In the product
Parallel frameworks
Ind AS, IFRS and local GAAP produced side by side from the same underlying ledgers, for the same period, without a second close.
Ind AS
The Indian Accounting Standards, India's IFRS-converged framework, notified under the Companies (Indian Accounting Standards) Rules.
Converged with IFRS rather than identical to it: the differences are deliberate and documented, which matters to any group that also reports to a foreign parent.
A group may have to produce Ind AS, local GAAP and the parent’s IFRS from the same underlying ledgers, for the same period.
Also written: Indian Accounting Standards.
Related terms: Schedule III, Management performance measure, Functional currency.
Written about
Ind AS 118: presenting expenses by function, and the note that comes with it
Present operating expenses by function and Ind AS 118 asks for the nature amounts in one note. Presenting by nature changes that cost, not the choice.
Written about
Operating, investing or financing: classifying every line of your P&L
Ind AS 118 sorts every income and expense into five categories. The rule is about the asset or liability underneath, not the expense itself.
Written about
Ind AS 118 transition: why your FY 2026-27 ledger needs new tags now
Ind AS 118 applies retrospectively, so FY 2026-27 becomes the restated comparative. What your ledger has to carry before that year begins.