ABSTRACT
This chapter discusses changes taking place in the Indian accounting standards (Ind AS) and provides background information on Indian accounting systems. It explains convergence of Indian accounting standards with global standards. The adoption of Ind AS would predominantly influence accounting in several areas. The areas include revenue recognition; accounting for financial instruments; valuation of investments; employee benefits; translation of foreign currency-denominated assets and liabilities; and consolidation of subsidiaries, joint ventures, and associates abroad, for both Indian corporates with a presence abroad and multinational corporations with business interests in India. The chapter presents a case study of Tech Mahindra to highlight some of the areas that affect the financial reporting under Ind AS. The International Financial Reporting Standards, emerging as most widely acceptable global framework of accounting, are attempting to remove several discrepancies by developing consistent, transparent and comparable reporting standards of accounting.
