The MCA has hosted on its website 35 converged Indian Accounting Standards (Ind AS)

The MCA has hosted on its website 35 converged Indian Accounting Standards (Ind AS) without announcing the applicability date. These are the standards which are being converged by eliminating the differences of the Indian Accounting Standards vis-à-vis IFRS. These standards shall be applied for all companies falling under Phase I to Phase III as prescribed under the roadmap issued by the core group.


The Core Group was constituted by the Ministry of Corporate Affairs (MCA) for convergence of Indian
Accounting Standards with International Financial Reporting Standards (IFRS). This Core Group decided
that there will be two separate sets of Accounting Standards viz.
(i) Indian Accounting Standards converged with the IFRS (Known as Ind AS)
The MCA has hosted on its website 35 converged Indian Accounting Standards (Ind AS) without
announcing the applicability date. These are the standards which are being converged by eliminating
the differences of the existing Indian Accounting Standards vis-à-vis IFRS.
(ii) Existing Accounting Standards
The companies not falling within the threshold limits prescribed for IFRS compliance in the respective
phases shall continue to use these standards in the preparation and presentation of financial
statements.