Page 65 - Quick Insights Book 2022

16 Indian Accounting Standards (Ind AS)

The Indian Accounting Standards (Ind AS), which are
substantially converged with International Financial Reporting
Standards (IFRS) Accounting Standards that are required or
permitted in over 144 jurisdictions, have unleashed mega
accounting opportunities for Indian chartered accountants.
GLOBAL APPLICABILITY

There are 166 jurisdictions identified all over the world for
implementation of IFRS. Till May 2022, 144 jurisdictions (87
per cent of the profiles) out of 166 require IFRS Standards
for all or most domestic publicly accountable entities (listed
companies and financial institutions) in their capital markets.
Some comments on the remaining 22 jurisdictions that have
not adopted:
 12 jurisdictions permit, rather than require, IFRS
standards: Bermuda, Cayman Islands, Guatemala,
Honduras, Japan, Madagascar, Nicaragua, Panama,
Paraguay, Suriname, Switzerland, Timor-Leste;
 One jurisdiction requires IFRS Standards for financial
institutions but not listed companies: Uzbekistan;
 One jurisdiction is in process of adopting IFRS Standards
in full: Thailand;
 One jurisdiction is in process of converging its national
standards substantially (but not entirely) with IFRS
Standards: Indonesia; and
 Seven jurisdictions use national or regional standards:
Bolivia, China, Egypt, India, Macao SAR, United States,
and Vietnam.

INDIAN APPLICABILITY Indian Accounting

In India, there are more than 25,000 companies (including
NBFCs) that are following Ind AS for the purpose of Standards
preparation of its financial statements.
(Ind AS)
CAREER OPPORTUNITIES

 Opportunity in outsourcing - In view of the availability
of suitably skilled human resources, India has been
a preferred destination for global processing hubs
commonly known as BPOs/KPOs, of multinational giants
from different nations across the world. Global Financial
Reporting Vertical is substantial part of the activities of
these processing centers of excellence and importantly,
most of these global giants are from jurisdictions that
follow IFRS Standards. Considering the fact that Ind
ASs are substantially converged with IFRS Accounting
Standards, professionals with Ind AS knowledge will

52 Quick Insights on Professional Opportunities for Chartered Accountants