There is no difference between IFRS and Accounting Standards issued by the ICAI (Institute
of Chartered Accountants of India). Do you agree with this statement? Give reasons in
support of your answer.

Dear Student,

I disagree with the given statement as both the IFRS and the Accounting Standards issued by the ICAI are different. The difference between IFRS and Accounting standards is explained below:
 

Basis	IFRS	AS
Definition	IFRS refers to International Financial Reporting Standards, it is an internationally recognized accounting standard	AS refers to Accounting Standards, it is also known as India specific version of IFRS
Developed by	IFRS is developed by  IASB (International Accounting Standards Board)	AS is developed by the MCA (Ministry of Corporate Affairs) in India.
Followed by	IFRS is followed in 144 countries across the world.	AS is followed only in India.
Disclosure	Companies complying with IFRS have to disclose as a note that the financial statements comply with the IFRS.	Such disclosure is not compulsory for companies complying with Indian Accounting Standards.
Financial Statement components	It includes the following: 1. Statement of financial position 2. Statement of profit and loss 3. Statement of changes in equity for the period 4. Statement of cash flows for the period	It includes the following: 1. Balance Sheet 2. Profit and loss account 3. Cash flow statement 4. Statement of changes in equity 5. Notes to financial statements 6. Disclosure of accounting policies
Balance Sheet format	Companies complying with IFRS need to have specific guidelines for preparing balance sheets with assets and liabilities to be classified as current and non-current	Companies complying with Indian AS need to have no such requirements for balance sheet format, but the guidelines are defined for presenting balance sheet

Regards