The Indian Accounting system additionally known as Ind AS are based in line with the international economic Reporting standards (IFRS). The nomenclature for the naming and numbering of Ind AS is identical with that of IFRS
Ind AS being mandatory compliance for presentation and disclosure of Financial Statements for prescribed companies in India which are above the specified threshold, there is a requirement for Ind AS implementation. These standards have introduced several changes in the way companies report financials, including how they account for income and expenditure and items in the balance sheet.
GCA adopts the following methodology for the Conversion:-