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What Are Indian Accounting Standards

Indian Accounting Standards (Ind AS) are a set of accounting standards notified by the Ministry of Corporate Affairs (MCA), Government of India, by the Companies Act, 2013. These standards are largely converged with the International Financial Reporting Standards (IFRS), which are global accounting standards issued by the International Accounting Standards Board (IASB).

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What Are Indian Accounting Standards

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  1. What Are Indian Accounting Standards? www.aiatindia.com

  2. Indian Accounting Standards Indian Accounting Standards (Ind AS) are a set of accounting standards notified by the Ministry of Corporate Affairs (MCA), Government of India, in accordance with the Companies Act, 2013. These standards are largely converged with the International Financial Reporting Standards (IFRS), which are global accounting standards issued by the International Accounting Standards Board (IASB). The objective of adopting Ind AS is to enhance the transparency, comparability, and quality of financial reporting in India. They provide guidelines on recognition, measurement, presentation, and disclosure of various financial transactions and events in the financial statements of companies.

  3. Objectives of the Indian Accounting Standards The primary Plan of the Indian Accounting Standards (IND AS) is to ensure that large-scale activities are correctly accounted for through continuous disclosure, treatment, and reformation. IND AS standardizes accounting policies and principles for the nation's economy. Provides a unified framework for the preparation of books of account and promotes financial transparency. Indian Accounting Standards (IND AS) ensure that all institutions and governmental bodies are recognized overseas.

  4. Benefits of Indian Accounting Standards Global Recognition: Ind AS aligns Indian accounting practices with International Financial Reporting Standards (IFRS), allowing for easier comparison of financial statements to those of global peers. This increases the credibility and appeal of Indian businesses to international investors and stakeholders.Improved Transparency: The Indian Accounting Standard requires companies to disclose relevant information, such as off-balance-sheet items, contingent liabilities, and related-party transactions. This allows investors and stakeholders to make better-informed decisions.

  5. Enhanced Comparability: By adopting internationally recognized accounting standards, Ind AS helps the comparison of financial statements across companies, industries, and jurisdictions. This enhances the ability of investors, analysts, and regulators to evaluate entities' financial performance and position. Better Decision-Making:Ind AS provides more relevant and reliable financial information to management, investors, creditors, and other stakeholders, allowing them to make better decisions. This is especially important when evaluating the financial health and prospects of businesses.

  6. List of Accounting Standards in India

  7. THANKS! Do you have any questions? info@aiatindia.com 9604121000 www.aiatindia.com

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