IFRSs are considered as “principle based” set of standards and establish broad rules rather than dictating specific treatments. Every major nation is moving towards adopting them to some extent. The Government of India in consultation with the ICAI decided to converge and not to adopt IFRSs issued by IASB. Accordingly the Government of India has notified Indian Accounting Standards (Ind AS) in February 2015 under the Companies Act, 2013. Road map is as under.

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