Difference Between IFRS and IND AS

IFRS	IND AS
Definition
IFRS stands for International Financial Reporting Standards, it is an internationally recognised accounting standard	IND AS stands for Indian Accounting Standards, it is also known as India specific version of IFRS
Developed by
IASB (International Accounting Standards Board)	MCA (Ministry of Corporate Affairs)
Followed by
144 countries across the world	Followed only in India
Disclosure
Companies complying with IFRS have to disclose as a note that the financial statements comply with IFRS	Such a disclosure is not mandatory for companies complying with Indian Accounting Standards or IND AS
Financial Statement Components
It includes the following Statement of financial position Statement of profit and loss Statement of changes in equity for the period Statement of cash flows for the period	It includes the following: Balance Sheet Profit and loss account Cash flow statement Statement of changes in equity Notes to financial statements Disclosure of accounting policies
Balance Sheet Format
Companies complying with IFRS need have specific guidelines for preparing balance sheet with assets and liabilities to be classified as current and non-current	Companies complying with IND AS need have no such requirements for balance sheet format, but the guidelines are defined for presenting balance sheet