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IFRS Accounting Standards are developed by the International Accounting Standards Board (IASB). The IASB is an independent standard-setting body within the IFRS Foundation.
IFRS Accounting Standards are, in effect, a global accounting language—companies in more than 140 jurisdictions are required to use them when reporting on their financial health. The IASB is supported by technical staff and a range of advisory bodies.
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IFRS Sustainability Disclosure Standards are developed by the International Sustainability Standards Board (ISSB). The ISSB is an independent standard-setting body within the IFRS Foundation.
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Deferred implementation date of Ind AS accounting model for insurance companies
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The India jurisdictional profile has been updated to reflect the decision of the Insurance Regulatory and Development Authority of India to defer the effective date of the implementation of Indian Accounting Standards (Ind AS) for insurance companies from April 2018 to April 2020.
Ind AS are based on and are substantially converged with IFRS Standards as issued by the International Accounting Standards Board. However, there are some mandatory and some optional differences.
Profiles on the use of IFRS Standards in jurisdictions around the world are also available.
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