What are the key differences between the new India Accounting Standards (Ind-AS) and international financial reporting standards (IFRS)?

While the India Accounting Standards (Ind-AS) represent a major step towards international best practices of financial reporting, many key differences remain between Ind-AS and international financial reporting standards (IFRS). For instance, Ind-AS has no guidelines on the format in which balance sheets and profit/loss statements must be presented, while IFRS does. Additionally, the components of financial statements differ between the two, with Ind-AS requiring extra information such as disclosure of significant accounting policies.