Chapter Overview and Objectives
This chapter introduces the framework and applicability of Indian Accounting Standards (Ind AS), which are converged with International Financial Reporting Standards (IFRS). The primary objective is to understand the roadmap of Ind AS implementation in India, the regulatory environment governed by the Ministry of Corporate Affairs (MCA) and the Institute of Chartered Accountants of India (ICAI), and the conceptual differences between previous Indian GAAP and Ind AS.