Overview of Indian standard-setting activities

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07 Nov 2013

Celebrating its 200th meeting, the Accounting Standards Board (ASB) has issued an overview of its activities from its inception in 1977 to the current efforts in relation with IFRS convergence.

Although India originally intended to converge with IFRSs in a phased approach beginning in 2011 and the Indian Ministry of Corporate Affairs (MCA) developed 35 Indian Accounting Standards (Ind AS) that are converged with, but not identical to, International Financial Reporting Standards (IFRS), transition to Ind AS was postponed and a transition date is yet to be announced.

With a view to keeping up with developments in IFRS, the ASB has initiated a process of revising the existing Ind AS and issuing new Ind AS in convergence with new or revised IFRSs in order to insure that Ind AS corresponding to the IFRSs issued by the IASB are available when the Indian government decides to move to Ind AS. So far an additional 7 new or revised Ind AS have been developed since the original 35 standards were published.

In addition, the ASB takes part in the World Standard Setters (WSS) meetings hosted by the IASB and is a member of the IASB's Emerging Economies Group (EEG). The ASB also organises outreach events in India and takes part in the consultation process of the IASB to ensure that Indian concerns are appropriately raised and will not cause problems when India decides to move to Ind AS.

Please click for Accounting Standards Board: Journey so far... on the ICAI website.

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