Indian Accounting Standards - Wikipedia Indian Accounting Standards This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. ( June 2016 ) Accounting Historical cost Constant purchasing power Management Tax Major types Auditing Cost Forensic Financial Fund Governmental Management Social Tax Key concepts Accounting period Accrual Constant purchasing power Economic entity Fair value Going concern Historical cost Matching principle Materiality Revenue recognition Unit of account Selected accounts Assets Cash Cost of goods sold Depreciation / Amortization Equity Expenses Goodwill Liabilities Profit Revenue Accounting standards Generally - accepted principles Generally - accepted auditing standards Convergence International Financial Reporting Standards International Standards on Auditing Management Accounting Principles Financial statements Annual report Balance sheet Cash - flow Equity Income Management discussion Notes to the financial statements Bookkeeping Bank reconciliation Debits and credits Double - entry system FIFO and LIFO Journal Ledger / General ledger T accounts Trial balance Auditing Financial Internal Firms Report People and organizations Accountants Accounting organizations Luca Pacioli Development History Research Positive accounting Sarbanes -- Oxley Act Business portal Indian Accounting Standard ( abbreviated as Ind - AS ) is the Accounting standard adopted by companies in India and issued under the supervision and control of Accounting Standards Board ( ASB ), which was constituted as a body in the year 1977. ASB is a committee under Institute of Chartered Accountants of India ( ICAI ) which consists of representatives from government department, academicians, other professional bodies viz. ICAI, representatives from ASSOCHAM, CII, FICCI, etc. The Ind AS are named and numbered in the same way as the corresponding International Financial Reporting Standards ( IFRS ). National Advisory Committee on Accounting Standards ( NACAS ) recommend these standards to the Ministry of Corporate Affairs ( MCA ). MCA has to spell out the accounting standards applicable for companies in India. As on date MCA has notified 41 Ind AS. This shall be applied to the companies of financial year 2015 - 16 voluntarily and from 2016 - 17 on a mandatory basis. Based on the international consensus, the regulators will separately notify the date of implementation of Ind - AS for the banks, insurance companies etc. Standards for the computation of Tax has been notified as ICDS in February 2015. Contents 1 History 2 Applicability 2.1 Mandatory Applicability from Accounting Period beginning on or after 1st April 2016 2.2 Mandatory Applicability from Accounting Period beginning on or after 1st April 2017 3 List of Indian Accounting Standards 4 Provisions 5 See also 6 References History India was following accounting standards from Indian Generally Acceptable Accounting Principle ( IGAAP ) prior to adoption of the Ind - AS. Applicability Companies shall follow Ind AS either Voluntarily or Mandatorily. Once a company follows Indian AS, either mandatorily or voluntarily, it ca n't revert to old method of Accounting. Mandatory applicability from Accounting period beginning on or after 1st april 2016 Every Company with Net worth of not less than ₹ 5 billion ( $73.4 million or 500 crs ). Mandatory applicability from Accounting period beginning on or after 1st april 2017 Every Listed Company. Unlisted Companies with Net Worth of not less than ₹ 2.5 billion ( $36.7 million ) and not more than ₹ 5 billion ( $73.4 million ). List of Indian Accounting Standards Ind As No. Name of Indian Accounting Standard Ind AS 101 First - time adoption of Ind AS Ind AS 102 Share Based payments Ind AS 103 Business Combination Ind AS 104 Insurance Contracts 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 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 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 Reporting Period Ind AS 11 Construction Contracts Ind AS 12 Income Taxes Ind AS 16 Property, Plant and Equipment Ind AS 17 Leases Ind AS 18 Revenue 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 29 Financial Reporting in Hyper inflationary Economies 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 Provisions Ind - AS is in line with the International Financial Reporting Standards ( IFRS ). Ind - AS 107 deals with disclosures related to financial instruments and related risks and the policies for managing such risks. See also Nepal Financial Reporting Standards References Jump up ^ `` Indian Accounting Standards Converged with IFRS Notified ''. Press Information Bureau. ^ Jump up to : `` How new accounting standards will impact Indian companies '', The Economic Times, 14 July 2016 ^ Jump up to : `` Ind - AS to raise June quarter tax liabilities by 20 % '', The Economic Times, 13 April 2016 ^ Jump up to : `` Ind AS requires 3,000 disclosures for fair picture of cos '', Business Standard, 24 May 2016 Jump up ^ `` Company ( Inaian Accounting Standard ) Rules, 2015 '' ( PDF ). Jump up ^ `` Ministry Of Corporate Affairs - Indian Accounting Standards ''. www.mca.gov.in. Retrieved 2017 - 01 - 21. Jump up ^ `` Corporates put restructuring, mergers, de-mergers within organisation on hold '', The Economic Times, 27 May 2016 This India - related article is a stub. 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Question: authorities involved in formulating accounting standard in india
Answer: Accounting Standards Board (ASB); government department; Accounting Standards Board