Ind ASs notified by the Ministry of Corporate Affairs are substantially converged with IFRS Standards issued by the IFRS Foundation. IFRS Standards and supporting documents are divided into three Parts; Part A includes the text of mandatory material of IFRS Standards comprising IAS® Standards, IFRIC® Interpretations and SIC® Interpretations, together with the Conceptual Framework for Financial Reporting. Text of Ind ASs is derived from Part A of IFRS Standards. Part B and C include text of very useful non-mandatory material accompanying the IFRS Standards and comprise the following background and guidance material:

• Part B of IFRS Standards contains the illustrative examples and implementation guidance
• Part C of IFRS Standards contains the bases for conclusions

Since, Ind ASs are derived from IFRS Standards issued by the IFRS Foundation, it is useful and appropriate to read Ind ASs along with the related Guidance Material (Part B and C of IFRS Standards). For the benefit of stakeholders, Part B and C of IFRS Standards are hosted on the ICAI website every year under licence from IFRS Foundation. Consequent to the release of new Compendium of Ind AS (applicable as on April 01, 2020), the updated Part B and C of IFRS Standards relevant for accounting year 2020-21 have also been hosted on the website. It is hereby mentioned that use of this guidance material is strictly subject to the copyright agreement with IFRS Foundation.

Relevant link to access the guidance material: https://www.icai.org/post/ind-as-guidance-material