India follows its own accounting rules. These rules are called the Indian Accounting Standards. They help businesses keep and show their accounts in the same way. The Indian accounting standards list is a group of 40 rules. These rules help Indian companies record their money matters clearly. In this article, you will get full details of this list. We will also explain how these standards work.
Accounting is important in any business. It shows the real money position. If every company shows accounts in a different way, it becomes confusing. So, India made rules called Ind AS. These rules match the global system, which is IFRS. Big companies must follow these Indian accounting standards.
What are Indian Accounting Standards (Ind AS)?
Indian Accounting Standards are the rules made for accounting. They help to report the financial position of a company. The aim is to make financial reports more useful. These rules are like IFRS (International Financial Reporting Standards). But they are made for Indian use.
Every business keeps its accounts. But if each one uses a different method, comparing them becomes hard. So, the government made an Indian Accounting Standards list to fix this. The Ministry of Corporate Affairs (MCA) issues these rules. The rules apply to companies based on their size and type.
These standards cover everything. From income, expenses, assets, taxes, leases, and cash flow to shares — all topics are part of Ind AS.
Benefits of Indian Accounting Standards
Here are the reasons why these standards are important:
- They help investors trust the company’s numbers.
- They match global standards.
- They improve the quality of reporting.
- They make comparisons between companies easy.
Indian Accounting Standards List
Here, we share the full Indian accounting standards list. Each standard has a number and a name. These are updated by the MCA.
| Ind AS No. | Name of the Standard |
| Ind AS 1 | Presentation of Financial Statements |
| Ind AS 2 | Inventories |
| Ind AS 7 | Statement of Cash Flows |
| Ind AS 8 | Accounting Policies, Changes in Accounting Estimates and Errors |
| Ind AS 10 | Events after the Reporting Period |
| Ind AS 12 | Income Taxes |
| Ind AS 16 | Property, Plant and Equipment |
| Ind AS 19 | Employee Benefits |
| Ind AS 20 | Accounting for Government Grants and Disclosure of Government Assistance |
| Ind AS 21 | The Effects of Changes in Foreign Exchange Rates |
| Ind AS 23 | Borrowing Costs |
| Ind AS 24 | Related Party Disclosures |
| Ind AS 27 | Separate Financial Statements |
| Ind AS 28 | Investments in Associates and Joint Ventures |
| Ind AS 32 | Financial Instruments: Presentation |
| Ind AS 33 | Earnings per Share |
| Ind AS 34 | Interim Financial Reporting |
| Ind AS 36 | Impairment of Assets |
| Ind AS 37 | Provisions, Contingent Liabilities and Contingent Assets |
| Ind AS 38 | Intangible Assets |
| Ind AS 40 | Investment Property |
| Ind AS 41 | Agriculture |
| Ind AS 101 | First-time Adoption of Indian Accounting Standards |
| Ind AS 102 | Share-based Payment |
| Ind AS 103 | Business Combinations |
| Ind AS 104 | Insurance Contracts (Expected to be replaced by Ind AS 117) |
| Ind AS 105 | Non-current Assets Held for Sale and Discontinued Operations |
| Ind AS 106 | Exploration for and Evaluation of Mineral Resources |
| Ind AS 107 | Financial Instruments: Disclosures |
| Ind AS 108 | Operating Segments |
| Ind AS 109 | Financial Instruments: Recognition and Measurement |
| Ind AS 110 | Consolidated Financial Statements |
| Ind AS 111 | Joint Arrangements |
| Ind AS 112 | Disclosure of Interests in Other Entities |
| Ind AS 113 | Fair Value Measurement |
| Ind AS 114 | Regulatory Deferral Accounts |
| Ind AS 115 | Revenue from Contracts with Customers |
| Ind AS 116 | Leases (Replaces Ind AS 17) |
| Ind AS 117** | Insurance Contracts (Proposed to replace Ind AS 104 – Notified in 2023) |
Why Do Companies Use Indian Accounting Standards?
Companies must follow these rules for clear reports. The Indian accounting standards applicable to listed companies are set by SEBI. These help companies show real profits and losses. Applicability of Ind AS is as follows:
- Listed companies with net worth above ₹250 crore
- Unlisted companies with net worth above ₹250 crore
- Companies with listed subsidiaries
For smaller firms, Accounting Standards (AS) are followed. These are older and simpler.
Benefits of Using Ind AS in Companies
- Transparency: Everyone understands the numbers
- Global trust: Investors abroad trust Indian firms
- Better control: It improves money checks
- Fair Value reporting: It gives the real-time asset value
The use of Indian accounting standards in India has grown in the last 10 years. Many MNCs and startups also use them now.
Ind AS vs AS: Key Differences
Students often get confused between these two. Here’s the difference:
1. Full-Form and Basis
- AS stands for Accounting Standards (Old)
- Ind AS stands for Indian Accounting Standards (New, as per IFRS)
2. Users
- AS: Used by small companies
- Ind AS: Used by big firms and listed companies
3. Valuation Method
- AS uses historical cost
- Ind AS uses fair value method
4. Disclosure
- Ind AS needs more details in reports
- AS needs fewer details
| Feature | AS | Ind AS |
| Based on | Indian GAAP | IFRS |
| Reporting Method | Simple and Historical | Detailed and Fair Value |
| Users | Small companies | Large companies |
| Focus | Indian rules | Global alignment |
Relevance to ACCA Syllabus
Since financial reporting is a key paper in the ACCA course (especially FR and SBR), understanding how Indian Accounting Standards (Ind AS) relate to IFRS helps ACCA students draw comparisons between global practices. This improves their ability to analyze and interpret financial reports under multiple regulatory environments, which is critical for multinational audits and consolidation.
Indian Accounting Standards List ACCA Question
Q1: What is the Indian equivalent of the IFRS standards used globally?
A) GAAP
B) AS
C) Ind AS
D) IFRS
Ans: C) Ind AS
Q2: Which Ind AS corresponds to the presentation of financial statements?
A) Ind AS 7
B) Ind AS 1
C) Ind AS 10
D) Ind AS 33
Ans: B) Ind AS 1
Q3: Which standard under Ind AS deals with employee benefits?
A) Ind AS 18
B) Ind AS 10
C) Ind AS 19
D) Ind AS 23
Ans: C) Ind AS 19
Q4: Ind AS is applicable in India based on:
A) Revenue Size
B) Type of Industry
C) Net Worth Criteria
D) Company’s Location
Ans: C) Net Worth Criteria
Q5: Which Indian accounting standard explains revenue recognition from contracts with customers?
A) Ind AS 17
B) Ind AS 115
C) Ind AS 34
D) Ind AS 40
Ans: B) Ind AS 115
Relevance to US CMA Syllabus
The US CMA Part 1 (Financial Reporting) focuses on external financial reporting decisions. Knowing how Indian Accounting Standards list aligns or differs from US GAAP and IFRS strengthens conceptual clarity in accounting principles, particularly for multinational financial reporting.
Indian Accounting Standards List US CMA Question
Q1: Which authority issues the Indian Accounting Standards (Ind AS)?
A) ICAI
B) SEBI
C) Ministry of Finance
D) Ministry of Corporate Affairs
Ans: D) Ministry of Corporate Affairs
Q2: Under Ind AS, which standard is used to report leases?
A) Ind AS 116
B) Ind AS 17
C) Ind AS 19
D) Ind AS 110
Ans: A) Ind AS 116
Q3: Which standard governs the treatment of intangible assets under Ind AS?
A) Ind AS 36
B) Ind AS 38
C) Ind AS 10
D) Ind AS 12
Ans: B) Ind AS 38
Q4: A listed company with a net worth of ₹300 crore in India must:
A) Follow AS
B) Follow Ind AS
C) Choose between AS or Ind AS
D) Follow US GAAP
Ans: B) Follow Ind AS
Q5: Ind AS aligns closely with which global accounting framework?
A) US GAAP
B) IFRS
C) AASB
D) FASB
Ans: B) IFRS
Relevance to US CPA Syllabus
The US CPA Exam (FAR section) includes international accounting concepts. Knowing how India applies accounting through the Indian accounting standards list helps CPA students compare IFRS, US GAAP, and Ind AS – vital in global audits and multinational consolidations.
Indian Accounting Standards List CPA Question
Q1: What is the primary objective of Indian Accounting Standards?
A) Maximize Tax Deductions
B) Standardize Global Trade Rules
C) Harmonize Indian financial reporting with global standards
D) Replace US GAAP
Ans: C) Harmonize Indian financial reporting with global standards
Q2: Which Ind AS governs the treatment of financial instruments?
A) Ind AS 32, 107, 109
B) Ind AS 1
C) Ind AS 7
D) Ind AS 20
Ans: A) Ind AS 32, 107, 109
Q3: Under Ind AS, what does Ind AS 24 refer to?
A) Lease Accounting
B) Intangible Assets
C) Related Party Disclosures
D) Employee Benefits
Ans: C) Related Party Disclosures
Q4: Ind AS was introduced in India as a convergence with:
A) US GAAP
B) IFRS
C) Indian GAAP
D) International ASB
Ans: B) IFRS
Q5: Which of the following is not the purpose of Ind AS?
A) Improve comparability
B) Hide tax liabilities
C) Attract foreign investors
D) Align with IFRS
Ans: B) Hide tax liabilities
Relevance to CFA Curriculum
In the CFA Level 1 and Level 2 Financial Reporting and Analysis sections, understanding different accounting standards is crucial. While CFA mostly uses IFRS and US GAAP, knowledge of Indian Accounting Standards list helps candidates analyze Indian firms and multinationals operating in India.
Indian Accounting Standards List CFA Question
Q1: Which standard under Ind AS is used for reporting agriculture-based businesses?
A) Ind AS 36
B) Ind AS 40
C) Ind AS 41
D) Ind AS 38
Ans: C) Ind AS 41
Q2: Ind AS 33 is used to report:
A) Revenue Recognition
B) Earnings per Share
C) Share-based Payments
D) Leases
Ans: B) Earnings per Share
Q3: Which Ind AS guides on impairment of assets?
A) Ind AS 19
B) Ind AS 36
C) Ind AS 21
D) Ind AS 23
Ans: B) Ind AS 36
Q4: Why is Ind AS helpful for investors?
A) Increases tax
B) Provides uniform data
C) Hides losses
D) Encourages unfair reporting
Ans: B) Provides uniform data
Q5: Which of the following is true about Ind AS?
A) It applies to all small businesses
B) It is only used by private companies
C) It helps in global comparability
D) It replaces internal audit
Ans: C) It helps in global comparability
