Updated: 7 May 2026Reviewed by CA Sundram Gupta, FCA — Founder, Patron Accounting LLP
AS vs Ind AS Comparison Matrix
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Type a standard number ("AS 22", "Ind AS 116", "115"), a topic keyword ("revenue", "leases", "tax"), or filter by category. Toggle the major-differences chip to see only standards with significant divergence between AS and Ind AS.
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How to Use This Matrix
The matrix is designed for quick lookup during audit planning, transition projects, dual GAAP reporting and academic study. Each entry shows the AS-Ind AS pair, the topic, the relevant category, and 3-4 concise differences.
Reading a Matrix Card
AS tag (grey) shows the Indian GAAP standard number. "—" means no equivalent AS exists (the standard is Ind AS-only)
Ind AS tag (green) shows the Ind AS standard number. All Ind AS-mandated companies follow these
Major tag (amber) flags significant divergence — these are the differences with biggest balance sheet, P&L or disclosure impact during transition
Star (★) bullets inside the card highlight the most material differences within that pair
Arrow (→) bullets are secondary differences — operationally relevant but smaller magnitude
Search Tips
Type a number alone — "22" matches AS 22 / Ind AS 22 (search is across both)
Type "Ind AS 116" to find lease-related standards (matches "Ind AS 116" in the standard tag)
Type a keyword like "revenue", "tax", "lease", "consolidation" to find topical matches
Combine search and category filter — e.g., search "intangible" with category "Assets & PPE"
The matrix updates instantly as you type or toggle filters
Filter Combinations
Filters work together with AND logic. If you select "Revenue" category and "Major Differences Only" — you see only revenue standards with major divergence. If you also type "115" in search, the result narrows further. To start over, click "Reset filters" or the All chip.
Ind AS Applicability — Phases & Thresholds
Ind AS applicability under Rule 4 of the Companies (Indian Accounting Standards) Rules 2015 follows phased rollout based on listing status, net worth and entity type. Once a company adopts Ind AS — voluntarily or mandatorily — it cannot revert to AS framework.
Phase
Effective Date
Coverage
Phase I (Companies)
FY 2016-17
Listed companies; unlisted with net worth ≥ ₹500 crore
Phase II (Companies)
FY 2017-18
Listed companies; unlisted with net worth ≥ ₹250 crore
Phase III (NBFCs)
FY 2018-19
NBFCs with net worth ≥ ₹500 crore (Phase I)
Phase IV (NBFCs)
FY 2019-20
Listed NBFCs; unlisted with net worth ₹250-500 crore (Phase II)
Group Companies
Same as parent
Holding, subsidiary, JV, associate companies of any covered entity
Voluntary Adoption
Any FY
Any company under Rule 4(1)(i) — irreversible once adopted
Excluded Entities
Banks and insurance companies — separate RBI / IRDAI frameworks (Ind AS for banks deferred multiple times)
Companies on SME Exchange of recognised stock exchange — exempt under Rule 4(1)(iii)(D)
Companies whose shares are listed only on debt segments — limited application
Limited Liability Partnerships (LLPs) — outside Companies Act framework, not subject to Ind AS
Charitable, not-for-profit and Section 8 companies follow AS unless specifically electing Ind AS
For detailed applicability: Use the Ind AS Applicability Checker tool to determine whether a specific company must apply Ind AS based on entity type, net worth, listing status and group structure. The official notification text is available at MCA portal.
Major Themes — Where AS and Ind AS Diverge Most
Out of 30 standards mapped in this matrix, 12 show major divergence with significant impact on balance sheet, profit and loss or disclosures during transition. These are the areas where a CFO office must invest most effort during Ind AS adoption.
Theme 1 — Fair Value Measurement
Ind AS introduces fair value as the primary measurement basis for many items where AS used historical cost — investments (Ind AS 109), derivatives, biological assets (Ind AS 41), and acquired assets in business combinations (Ind AS 103). Ind AS 113 provides a comprehensive fair value measurement framework absent from AS.
Theme 2 — Time Value of Money
Ind AS mandates discounting where the effect of time value of money is material — provisions (Ind AS 37), decommissioning costs (Ind AS 16), employee benefits (Ind AS 19), revenue with significant financing components (Ind AS 115). AS 29 explicitly does not require discounting for most provisions, leading to undervaluation of long-dated obligations under AS.
Theme 3 — Off-Balance-Sheet Items Brought On
Ind AS 116 brings operating leases on balance sheet as ROU assets and lease liabilities. Ind AS 109 brings expected credit losses on financial assets to balance sheet provisions. Ind AS 110 brings de facto controlled entities into consolidation that AS 21's voting-power test would miss. Net effect: bigger reported balance sheets, often higher debt ratios.
Theme 4 — Performance Reporting Format
Ind AS 1 requires Statement of Profit and Loss with separate sections for P&L items and Other Comprehensive Income (OCI). OCI captures remeasurements of defined benefit obligations (Ind AS 19), revaluation surplus (Ind AS 16), and FVOCI movements (Ind AS 109). AS framework has no equivalent OCI section — these all flow through P&L or capital reserves.
For NFRA's analysis of common Ind AS implementation issues, refer to NFRA inspection reports and ICAI's Educational Material on each Ind AS published at ICAI and ICAI Knowledge Bank. The international parent standards are at IFRS Foundation.
Need Help with AS to Ind AS Transition?
Patron Accounting LLP supports CFO offices with first-time Ind AS adoption (Ind AS 101), opening balance sheet preparation, transition adjustments, dual GAAP reporting, MAT computation under Section 115JB(2A), and ongoing Ind AS audit support — for Pune, Mumbai, Delhi, Gurugram and pan-India clients.
Accounting Standards (AS) are Indian GAAP standards notified under the Companies (Accounting Standards) Rules 2021, applicable to companies not required to follow Ind AS. Indian Accounting Standards (Ind AS) are the IFRS-converged standards notified under the Companies (Indian Accounting Standards) Rules 2015. Ind AS is principles-based, requires fair value measurement for many items, mandates component accounting and ECL provisioning, and aligns Indian financial reporting with international practice.
Phase I (FY 2016-17) covers listed companies and unlisted companies with net worth of ₹500 crore or more. Phase II (FY 2017-18) covers listed companies and unlisted companies with net worth of ₹250 crore or more. NBFCs follow separate phases — Phase I (FY 2018-19) for ₹500 crore plus, Phase II (FY 2019-20) for ₹250-500 crore. Holding, subsidiary, joint venture and associate companies of covered entities also apply Ind AS.
Yes. Rule 4(1)(i) of the Companies (Indian Accounting Standards) Rules 2015 permits any company to voluntarily adopt Ind AS. However, once adopted — voluntarily or mandatorily — a company cannot revert to AS framework under Rule 4(2). Voluntary adoption is typically driven by group reporting requirements, attracting foreign investment, listing aspirations, comparison with global peers, or improved access to international debt markets.
AS 9 uses a transfer-of-risks-and-rewards model where revenue is recognised when significant risks and rewards have transferred to the buyer. Ind AS 115 follows a 5-step control-based model — identify the contract, identify performance obligations, determine transaction price, allocate price to obligations, and recognise revenue when each obligation is satisfied. Ind AS 115 has detailed guidance on variable consideration, contract modifications, principal versus agent assessment and disclosures.
Ind AS 116 (effective 1 April 2019, replacing Ind AS 17) abolished the operating versus finance lease distinction for lessees. All leases over 12 months are recognised on balance sheet as a Right-of-Use (ROU) asset and lease liability. The change increases reported assets, debt and EBITDA. AS 19 retained the old operating-finance distinction — operating leases stayed off-balance-sheet with rent expensed straight-line. This is one of the most impactful AS to Ind AS transition differences.
AS 22 uses the income statement approach — deferred tax is computed on timing differences between accounting and taxable income. Ind AS 12 uses the balance sheet approach — deferred tax is computed on temporary differences between carrying amount and tax base of assets and liabilities. The balance sheet approach captures more items (revaluation reserves, fair value changes, business combinations) and produces different deferred tax than the income statement approach.
Under AS 15, actuarial gains and losses on defined benefit obligations are recognised in the profit and loss account as they arise. Ind AS 19 mandates recognition of remeasurements (which include actuarial gains and losses, return on plan assets above interest, and changes in asset ceiling effect) in Other Comprehensive Income (OCI). Once recognised in OCI, remeasurements are not reclassified to P&L in subsequent periods, though may be transferred within equity.
AS 21 defines control as ownership of more than half of voting power, OR control of board composition. The test is largely quantitative based on voting rights. Ind AS 110 introduces a three-element control test — power over the investee, exposure to variable returns, and ability to use power to affect those returns. Ind AS 110 captures de facto control (substantive rights even with less than 50% voting), structured entities and contractual arrangements that AS 21 may miss.
Yes. Ind AS standards are substantially converged with IFRS issued by the IASB, with Indian carve-outs only where necessary for local context. The ICAI Accounting Standards Board, in consultation with NFRA, periodically issues amendments to maintain alignment. Major IFRS updates such as IFRS 17 Insurance Contracts (Ind AS 117 expected) and IFRS S1/S2 Sustainability Standards are under consideration. Globally, more than 140 jurisdictions require or permit IFRS for public companies.
Ind AS 101 First-time Adoption of Indian Accounting Standards governs the transition from previous GAAP (AS) to Ind AS. It requires preparation of an opening Ind AS balance sheet at the date of transition (one year before reporting period). The standard provides mandatory exceptions and optional exemptions to simplify retrospective application — for example, business combinations exemption, deemed cost exemption for PPE, and cumulative translation differences exemption. Reconciliations from previous GAAP to Ind AS must be disclosed.
Section 115JB of the Income Tax Act applies MAT on book profits. The Income Tax Act was amended via Section 115JB(2A) and Rule 40B to address Ind AS adjustments — specifically, transition adjustments routed through Other Equity, OCI items, fair value changes on equity investments, and revaluation of PPE. Some transition impacts are treated as timing differences, others as permanent differences. Companies must compute MAT carefully during and after the year of transition to Ind AS.
Schedule III of the Companies Act 2013 prescribes the format of financial statements. Division I applies to companies preparing financial statements under AS framework. Division II applies to companies preparing financial statements under Ind AS framework. Division II reflects Ind AS terminology, classification and presentation requirements — for example, separate presentation of financial assets, FVOCI/FVTPL classifications, statement of changes in equity, and disclosures aligned with Ind AS 1 and Ind AS 107.
AS 14 permits two methods — pooling of interests for amalgamations in nature of merger, and purchase method for nature of purchase. Ind AS 103 prescribes only the acquisition method for all business combinations. Under Ind AS 103, identifiable assets and liabilities are measured at fair value, goodwill is recognised but not amortised — tested for impairment annually. Common control transactions have specific guidance under Ind AS 103 Appendix C.