<Tr> <Td> <Ul> <Li> </Li> <Li> </Li> <Li> </Li> </Ul> </Td> </Tr> <Ul> <Li> </Li> <Li> </Li> <Li> </Li> </Ul> <P> Indian Accounting Standard (abbreviated as Ind - AS) is the Accounting standard adopted by companies in India and issued under the supervison of Accounting Standards Board (ASB) which was constituted as a body in the year 1977 . ASB is a committee under Institute of Chartered Accountants of India (ICAI) which consists of representatives from government department, academicians, other professional bodies viz . ICAI, representatives from ASSOCHAM, CII, FICCI, etc . </P> <P> The Ind AS are named and numbered in the same way as the International Financial Reporting Standards (IFRS). National Advisory Committee on Accounting Standards (NACAS) recommend these standards to the Ministry of Corporate Affairs (MCA). MCA has to spell out the accounting standards applicable for companies in India . As on date MCA has notified 41 Ind AS . This shall be applied to the companies of financial year 2015 - 16 voluntarily and from 2016 - 17 on a mandatory basis . </P>

When was accounting standard board established in india