Table of Contents
Why Ind AS is introduced?
The ICAI recognizes the need for a global standard in these global times. Thus, the Government of India along with ICAI decided not to adopt the IFRS the way they are. Instead, it introduced the Indian AS, popularly known as Ind AS.
Who introduced Ind AS?
The Ministry of Corporate Affairs (MCA), in 2015, had notified the Companies (Indian Accounting Standards (IND AS)) Rules 2015, which stipulated the adoption and applicability of IND AS in a phased manner beginning from the Accounting period 2016-17.
How is IND as different from as?
Ind-AS (Indian Accounting Standards as converged with IFRS) Ind-AS generally use the word –“shall” in its guidance, which makes it more strict. Ind-AS provide guidance on various transactions like agriculture, business combinations etc. These guidances were not existing in AS.
How old is accounting?
History of Accounting. Accounting is a language that dates back thousands of years and has been used in many parts of the world. The earliest evidence of this language comes from Mesopotamian civilizations more than 7,000 years ago.
What is the full form of ICAI?
Share this page: The Institute of Chartered Accountants of India. The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, viz. The Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for regulating the profession of Chartered Accountancy in the country.
What are the objectives of IND as any two?
Answer : Objective is to Standrize the diverse accounting polices and practices. These accounting standards were implemented to eliminate the non – comparability of financial statements and the reliability to the financial statements..
WHAT IS AS and Indas?
Ind-AS (Indian Accounting Standards as converged with IFRS) For example, consolidation is required under Ind-AS 110 if the holding company has control over its subsidiary and definition of control is substance based. Indian Accounting Standards (‘AS’) are generally rule based and are less flexible.
What is the history of India in short?
History of India India is a land of ancient civilization. India’s social, economic, and cultural configurations are the products of a long process of regional expansion. Indian history begins with the birth of the Indus Valley Civilization and the coming of the Aryans.
What is Ind as (IND accounting standards)?
The Ind AS are named and numbered in the same way as the International Financial Reporting Standards (IFRS). National Advisory Committee on Accounting Standards (NACAS) recommend these standards to the Ministry of Corporate Affairs (MCA). MCA has to spell out the accounting standards applicable for companies in India.
What is the history of the American Indians?
The history of American Indians of North America The history of American Indians of North America The term American Indians is defined by the indigenous peoples of the area that is now known as the United States. This means the people were living here for thousands of years, long before it was conquered and settled.
What is the economic history of India?
Economic History of India. Indus valley civilization, which flourished between 2800 BC and 1800 BC, had an advanced and flourishing economic system. The Indus valley people practiced agriculture, domesticated animals, made tools and weapons from copper, bronze and tin and even traded with some Middle East countries.