IND AS Vs IFRS | Finance for Non-Finance Professionals

Let’s understand the difference between IND AS and IFRS for Finance for Non-Finance professionals with this amazing video by Vishal Thakkar.

Welcome back to finance tube ladies and gentlemen your friend and finance guru vishal tucker is back again with yet very interesting topic called india’s india’s is a new set of rules or accounting standards which india i&c is implementing now in phase wise manner now another pertinent question comes to us is that what is the difference between ifrs and indus

Of course we had our own set of previous indian gap from which we are migrating to india but interestingly in the s is 98% inspired from ifrs ifrs is a set of global accounting standards which are already adopted by more than 120 countries across the globe ifrs stands for international financial reporting standards now ideally ifrs has been adopted by countries

Around the globe simply because the flow of capital the mergers acquisitions and other business combinations and consolidation of financial statements can happen smoothly if the regulation especially in the financial domain across the world is same achieve that even india i&c was to adopt ifrs directly but given our set of circumstances regulatory environment

And customs of business and trade necessitated our government to do minor and when i say minor i really mean very very small amount of changes or we can say customization where we have kind of adopted everything except one or two items here and there which are very nominal we have if i paris was giving us one or two or three options in in some of the provisions

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In deus has taken let’s say one of that option and not given all the options to the entities adopting in the s and very few cosmetic changes like ifrs calls the balance sheet a statement of financial position whereas in hindi as we continue to call it balance sheet i far as sales statement of total comprehensive income we still continue to call it profit and loss

Or income statement and so on so basically there are not many differences between ifrs and india that’s the good news because if you adopt wind s you are almost on par with ifrs and the idea of migrating to india is to facilitate the capital inflows in the country get our balance sheets globally recognized facilitate movement of learn and accounting professionals

Across the world inside and outside of india also facilitating consolidation of financial statements of multinational enterprises operating in india and indian enterprises operating abroad so in short these are the key differences between ifrs and india’s which are very cosmetic and nominal in nature for more information on india’s ifrs how financial statements

Differ and much more subscribe to our channel financed you secret number one let’s learn about the rich man’s section where stayed in another property the profit from that house please listen carefully profit not the entire sales proceeds have to be reinvested in another property

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IND AS Vs IFRS | Finance for Non-Finance Professionals By Finance Tube

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