LatestAccounting And Audit 7 October 2026
ICAI Pushes Ind AS 118 Forward, Plans Schedule III Overhaul
The Institute of Chartered Accountants of India (ICAI) has accelerated work on Ind AS 118, the revenue recognition standard, and is also reviewing a comprehensive revamp of Schedule III of the Companies Act. The move aims to align Indian accounting practices with global norms and address pending issues, while Ind AS 120 remains under formulation.
ICAI accelerates Ind AS 118
- Focuses on tightening revenue recognition rules.
- Seeks to bring Indian standards closer to IFRS.
Schedule III revamp under review
- Aims to modernize balance‑sheet presentation for companies.
- Expected to improve comparability and transparency.
For full details, see the original article.
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