IND AS Meaning and
Definition
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Ind AS stands for Indian Accounting Standards. They are a set of accounting principles and guidelines that are issued by the Accounting Standards Board of the Institute of Chartered Accountants of India (ICAI). Ind AS are formulated with the objective of standardizing the accounting practices and improving the quality and transparency of financial reporting in India.
These standards are based on International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). The adoption of Ind AS harmonizes the Indian accounting framework with the global standards and facilitates comparability and consistency of financial statements across different countries.
Ind AS covers various aspects of financial reporting, including recognition, measurement, presentation, and disclosure of financial information. It provides guidance on topics such as revenue recognition, leases, financial instruments, consolidation, fair value measurement, and employee benefits, among others.
The implementation of Ind AS is mandatory for certain classes of companies, such as listed entities, large unlisted companies, and banks and insurance companies. The transition to Ind AS requires companies to make significant changes in their financial reporting practices and systems. It necessitates a shift from a rules-based approach to a principles-based approach, focusing on substance over form and fair value measurement.
The adoption of Ind AS aims to enhance the credibility and reliability of financial statements and improve the comparability of financial information. It is a significant step towards convergence with global accounting standards and aligns India's accounting practices with international best practices.
Common Misspellings for IND AS
- indas
- und as
- jnd as
- knd as
- ond as
- 9nd as
- 8nd as
- imd as
- ijd as
- ihd as
- ins as
- inx as
- inf as
- inr as
- ine as
- ind zs
- ind ss
- ind qs
- ind aa
- ind az
- ind ax
Etymology of IND AS
The term "Ind AS" stands for "Indian Accounting Standards". The etymology of the term is as follows:
1. Indian: The word "Indian" refers to the country of India. It is derived from the Latin word "Indicus", which means "of India".
2. Accounting: The word "accounting" is derived from the Old French word "aconter" or "acontare", which means "to reckon" or "to count". It has its roots in the Latin word "computare", which means "to compute" or "to calculate".
3. Standards: The word "standards" originates from the Old English word "standa", which means "a support" or "a firm position". In the context of Ind AS, "standards" refers to a set of principles and guidelines that establish how financial statements should be prepared and presented in India.
