IND AS stands for Indian Accounting Standards, which are converged with International Financial Reporting Standards (IFRS). IND AS applies to certain classes of companies in India based on their size, turnover, and other criteria.

IND AS 23 deals with accounting for borrowing costs. However, it does not apply to certain assets, such as qualifying assets accounted for under IND AS 20, Investment Property accounted for under IND AS 40, or inventories that are manufactured or otherwise produced in large quantities on a repetitive basis.

IND AS 20 deals with accounting for government grants and disclosure of government assistance. It applies to all entities that receive government grants or assistance.

IND AS 115 deals with revenue recognition, while IND AS 9 deals with financial instruments. IND AS 115 introduces a five-step model for recognizing revenue, while IND AS 9 outlines the classification, measurement, and impairment of financial instruments.

IND AS 116 deals with accounting for leases. It requires lessees to recognize most leases on their balance sheets and eliminates the classification of leases as operating or finance leases. It applies to all entities that enter into lease agreements.

IFRS stands for International Financial Reporting Standards, which are globally accepted accounting standards. IND AS is converged with IFRS and applies to companies in India. While both IFRS and IND AS have many similarities, there are some differences, particularly in the applicability and disclosure requirements.