Ind AS explained: this guide covers what it means, who it applies to, the step-by-step process, documents required, fees, due dates and penalties in India — so you can stay compliant with confidence and avoid costly mistakes.
The ICAI Ind AS Disclosures Checklist is a standard-by-standard list of the disclosures the Ind AS require, with a paragraph reference against each item and a yes, no or not applicable column. It is a memory aid for the last stage of the accounts, not an authority in itself: the standard is the authority, and the checklist itself says it should be read with the standards, regulatory requirements and related guidance.
The checklist in the form held here is the Revised April 2024 edition. It is stated to apply to accounting periods beginning on or after 1 April 2023, and it contains disclosure requirements only, not recognition or measurement. Its contents list runs from Ind AS 1 to Ind AS 116 and does not include Ind AS 117. A team should use it as a second pass after the notes are drafted, then confirm each flagged item against the standard's own paragraph and the current Schedule III Division II.
Ind AS as on 1 April 2025 (ICAI Compendium of Ind AS 2025-26, the standards notified under the Companies (Indian Accounting Standards) Rules, 2015). Amendments notified after 1 April 2025 are not reflected in this article and should be checked on mca.gov.in. Because the checklist predates those amendments, a team preparing notes for a later year needs a current copy and a person who owns it; that is part of financial statement preparation done well.
What the checklist is and what it is not
The Foreword and Preface of the April 2024 edition say it was updated for the Companies (Ind AS) Amendment Rules, 2023 and applies to periods beginning on or after 1 April 2023. The Preface adds that Schedule III of the Companies Act, 2013 must also be referred to. The checklist therefore does not replace three other sources:
- the standard for the exact wording and the exemptions in each paragraph;
- Schedule III Division II for the line items and the extra disclosures of the Act (see our posts on Schedule III and on minimum requirements and added line items);
- any amendment notified after its date, which the checklist cannot show.
It is also silent on Ind AS 117; where a company applies that standard, the standard itself must be read.
How the checklist is arranged
Each standard has its own part, in the order Ind AS 1, 2, 7, 8, 10, 12 and onwards. Within a part, each row has a serial number, the paragraph reference, the disclosure and the Yes, No and NA columns. A closing appendix compares IFRS and Ind AS as of April 2023. So the practical route is: pick the standards that apply to your transactions, go to that part, and tick against the notes.
A year-end routine
- Scope the standards. List the Ind AS that affected the year (leases, financial instruments, revenue, employee benefits and so on). Do not run every part.
- Draft the notes first from the ledgers and schedules; use the checklist as a review, not as the drafting template.
- Tick each row yes, no or not applicable, and write the reason for every "not applicable" in a line; a blank means unreviewed.
- Confirm against the standard. For each "no", read the paragraph. Many disclosures are conditional (for example on significance or on a threshold in the paragraph).
- Add Schedule III and the Act. These sit outside the checklist.
- Keep the signed checklist with the audit file.
Ten standards and the disclosures that are easy to miss
The table gives, for each standard, the disclosure paragraphs and three items that a tick-through can leave unaddressed. It paraphrases the standards, not the checklist rows.
| Standard | Disclosure paragraphs | Three disclosures that are easy to miss |
|---|---|---|
| Ind AS 1 | 112-138 (notes) | Judgements made in applying policies, apart from estimates (122); assumptions and estimation uncertainty with a risk of material adjustment next year, with nature and carrying amount (125); capital management, including changes since last year and compliance with external capital requirements (134-135) |
| Ind AS 7 | 43-52 | Investing and financing transactions that involved no cash (43); reconciliation of the opening and closing balances of liabilities arising from financing activities (44A-44D); significant cash balances the group cannot use, with management's commentary (48) |
| Ind AS 12 | 79-82 | Reconciliation of tax expense to accounting profit or of tax rates (81(c)); unrecognised deductible differences and losses with expiry dates (81(e)); evidence supporting a deferred tax asset where the entity has had a recent loss (82) |
| Ind AS 19 | 135-147 for defined benefit plans | Sensitivity of the obligation to each significant actuarial assumption (145); description of asset-liability matching (146); funding policy, expected contributions and the maturity profile of the obligation (147) |
| Ind AS 24 | 13-27 | Key management personnel compensation by category (17); terms, security and settlement basis of outstanding balances, and guarantees given or received (18); an arm's length statement only where it can be substantiated (23) |
| Ind AS 36 | 126-136 | Impairment losses and reversals by class of asset with the line item (126); key assumptions, projection period, growth and discount rates for each cash-generating unit with significant goodwill (134(d)); the headroom and the change in a key assumption that would remove it (134(f)) |
| Ind AS 107 | Risk disclosures, 31-42 | Credit risk exposure by rating grades (35M); maturity analysis of financial liabilities including financial guarantee contracts (39); sensitivity of profit or loss and equity to each market risk, with methods and assumptions (40) |
| Ind AS 113 | 91-99 | Level of the fair value hierarchy for each class (93(b)); valuation technique and inputs for Levels 2 and 3, with a reconciliation for recurring Level 3 items (93(d)-(e)); narrative sensitivity to unobservable inputs (93(h)) |
| Ind AS 115 | 110-129, with 126AA | Opening and closing receivables, contract assets and contract liabilities, and revenue recognised from the opening contract liability (116); remaining performance obligations and when they will be recognised (120); a reconciliation of revenue to the contract price (126AA) |
| Ind AS 116 | 51-60 | Expense for variable lease payments outside the liability and total cash outflow for leases (53); a separate maturity analysis of lease liabilities (58); exposure not in the liability, such as extension options, residual value guarantees and leases not yet commenced (59) |
The Ind AS 12 row leaves out the dividend-related tax disclosures; see our income-tax guides for tax matters. For Ind AS 1, 7, 12 and 107, amendments notified after 1 April 2025 may add items; check mca.gov.in.
Common ways the checklist is misused
- Treating "yes" as proof that the disclosure is adequate. The standard asks for information that lets users evaluate the item, not a sentence that mirrors the paragraph.
- Ticking "not applicable" without a reason, so an auditor cannot tell whether the item was considered.
- Using an old edition. The edition used here applies to periods beginning on or after 1 April 2023.
- Forgetting items that sit in another standard: the Ind AS 1 judgement note points to Ind AS 112 and Ind AS 40 for some of its content (paragraph 124).
See also our guide to analysing Ind AS financial statements, and for entities on the Accounting Standards the AS disclosures checklist guide.
Need help with year-end disclosures?
If the notes are drafted but nobody has reviewed them against the standards, our team can run the review, prepare the supporting schedules and keep the working file for the auditor as part of financial statement preparation.
Key takeaways
- The April 2024 checklist covers Ind AS 1 to 116 and periods beginning on or after 1 April 2023.
- It lists disclosures only; recognition and measurement, Schedule III and later amendments must be checked separately.
- Use it after drafting, mark every "not applicable" with a reason, and read the paragraph behind each "no".
- Judgements, estimation uncertainty, sensitivity, maturity and reconciliation disclosures are the usual gaps.
- See Ind AS 107 disclosures for an outline of the financial instruments disclosures.
Read next
- Analysis of Ind AS financial statements
- Accounting Standards disclosures checklist: year-end use
- Minimum requirements under Ind AS Schedule III
- Ind AS 107: financial instruments disclosures
Disclaimer: Based on the Indian Accounting Standards as on 1 April 2025 (ICAI Compendium of Ind AS 2025-26, the standards notified under the Companies (Indian Accounting Standards) Rules, 2015) and, where named, the ITFG clarification bulletins of ICAI, as consulted on 4 October 2026. Amendments notified after 1 April 2025 should be checked on mca.gov.in. This article is general information, not legal advice; check the official text before acting.