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2accounting standard create a sense of confidence among the users of accounting information.
Indian accounting standards and international accounting standards. The ASB will give due consideration to International Accounting Standards IASs issued by the International Accounting Standard Committee and tries to integrate them to the extent possible. 3It helps the auditors in auditing the accounts. INDIAN ACCOUNTING STANDARDS AS-13 covers all the investments like investment in property investment in subsidiary investment in associates and investment in financial instruments.
It is the successor to the International Accounting Standard Committee IASC which was created in seventies to develop International Accounting Standards. The Indian Accounting Standards Ind AS as notified under section 133 of the Companies Act 2013 have been formulated keeping the Indian economic legal environment in view and with a view to converge with IFRS Standards as issued by and copyright of which is held by the IFRS Foundation. 65 rows India has not adopted IFRS as is however decided to adopt reporting standards.
The implementation of Indian Accounting Standards Ind AS converged with International Financial Reporting Standards IFRS by Indian Companies is a monumental step in the accounting history of India. The International Accounting Standards Board IASB is a standalone privately funded accounting standard setting body established to develop global standards of financial reporting. 4They provide the norms.
It is presently known as International Accounting Standards Board. The London based group namely the International Accounting Standards Committee IASC responsible for developing International Accounting Standards was established in June 1973. INDIA ACCOUNTING STANDARDS In an effort to converge with International Financial Reporting Standards IFRS the Ministry of Corporate Affair MCA Government of India released 35 India accounting standards known as Ind AS on February 25 2011 without announcing the date on which these would be applica-ble.
I Indian Accounting Standards converged with the IFRS standards which are being converged by eliminating the differences of the Indian Accounting Standards. 2 To understand the procedure for issue of International Financial Reporting Standard Indian Accounting Standard Utility of accounting standards 1accounting standards ensure uniformity in prepration and presentation of financial statements. Indian Accounting Standards Converged with IFRS Ind AS Ind AS are set of accounting standards notified by Ministry of Corporate Affairs MCA converged with International Financial Reporting Standards IFRS these accounting standards are formulated by Accounting Standard Board ASB of Institute of Chartered Accountants of India ICAI.
The key difference between IFRS vs Indian GAAP is that IFRS is the international accounting standards that provide guidance on how different transactions should be reported by the company in their financial statements which is used by many countries whereas Indian GAAP are the generally accepted accounting principles developed by Ministry of Corporate Affairs MCA and. IAS-32 IAS-39 and IAS-40 which are more comprehensive. IAS better known as the International Accounting Standards was a set of standards that dictate how a particular transaction or event should be reflected in the financial statements.
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