Ind AS 116 is the Indian accounting standard on leases, converged with IFRS 16, which replaced Ind AS 17 and abolished the old operating-versus-finance lease classification for lessees. Under this standard, a lessee recognises a right-of-use asset and a lease liability on the balance sheet for almost every lease, with limited exemptions for short-term leases and leases of low-value assets. In practice, most errors and disputes arise around determining the lease term where renewal or termination options exist, choosing the correct discount rate, accounting for variable lease payments, lease modifications, and sale-and-leaseback transactions.

Ind AS 115 is the Indian standard on revenue from contracts with customers, converged with IFRS 15, which replaced Ind AS 11 and Ind AS 18. It follows a five-step model: identify the contract, identify the performance obligations, determine the transaction price, allocate the price to the performance obligations, and recognise revenue as control transfers, either over time or at a point in time. The most common practical problems are identifying performance obligations in bundled contracts, estimating variable consideration, applying the significant financing component, deciding principal-versus-agent treatment, and recognising revenue on long-term EPC and software contracts.

IFRS 9 is the international standard on financial instruments issued by the IASB, covering classification and measurement, impairment, and hedge accounting, and it replaced IAS 39. Ind AS 109 is the Indian equivalent of IFRS 9, so the two are largely aligned: financial assets are classified at amortised cost, fair value through other comprehensive income, or fair value through profit or loss based on the business model and contractual cash flow characteristics, and impairment follows the expected credit loss model. Because classification judgments, ECL staging, and hedge accounting documentation are where most finance teams struggle, compiled e-books of practical issues and non-compliance examples on financial instruments standards are widely used by audit and reporting teams.

Ind AS is mandatory for listed companies, companies in the process of listing, and unlisted companies with a net worth of ₹250 crore or more, along with their subsidiaries, associates, and joint ventures. Unlisted companies below this threshold can adopt Ind AS voluntarily, but once a company starts applying Ind AS it cannot revert to the earlier Accounting Standards. Banks, insurance companies, and NBFCs follow separate transition roadmaps set with their regulators, and these timelines have been deferred from time to time, so companies in the BFSI space should always check the latest notifications. Where transition judgments are complex — such as net worth computation, first-time adoption exemptions, or functional currency — a one-to-one consultation with an Ind AS specialist can save significant rework.

No. As of now, the Ministry of Corporate Affairs has not notified any Ind AS 118, so there is no Indian standard with that number. Presentation of financial statements is governed by Ind AS 1, and revenue is covered by Ind AS 115. The number usually comes up because the IASB has issued IFRS 18, which replaces IAS 1 internationally from 2027; any Indian counterpart will apply only after the corresponding Ind AS amendments are notified, so treat references to "Ind AS 118" with caution and verify the latest MCA notifications.

IFRS stands for International Financial Reporting Standards, the global accounting standards issued by the International Accounting Standards Board for preparing financial statements. More than 140 jurisdictions require or permit IFRS for listed companies, making it the common language for cross-border investment and group reporting. The standards are principles-based and emphasise fair value measurement, substance over form, and transparency, and since India's Ind AS framework is converged with IFRS, this knowledge is essential for Indian professionals working on group reporting, foreign listings, or subsidiaries of multinational companies.

IFRS 17 is the international standard on insurance contracts that replaced IFRS 4 and became effective for annual periods beginning on or after 1 January 2023. It requires insurers to measure insurance contracts using current estimates of future cash flows, a risk adjustment, and a contractual service margin, with a simplified premium allocation approach available for short-duration contracts, and it works together with IFRS 9 for classifying investment assets. In India, insurers continue to report in the formats prescribed by the IRDAI, but IFRS 17 knowledge is important for professionals working with global insurance groups and for the ongoing Ind AS discussions for the insurance sector.

IFRS 18, titled Presentation and Disclosure in Financial Statements, is a new IASB standard issued in 2024 that will replace IAS 1 for annual periods beginning on or after 1 January 2027. It does not change recognition and measurement, but it restructures the income statement into defined categories — operating, investing, financing, income taxes, and discontinued operations — introduces a new operating profit subtotal, and requires disclosure of management-defined performance measures in a single note. Indian companies will not be directly affected until corresponding amendments to Ind AS 1 are notified, but multinational groups should start planning for the change now.

IFRS 19 is a voluntary standard, Subsidiaries without Public Accountability: Disclosures, issued in 2024, which allows an eligible subsidiary to apply IFRS recognition and measurement requirements with reduced disclosures. A subsidiary can use it when its parent applies IFRS and the subsidiary has no public accountability — meaning it has no listed debt or equity, is not in the process of listing, and does not hold assets in a fiduciary capacity as its primary business. It is designed to cut the cost of group reporting, and Indian subsidiaries of IFRS-reporting parents can evaluate it once it becomes relevant to their statutory requirements.

Indian GAAP refers to Generally Accepted Accounting Principles in India — the framework of Accounting Standards such as AS 1 to AS 29 issued by the ICAI's Accounting Standards Board and notified by the Ministry of Corporate Affairs under the Companies Act. It is followed by companies not required to apply Ind AS and remains the reporting basis for banks and insurance companies. Compared with Ind AS and IFRS, Indian GAAP leans more on historical cost and deferral-based recognition, and companies applying it present their financial statements in Schedule III Division I format of the Companies Act 2013.

Indian GAAP refers to the traditional Accounting Standards (AS) framework, while Ind AS are the Indian Accounting Standards converged with IFRS. Ind AS uses fair value measurement, expected credit loss impairment, a single balance-sheet lease model, and substance over form, whereas Indian GAAP is largely historical-cost based — for example, leases are classified as operating or finance under AS 19. Ind AS applies to listed companies and large companies with net worth of ₹250 crore or more, while Indian GAAP continues for smaller companies and the BFSI sector, and the two use different balance sheet formats under Schedule III (Division I for Indian GAAP and Division II for Ind AS).

IFRS is issued by the IASB and applies in more than 140 countries, while Indian GAAP is developed by the ICAI and notified for use by Indian companies. The biggest practical differences are lessee accounting, where IFRS 16 brings all leases on balance sheet while Indian GAAP keeps operating leases off balance sheet; impairment, where IFRS uses the expected credit loss model while Indian GAAP follows an incurred-loss approach; and the far more extensive use of fair value under IFRS. Ind AS narrows this gap because it is converged with IFRS, but a few carve-outs and differences remain, so companies reporting under both frameworks need a careful mapping of each standard.

US GAAP, codified by the FASB, is far more rules-based with detailed industry guidance, while Indian GAAP is more principles-based with shorter standards. Key differences include inventory costing, where US GAAP permits LIFO but Indian GAAP does not; goodwill, which is amortised under Indian GAAP over its useful life (capped at ten years where life cannot be reliably estimated) but is not amortised under US GAAP for public companies; revaluation of property, plant and equipment, which is an option under Indian GAAP but not under US GAAP; and development costs, which can be capitalised under Indian GAAP when criteria are met but are generally expensed under US GAAP. The comparison matters most for Indian finance professionals working with US-listed parents, global capability centres, and companies raising capital in the United States.

Companies reporting under Indian GAAP prepare their balance sheet in the vertical format prescribed by Schedule III, Division I, of the Companies Act 2013, showing Equity, Non-current Liabilities, and Current Liabilities on one side and Non-current Assets and Current Assets on the other, with standard line items such as share capital, reserves and surplus, long-term borrowings, property, plant and equipment, inventories, trade receivables, and cash and cash equivalents. Ind AS companies follow Schedule III Division II, which has slightly different groupings and additional disclosures, while banking companies use the forms prescribed under the Banking Regulation Act instead.

For most Indian professionals, the ACCA's Diploma in IFRS (DipIFR) and the ICAI's certificate course on IFRS are the two most recognised options, and the right choice depends on your background and career stage. A certification alone is rarely enough, though — employers in Big 4 firms, global capability centres, and multinational group reporting teams look for practical exposure to Ind AS and IFRS application issues, especially in financial instruments, business combinations, and revenue, along with the ability to explain accounting positions clearly in interviews. Combining a structured course with issue-based reference material and mock interviews with senior reporting professionals is the most effective route into IFRS and Ind AS roles.