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ASB is a council that stays under the Institute of Chartered Accountants of India abbreviated as ICAI comprising representatives from government ministries, academicians, and additional professional bodies. ICAI, deputies from ASSOCHAM, CII, FICCI, etc. ICAI is an autonomous body ascertained by an Act of Parliament. Indian Accounting Standards is named and numbered exactly as International Financial Reporting Standards abbreviated as IFRS is being named. The National Financial Reporting Authority which is abbreviated as NFRA proposes these principles to the Ministry of Corporate Affairs abbreviated as MCA. The MCA must illustrate the accounting standards acceptable to Indian corporations.
Indian Accounting Standards
Over time, India has expanded its Indian accounting standards. It is moreover recognized as Ind AS. These criteria are being approved by various corporate elements and NBFCs in India under the surveillance of the Accounting Standards Board also known ASB. The Accounting Standards Board was organised in 1977 as a regulatory body and agent. The Accounting State Board is a skilled and self-sufficient core regulated by ICAI. Distant from this, there are different bodies such as the Confederation of Indian Industry also abbreviated as CII, the Federation of Indian Chambers of Commerce and Industry abbreviated as FICCI and the ASSOCHAM which stands for Associated Chambers of Commerce and Industry of India which regulates the ASB. People, educators, and intellectuals from the aforementioned organisations develop various principles in accounting.
List of Accounting Standards in India
Indian Accounting Standards have been promulgated by the ICAI Accounting Standards Board to ascertain consistent financial reporting standards founded on Indian GAAP abbreviated as Generally Accepted Accounting Practice for a nicer perception of users. To glimpse how numerous mandatory principles ICAI has promulgated, they have related to ICAI’s enrolment of mandatory accounting standards for 1st July 2017 and onwards as follows:
AS 1 Disclosure of Accounting Policies
AS 2 Valuation of Inventories
AS 3 Cash Flow Statements
AS 4 Contingencies and Events Occurring After Balance Sheet Date
AS 5 Net profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
AS 7 Construction Contracts
AS 9 Revenue Recognition
AS 10 Property, Plant, and Equipment
AS 11 The Effects of Changes in Foreign Exchange Rates
AS 12 Government Grants
AS 14 Accounting for Amalgamations
AS 15 Employee Benefits
AS 16 Borrowing Costs
AS 17 Segment Reporting
AS 18 Related Party Disclosures
AS 19 Leases
AS 20 Earnings Per Share
AS 21 Consolidated Financial Statements
AS 22 Accounting for Taxes on Income
AS 23 Accounting for Investments in Associates
AS 24 Discontinuing Operations
AS 25 Interim Financial Reporting
AS 26 Intangible Assets
AS 27 Financial Reporting of Interests in Joint Ventures
AS 28 Impairment of Assets
AS 29 Provisions, Contingent Liabilities, and Contingent Assets
AS 30 Financial Instruments: Recognition and Measurement
AS 31 Financial Instruments: Presentation
AS 32 Financial Instruments: Disclosures
Indian Accounting Standards and IFRS
Indian Accounting Standards abbreviated as Ind AS are founded on International Financial Reporting Standards administered by the Board of Directors and are commonly in the chain with IFRS. India has not yet approved IFRS for documenting by domestic corporations, nor has it formally perpetrated to IFRS. IFRS appreciative corporations must divulge in a statement that their financial declarations are IFRS compliant whereas such acknowledgements are not necessary for corporations acknowledging with Indian Accounting Standards or IND AS. This is the difference between the Indian accounting standards and IFRS.
Indian Accounting Standards Rules 2015
The corporation statement under the Indian Accounting Standards Rules 2015 pertains to Indian accounting standards for corporations working or operating in or enrolled in India. It determines the year to which the accounting standard pertains or applies and the category of the corporation to which the Indian accounting standard applies.
Conclusion
By approving these Indian Accounting Standards, corporations can adopt accounting statutes. Global accounting doctrines can be ascertained through harmonisation. These are internationally established accounting standards. So, when a corporation expects to broaden up internationally, it utilises this doctrine. The validity of these standards ensures and safeguards international distinction by all government media and agencies. By approving Indian Accounting standards, corporations can guarantee beneficial submission.
