IndAS standards have been gathering momentum to replace existing Accounting Standards. IndAS provides disclosures for a particular topic but none of the standards provide the format of balance sheet, statement of profit and loss and statement of changes in equity. Although MCA and ICAI provides for proposed Ind AS but one of the key elements missing till date was the format of the financial statements as per Ind AS. Now an exposure draft has been released which provides the format of Ind AS financials complying with Schedule III of the Companies Act, 2013.
In December, 2010 the CBDT constituted the Committee to harmonize the AS issued by the ICAI with the provisions of the income-tax Act for the purposes of notification under the Act and to suggest amendments to the Act. The Committee recommended that some of the AS issued by ICAI related to 'disclosure' requirement, whilst some other contained matter that was adequately dealt within the Act. In view of this, the Committee formulated the drafts of only fourteen Tax Accounting Standards ('TAS') issued by the ICAI. It submitted its final report along with draft of TAS in August, 2012 which was placed in the public domain for comments.
After examining the comments, the CBDT revised the draft of twelve TAS submitted by the Committee. It has withdrawn draft of TAS which corresponded to AS-4 on "Contingencies and Events Occurring After the Balance Sheet Date" and AS-5 on "Net Profit or Loss for the Period, Prior Period Items and changes in Accounting Policies".
Click here to view comparative study of Accounting Standards issued by ICAI, TAS and revised TAS issued by CBDT.