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List of Financial Reporting Standards Effective under IFRS and Ind AS for the FY 2024-25
This blog is in continuation to our previous blog ‘Everything you need to know about International Financial Reporting Standards (IFRS)’. Now that we are aware of what is IFRS, scope of IFRS and its structuring (IAS + IFRS and Interpretations), what is Ind AS, how Ind AS are structured on the basis of IFRS etc., below is the list of reporting standards and interpretations effective under IFRS® framework and under Ind AS framework which is applicable for the FY 2024-25.
List of standards under IFRS:
1. International Accounting Standards (IAS) :
| Sr. No. | Standard No. | Particulars |
|---|---|---|
| 1 | IAS 1 | Presentation of Financial Statements |
| 2 | IAS 2 | Inventories |
| 3 | IAS 7 | Statement of Cash Flows |
| 4 | IAS 8 | Accounting Policies, Changes in Accounting Estimates and Errors |
| 5 | IAS 10 | Events After the Reporting Period |
| 6 | IAS 12 | Income Taxes |
| 7 | IAS 16 | Property, Plant and Equipment |
| 8 | IAS 19 | Employee Benefits |
| 9 | IAS 20 | Accounting for Government Grants & Disclosure of Government Assistance |
| 10 | IAS 21 | The Effects of Changes in Foreign Exchange Rates |
| 11 | IAS 23 | Borrowing Costs |
| 12 | IAS 24 | Related Party Disclosures |
| 13 | IAS 26 | Accounting and Reporting by Retirement Benefit Plans |
| 14 | IAS 27 | Separate Financial Statements |
| 15 | IAS 28 | Investments in Associates and Joint Ventures |
| 16 | IAS 29 | Financial Reporting in Hyperinflationary Economies |
| 17 | IAS 32 | Financial Instruments: Presentation |
| 18 | IAS 33 | Earnings Per Share |
| 19 | IAS 34 | Interim Financial Reporting |
| 20 | IAS 36 | Impairment of Assets |
| 21 | IAS 37 | Provisions, Contingent Liabilities and Contingent Assets |
| 22 | IAS 38 | Intangible Assets |
| 23 | IAS 40 | Investment Property |
| 24 | IAS 41 | Agriculture |
2. International Financial Reporting Standards (IFRS) :
| Sr. No. | Standard No. | Particulars |
|---|---|---|
| 1 | IAS 1 | First-time Adoption of International Financial Reporting Standards |
| 2 | IFRS 2 | Share-based Payment |
| 3 | IFRS 3 | Business Combinations |
| 4 | IFRS 4 | Insurance Contracts (Effective till 31 December 2020) |
| 5 | IFRS 5 | Non-current Assets Held for Sale and Discontinued Operations |
| 6 | IFRS 6 | Exploration for and Evaluation of Mineral Resources |
| 7 | IFRS 7 | Financial Instruments: Disclosures |
| 8 | IFRS 8 | Operating Segments |
| 9 | IFRS 9 | Financial Instruments |
| 10 | IFRS 10 | Consolidated Financial Statements |
| 11 | IFRS 11 | Joint Arrangements |
| 12 | IFRS 12 | Disclosure of Interests in Other Entities |
| 13 | IFRS 13 | Fair Value Measurement |
| 14 | IFRS 14 | Regulatory Deferral Accounts |
| 15 | IFRS 15 | Revenue from Contracts with Customers |
| 16 | IFRS 16 | Leases (Applicable from 1 January 2019) |
| 17 | IFRS 17 | Insurance Contracts (Issued in May 2017 and applicable from 1 January 2021) |
3. Interpretations :
| Sr. No. | Standard No. | Particulars |
|---|---|---|
| 1 | IFRIC 1 | Changes in Existing Decommissioning, Restoration and Similar Liabilities |
| 2 | IFRIC 2 | Members’ Shares in Cooperative Entities and Similar Instruments |
| 3 | IFRIC 5 | Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds |
| 4 | IFRIC 6 | Liabilities arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment |
| 5 | IFRIC 7 | Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies |
| 6 | IFRIC 10 | Interim Financial Reporting and Impairment |
| 7 | IFRIC 12 | Service Concession Arrangements |
| 8 | IFRIC 14 | IAS 19 -The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction |
| 9 | IFRIC 16 | Hedges of a Net Investment in a Foreign Operation |
| 10 | IFRIC 17 | Distributions of Non-cash Assets to Owners |
| 11 | IFRIC 19 | Extinguishing Financial Liabilities with Equity Instruments |
| 12 | IFRIC 20 | Stripping Costs in the Production Phase of a Surface Mine |
| 13 | IFRIC 21 | Levies |
| 14 | IFRIC 22 | Foreign Currency Transactions and Advance Consideration |
| 15 | IFRIC 23 | Uncertainty over Income Tax Treatments |
| 16 | SIC-7 | Introduction of the Euro |
| 17 | SIC-10 | Government Assistance - No Specific Relation to Operating Activities |
| 18 | SIC-25 | Income Taxes - Changes in the Tax Status of an Entity or its Shareholders |
| 19 | SIC-29 | Service Concession Arrangements: Disclosures |
| 20 | SIC-32 | Intangible Assets - Web Site Costs |
4. List of standards under Ind AS :
| Sr. No. | Standard No. | Particulars |
|---|---|---|
| 1 | Ind AS 1 | Presentation of Financial Statements |
| 2 | Ind AS 2 | Inventories |
| 3 | Ind AS 7 | Statement of Cash Flows |
| 4 | Ind AS 8 | Accounting Policies, Changes in Accounting Estimates and Errors |
| 5 | Ind AS 10 | Events After the Reporting Period |
| 6 | Ind AS 12 - Appendix A - Appendix C | Income Taxes - Changes in the tax status of an entity or its shareholders - Uncertainty over Income Tax Treatments |
| 7 | Ind AS 16 - Appendix A - Appendix B | Property, Plant and Equipment - Changes in Existing Decommissioning, Restoration and Similar Liabilities - Stripping Costs in the Production Phase of a Surface Mine |
| 8 | Ind AS 19 - Appendix B | Employee Benefits - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction |
| 9 | Ind AS 20 - Appendix A | Accounting for Government Grants and Disclosure of Government Assistance - Government Assistance - No Specific Relation to Operating Activities |
| 10 | Ind AS 21 - Appendix B | The Effects of Changes in Foreign Exchange Rates - Foreign Currency Transactions and Advance Consideration |
| 11 | Ind AS 23 | Borrowing Costs |
| 12 | Ind AS 24 | Related Party Disclosures |
| 13 | Ind AS 27 | Separate Financial Statements |
| 14 | Ind AS 28 | Investments in Associates and Joint Ventures |
| 15 | Ind AS 29 - Appendix A | Financial Reporting in Hyperinflationary Economies - Applying the Restatement Approach under Ind AS 29 |
| 16 | Ind AS 32 | Financial Instruments: Presentation |
| 17 | Ind AS 33 | Earnings Per Share |
| 18 | Ind AS 34 - Appendix A | Interim Financial Reporting - Interim Financial Reporting and Impairment |
| 19 | Ind AS 36 | Impairment of Assets |
| 20 | Ind AS 37 - Appendix A - Appendix B - Appendix C | Provisions, Contingent Liabilities and Contingent Assets - Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds - Liabilities arising from Participating in a Specific Market -Waste Electrical and Electronic Equipment - Levies |
| 21 | Ind AS 38 - Appendix A | Intangible Assets - Intangible Assets -Web Site Costs |
| 22 | Ind AS 40 | Investment Property |
| 23 | Ind AS 41 | Agriculture |
| 24 | Ind AS 101 | First-time Adoption of International Financial Reporting Standards |
| 25 | Ind AS 102 | Share-based Payment |
| 26 | Ind AS 103 - Appendix C | Business Combinations - Business Combinations of Entities under Common Control |
| 27 | Ind AS 104 | Insurance Contracts |
| 28 | Ind AS 105 - Appendix A | Non-current Assets Held for Sale and Discontinued Operations - Distributions of Non-cash Assets to Owners |
| 29 | Ind AS 106 | Exploration for and Evaluation of Mineral Resources |
| 30 | Ind AS 107 | Financial Instruments: Disclosures |
| 31 | Ind AS 108 | Operating Segments |
| 32 | Ind AS 109 - Appendix C - Appendix D | Financial Instruments - Hedges of a Net Investment in a Foreign Operation - Extinguishing Financial Liabilities with Equity Instruments |
| 33 | Ind AS 110 | Consolidated Financial Statements |
| 34 | Ind AS 111 | Joint Arrangements |
| 35 | Ind AS 112 | Disclosure of Interests in Other Entities |
| 36 | Ind AS 113 | Fair Value Measurement |
| 37 | Ind AS 114 | Regulatory Deferral Accounts |
| 38 | Ind AS 115 - Appendix D - Appendix E | Revenue from Contract with Customers - Service Concession Arrangements - Service Concession Arrangements: Disclosures |
| 39 | Ind AS 116 | Leases |
Stay tuned for further updates!!
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