International financial reporting Standards and Indian accounting Standards (IFRS Vs. IndsAs)

IFRS is prepared by the IASB (International Accounting Standards Board). It is used in around 144 countries and is regarded as one of the most popular accounting standards. These standards are framed and implemented in order to establish uniform accounting policies around the globe.

(The International Accounting Board is an independent, privately-funded accounting standard setter based in London. Contributors include major accounting firms, private financial institutions, industrial companies throughout the world, central and development banks, and other international and professional organizations)

On the Other hand IND AS also known as Indian Accounting Standards or Indian version of IFRS. Indian AS or IND AS is used in the context of Indian companies. This is recent upgradation in Indian accounting system where earlier accounting standards are scrapped in a phased manner where new standards are applicable. Indas are the Indian specific version of IFRS where certain additions and deletions are made, also known as carve-in and carve outs.

Financial statement components:

Indas:

• Balance Sheet
• Profit and loss account
• Cash flow statement
• Statement of changes in equity
• Notes to financial statements
• Disclosure of accounting policies

(Note: IFRS and IAS are basically same they both are International standards the only difference is IFRS is newly framed standards, Where New IFRS are not framed IAS are applicable. Even many countries today follow IAS itself ,IFRS is inclusive of latest development in economics)

IFRS (International Financial reporting standards)

• IFRS 1 First-time Adoption of International Financial Reporting Standards
• IFRS 2 Share-based Payment
• IFRS 3 Business Combinations
• IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
• IFRS 6 Exploration for and Evaluation of Mineral Resources
• IFRS 7 Financial Instruments : Disclosures
• IFRS 8 Operating Segments
• IFRS 9 Financial Instruments
• IFRS 10 Consolidated Financial Statements
• IFRS 11 Joint Arrangements
• IFRS 12 Disclosure of Interests in Other Entities
• IFRS 13 Fair Value Measurement
• IFRS 14 Regulatory Deferral Accounts
• IFRS 15 Revenue from Contracts with Customers
• IFRS 16 Leases
• IFRS 17 Insurance Contracts

IAS (International Accounting Standards): 

• IAS 1 Presentation of Financial Statements
• IAS 2 Inventories
• IAS 7 Statement of Cash Flows
• IAS 8 Accounting Policies , Changes in Accounting Estimates and Errors
• IAS 10 Events after the Reporting Period
• IAS 12 Income Taxes
• IAS 16 Property ,Plant and equipment
• IAS 19 Employee Benefits
• IAS 20 Accounting for Government Grants and Disclosures of Government Assistance
• IAS 21 The Effects of Changes in Foreign Exchange Rates
• IAS 23 Borrowing Costs
• IAS 24 Related –Party Disclosures .
• IAS 26 Accounting and Reporting by Retirement Benefit Plans
• IAS 27 Separate Financial Statements
• IAS 28 Investments in Associates and joint Ventures
• IAS 29 Financial Reporting in Hyper-inflationary Economies
• IAS 32 Financial Instruments: Presentation
• IAS 33 Earnings Per Share
• IAS 34 Interim Financial Reporting
• IAS 36 Impairment of Assets
• IAS 37 Provisions,Contingent LiabilIties, and Contingent Assets
• IAS 38 Intangible Assets
• IAS 39 Financial Instruments ,Recognition and Measurements
• IAS 40 Investment Property
• IAS 41 AgricultureIn India IFRS/IAS are converged to IND AS keeping in view the economics .

List of Applicable IND AS

• Ind AS 101 First Time Adoption of Indian Accounting Standards
• Ind AS 102 Share- based Payment
• Ind AS 103 Business Combinations
• Ind AS 104 Insurance Contracts
• Ind AS 105 Non-Current Assets Held for sale and Discontinued Operations
• Ind AS 106 Exploration for and Evaluation of Mineral Resources
• Ind AS 107 Financial instruments Disclosures
• Ind AS 108 Operating Segments
• Ind AS 109 Financial Instruments
• Ind AS 110 Consolidated Financial statements
• Ind AS 111 Joint Arrangements
• Ind AS 112 Disclosure of Interests in other Entities
• Ind AS 113 Fair value Measurement
• Ind AS 114 Regulatory Deferral Accounts
• Ind AS 115 Revenue from contracts with customers
• Ind AS 116 Leases
• Ind AS 117 Insurance Contracts.
• Ind AS 1 Presentation of Financial Statements
• Ind AS 2 Inventories
• Ind AS 7 Statement of Cash Flows
• Ind AS 8 Accounting Policies ,Changes in Accounting Estimates and Errors.
• Ind AS 10 Events after the Reporting Period.
• Ind AS 12 Income Taxes
• Ind AS 16 Property,Plant and Equipment.
• Ind AS 19 Employee Benefits
• Ind AS 20 Accounting for Government Grants and Disclosure of Government Assistance
• Ind AS 21 The Effects of changes in Foreign Exchange Rates
• Ind AS 23 Borrowing Costs
• Ind AS 24 Related Party Disclosures
• Ind AS 27 separate Financial Statements
• Ind AS 28 Investments in Associates
• Ind AS 32 Financial Instruments :Presentation
• Ind AS 33 Earnings per Share
• Ind AS 34 Interim Financial Reporting
• Ind AS 36 Impairment of Assets
• Ind AS 37 Provisions ,Contingent Liabilities and Contingent Assets
• IndAS 38 Intangible Assets
• Ind AS 40 Investment Property
• Ind AS 41 Agriculture

There isn't much difference between IFRS and IND AS, This difference is reflected through carve- in and carve outs.