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## IFRS: International Financial Reporting Standards - It was instituted by International Accounting Standards Board (TASB) - TASB was formed in 2007 with the objective of issuing the IFRS. IASB headquarters is in London. - The main objective is to have a common accounting language to increase tr...

## IFRS: International Financial Reporting Standards - It was instituted by International Accounting Standards Board (TASB) - TASB was formed in 2007 with the objective of issuing the IFRS. IASB headquarters is in London. - The main objective is to have a common accounting language to increase transparency in the presentation of financial information. ## IND AS - IND AS governs the accounting and recording of financial transactions, as well as presentation of statements such as a balance sheet and profit and loss a/c of a company in India. - The main circumstances in respect of which IFRS and IND AS vary significantly is prescribed in terms of what to report, how it should be reported and when it should be reported. ## IND AS Adoption - The IND AS is in the process of being adopted by the companies in India in