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How many accounting standards are currently published?

Open uri20170510 32134 ughyv5?1494421703 gunesh asked almost 3 years ago

Hi I am Gunesh. May I know, How many accounting standards are currently published?

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3 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 acharya answered over 2 years ago

ASB is a committee under Institute of Chartered Accountants of India(ICAI). ASB is an independent committee which consis of representatives from government department, academicians, representatives from ASSOCHAM, CII, FICCI, etc., Now India will have two sets of accounting standards viz. existing accounting standards under Companies (Accounting Standard) Rules, 2006 and IFRS converged Indian Accounting Standards(Ind AS). The Ind AS are named and numbered in the same way as the corresponding IFRS. NACAS recommend these standards to the Ministry of Corporate Affairs. The Ministry of Corporate Affairs has to spell out the accounting standards applicable for companies in India. As on date the Ministry of Corporate Affairs notified 39 Indian Accounting Standards(Ind AS).This shall be applied to the companies of financial year 2015-16 voluntarily and from 2016-17 on a mandatory basis. Based on the international consensus, the regulators will separately notify the date of implementation of AS Ind for the banks, insurance companies etc. Standards for the computation of Tax would be notified separately

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 narahari answered over 2 years ago

Accounting Standards (abbreviated as India AS) in India accounting standards were issued under the supervision and control of Accounting Standards Board (ASB), which was constituted in the year 1977. ASB is a committee under Institute of Chartered Accountants of India(ICAI). ASB is an independent committee which consis of representatives from government department, academicians, representatives from ASSOCHAM, CII, FICCI, etc.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 DISHANT answered almost 3 years ago

ndian Accounting Standards (abbreviated as India AS) in India accounting standards were issued under the supervision and control of Accounting Standards Board (ASB), which was constituted in the year 1977. ASB is a committee under Institute of Chartered Accountants of India(ICAI). ASB is an independent committee which consis of representatives from government department, academicians, representatives from ASSOCHAM, CII, FICCI, etc., Now India will have two sets of accounting standards viz. existing accounting standards under Companies (Accounting Standard) Rules, 2006 and IFRS converged Indian Accounting Standards(Ind AS). The Ind AS are named and numbered in the same way as the corresponding IFRS. NACAS recommend these standards to the Ministry of Corporate Affairs. The Ministry of Corporate Affairs has to spell out the accounting standards applicable for companies in India. As on date the Ministry of Corporate Affairs notified 39 Indian Accounting Standards(Ind AS).This shall be applied to the companies of financial year 2015-16 voluntarily and from 2016-17 on a mandatory basis. Based on the international consensus, the regulators will separately notify the date of implementation of AS Ind for the banks, insurance companies etc. Standards for the computation of Tax would be notified separately.[1] OBJECTIVE The basic objective of Accounting Standards is to remove variations in the treatment of several accounting aspects and to bring about standardization in presentation. They intent to harmonize the diverse accounting policies followed in the preparation and presentation of financial statements by different reporting enterprises so as to facilitate intra-firm and inter-firm comparison. Bharat Bhushan Accounting Standards

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