ASB is a committee under Institute of Chartered Accountants of India (ICAI) which consists of representatives from government department, academics, other professional bodies viz.
The Ind AS are named and numbered in the same way as the International Financial Reporting Standards (IFRS).
National Financial Reporting Authority (NFRA) recommend these standards to the Ministry of Corporate Affairs (MCA).
This shall be applied to the companies of financial year 2015-16 voluntarily and from 2016 to 2017 on a mandatory basis Based on the international consensus, the regulators will separately notify the date of implementation of Ind-AS for the banks, insurance companies etc.
Once a company follows Indian AS, either mandatorily or voluntarily, it can not revert to old method of Accounting.