The Ministry of Corporate Affairs (MCA) has earlier today notified 35 Accounting Standards which have been converged with IFRS*. The notification can be found here.
The converged accounting standards (to be called IND AS) are 1, 2, 7, 8, 10, 11, 12, 16, 17, 18, 19, 20, 21, 23, 24, 27, 28, 29, 31, 32, 33, 34, 36, 37, 38, 39, 40, 101, 102, 103, 104, 105, 106, 107 and 108. The details of each of these is at the end of this blog. The relevant MCA website link is here.
While the industry widely expected a tactical delay in the implementation, this has not happened. While the MCA notification mentions that the date of implementation of the IND AS will be notified by the Ministry at a later date. We believe that it is now unlikely that the implementation would be pushed beyond 1 April 2011. The original schedule for the phased implementation of IFRS is detailed below.
| Phase | Starts From# | Applicability |
| I | 1 April 2011 |
|
| II | 1 April 2013 | Companies with Net Worth > Rs5 bn, whether listed or not |
| III | 1 April 2014 | All other listed entities |
# for all reporting periods starting on or after this date, and comparable financial figures to also be provided.
Details of the 35 IND AS:
| IND AS | Name of Indian Accounting Standard |
| 1 | Presentation of Financial Statements |
| 2 | Inventories |
| 7 | Statement of Cash Flows |
| 8 | Accounting Policies, Changes in Accounting Estimates & Errors |
| 10 | Events After the Reporting Period |
| 11 | Construction Contracts |
| 12 | Income Taxes |
| 16 | Plant, Property and Equipment |
| 17 | Leases |
| 18 | Revenue |
| 19 | Employee Benefits |
| 20 | Accounting for Government Grants and Disclosure of Government Assistance |
| 21 | Effects of Changes in Foreign Exchange Rates |
| 23 | Borrowing Costs |
| 24 | Related Party Disclosures |
| 27 | Consolidated and Separate Financial Statements |
| 28 | Investments in Associates |
| 29 | Financial Reporting in Hyper-Inflationary Economies |
| 31 | Interests in Joint Ventures |
| 32 | Financial Instruments – Presentation |
| 33 | Earnings Per Share |
| 34 | Interim Financial Reportin |
| 36 | Impairment of Assets |
| 37 | Provisions, Contingents Liabilities and Contingent Assets |
| 38 | Intangible Assets |
| 39 | Financial Instruments – Recognition and Measurement |
| 40 | Investment Property |
| 101 | First Time Adoption of Indian Accounting Standards |
| 102 | Share-based Payment |
| 103 | Business Combinations |
| 104 | Insurance Contracts |
| 105 | Non-Current Assets Held For Sale and Discontinued Operations |
| 106 | Exploration for and Evaluation of Mineral Resources |
| 107 | Financial Instruments – Disclosures |
| 108 | Operating Segments |
* IFRS stands for International Financial Reporting Standards