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    Indian Accounting Standards

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    roman empire
    The document discusses Indian Accounting Standards (IAS), which are the accounting standards used for preparing annual financial statements and reports in India. The IAS are developed by the Indian Accounting Standards Board under the supervision of the Institute of Chartered Accountants of India. The standards are recommended to the Ministry of Corporate Affairs for implementation. The document then presents a comparative statement that lists the Indian Accounting Standards and their corresponding International Accounting Standards or International Financial Reporting Standards.

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    Indian Accounting Standards

    Uploaded by

    roman empire
    90 views4 pages
    The document discusses Indian Accounting Standards (IAS), which are the accounting standards used for preparing annual financial statements and reports in India. The IAS are developed by the Indian Accounting Standards Board under the supervision of the Institute of Chartered Accountants of India. The standards are recommended to the Ministry of Corporate Affairs for implementation. The document then presents a comparative statement that lists the Indian Accounting Standards and their corresponding International Accounting Standards or International Financial Reporting Standards.

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    The document discusses Indian Accounting Standards (IAS), which are the accounting standards used for preparing annual financial statements and reports in India. The IAS are developed by the Indian Accounting Standards Board under the supervision of the Institute of Chartered Accountants of India. The standards are recommended to the Ministry of Corporate Affairs for implementation. The document then presents a comparative statement that lists the Indian Accounting Standards and their corresponding International Accounting Standards or International Financial Reporting Standards.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    90 views4 pages

    Indian Accounting Standards

    Uploaded by

    roman empire
    The document discusses Indian Accounting Standards (IAS), which are the accounting standards used for preparing annual financial statements and reports in India. The IAS are developed by the Indian Accounting Standards Board under the supervision of the Institute of Chartered Accountants of India. The standards are recommended to the Ministry of Corporate Affairs for implementation. The document then presents a comparative statement that lists the Indian Accounting Standards and their corresponding International Accounting Standards or International Financial Reporting Standards.

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    (2)

    Indian Accounting Standards


    (IAS or the Indian GAAP)
    Meaning and Regulations of Indian Accounting Standard

    • The accounting standards used for preparation of annual financial


    accounts and reporting framework are developed under the supervision
    and control of Indian Accounting Standard Board (IASB) under the
    control of Institute of Chartered Accountancy (ICA).
    • It is also consists of representatives of government, academicians,
    (ASSOCHAM, CII, FICCI) etc.
    • These standards are recommended to the Ministry of Corporate Affairs
    for notifying their implementation. based on these standards corporate
    financial statements are prepared and published.
    • The details of Indian Accounting Standards and its convergence are
    presented in comparative statement of AS and IAS.
    Acconting Standard Title IAS/IFRS Title2
    IAS 01 Disclosure of accounting policies 1Presentation of financial statements
    IAS 02 Valuation of inventories 2Inventories
    IAS 03 Cash flow statements 7Cash flow statements
    Contingencies and events occurrence Events occurring after the balance sheet
    IAS 04 after the balance sheet date 10 date
    Net profit or loss for the period,
    Net profit or loss for the period. Prior period fundamental errors and changes in
    IAS 05 items and changes in accounting policies 8 accounting policies
    Corresponding IAS has been withdrawn
    since the matter is now covered by IAS
    IAS 06 Depreciation accounting   and IAS 38
    IAS 07 Construction contracts 11Construction contracts
    IAS 08 Accounting policies ( withdrawn by ICAI)    
    IAS 09 Revenue recognition 18Revenue
    IAS 10 Accounting for fixed assets 16Property, plant and equipment
    Effect of changes in foreign exchange The effect of changes in foreign exchange
    IAS 11 rates 21 rates
    Accounting for government grants and
    IAS 12 Accounting for government grants 20 disclosure of government assistance
    Corresponding IAS has been withdrawn
    since the matter is now covered by IAS
    IAS 13 Accounting for investment   32, 39, and 40 and IFRS 7
    IAS 14 Accounting for amalgamations IFRS 3 Business combinations
    Accounting for retirement benefits in the
    IAS 15 financial statements of employers 19Employee benefits
    IAS 16 Borrowing costs 23Borrowing costs
    IAS 17 Segment reporting 14/IFRS 8 Segment reporting
    IAS 18 Related party transactions 24Related party disclosures
    IAS 19 Lease accounting 17Leases
    IAS 20 Earnings per share 33Earnings per share
    IAS 21 Consolidated financial statements 27Consolidated and separate financial
    IAS 22 Accounting for taxes on income 12Income taxes
    Accounting for investments in associates
    IAS 23 in consolidated financial statements 28Investments in associates
    Discontinuance of operations. Further,
    AS 10 deals with accounting for fixed Non-current assets held for sale and
    IAS 24 assets retired from active use. IFRS 5 discontinued operations
    IAS 25 Interim financial reporting 34Interim financial reporting
    IAS 26 Accounting of intangible assets 38Intangible assets
    Financial reporting of interest in joint
    IAS 27 ventures 31Interest in joint ventures
    IAS 28 Impairment of assets 36Impairment of assets
    Provisions , contingent liabilities and Provisions, contingent liabilities and
    IAS 29 contingent assets 37 contingent assets
    Financial instruments- Recognition and
    IAS 30 Measurement 39Financial instruments: Recognition and measurement
    IAS 31 Financial instruments- presentation 32Financial instruments: Presentation
    Accounting and reporting by retirement
    IAS 32 Financial instruments – Disclosure 26 benefit plans
    Financial reporting in Hyper-inflationary
        29 economies
        40Investment property
        41Agriculture

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