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IAI Actuarial Core Principles · Business Finance · Regulation of financial reporting of incorporated entities

In India, Indian Accounting Standards (Ind AS) are notified under the Companies Act, 2013 and are largely converged with which international body of standards?

Ind AS are converged with IFRS Accounting Standards issued by the IASB. They are notified under the Companies Act, 2013 with a few Indian carve-outs, and they are not based on US GAAP, UK FRS 102, IPSAS or Basel guidelines.

  1. AUS GAAP issued by the FASB
  2. BIFRS Accounting Standards issued by the IASBCorrect
  3. CInternational Public Sector Accounting Standards
  4. DBasel III accounting guidelines
  5. UK FRS 102 issued by the FRC

Explanation

Ind AS are Indian standards converged with IFRS Accounting Standards issued by the IASB, with a few carve-outs to suit Indian conditions. US GAAP and UK FRS 102 are separate frameworks, and IPSAS applies to public sector entities.

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