS would work together with IASB to develop high-quality compatible Accounting Standards which may deviate to a certain extent from the IFRS as issues by the IASB