Tell me about the IND AS.

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IND AS refers to Indian Accounting Standards which are converged with International Financial Reporting Standards (IFRS).

IND AS is applicable to all companies in India except for small and medium-sized enterprises.
It aims to bring transparency and consistency in financial reporting.
It covers various aspects such as revenue recognition, leases, financial instruments, and consolidation.
IND AS 115 deals with revenue recognition and replaces the previous standard, AS 9.
IND AS 116 deals with leases and replaces the previous standard, AS 19.
It is mandatory for companies to adopt IND AS from a certain financial year based on their net worth and turnover.
The adoption of IND AS requires significant changes in accounting policies, systems, and processes.
It is monitored by the Institute of Chartered Accountants of India (ICAI) and the Ministry of Corporate Affairs (MCA).

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