Difference between IFRS and IND-AS

Question

Accepted Answer

IFRS and IND-AS are both accounting standards, but IND-AS is based on IFRS with some modifications for Indian companies.

IFRS is used in over 100 countries, while IND-AS is used only in India.
IFRS is more principles-based, while IND-AS is more rules-based.
IFRS allows for more judgment and estimates, while IND-AS is more prescriptive.
IFRS has a single standard for revenue recognition, while IND-AS has separate standards for different industries.
IFRS has a different approach to impairment of assets than IND-AS.
IFRS has a different approach to consolidation of subsidiaries than IND-AS.
IFRS has a different approach to accounting for financial instruments than IND-AS.
IFRS has a different approach to accounting for leases than IND-AS.

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