Are you familiar with Indian Accounting Standards? How many Indian accounting standards are applicable to companies in India?

Based on section 133 of the Companies Act 2013, the Indian Accounting Standards (Ind AS) have been formulated in accordance with the Indian economic and legal environment and with the aim of ensuring convergence with IFRS Standards, which are issued by the IFRS Foundation and hold the copyright.  As of date, MCA has notified 40 Ind AS that are applicable to companies in India (Ind AS 11 is omitted).