IND AS Repercussion on Financial Statements- A Bird View

Abstract

In the current era of globalization, numerous MNCs are setting up shop in India in a variety of industries. The Indian accounting standards board made it essential for all sectors to adopt IND AS for the creation and presentation of FSs, which helps to convey the business-related information to FSs users, in order to eliminate the problem of annoyance. Earlier, these Indian enterprises were presenting FSs in accordance with IFRS, Indian GAAPs, etc. In order to preserve consistency in the preparation and presentation of financial statements around the world, the IASB established IFRS. The users must need to be conscious of IND AS in order to comprehend the FSs offered by the firms.