Table of Contents
- 1 What is the procedure of issuing accounting standards in India?
- 2 What are the accounting standards issued by ICAI?
- 3 What are the steps to be followed in accounting standards?
- 4 What is the procedure of issuing an AS?
- 5 What is the latest IFRS standard?
- 6 When did ICAI adopt IFRS?
- 7 Which is the Accounting Standards Board in India?
- 8 Who is the Institute of Chartered Accountants of India?
What is the procedure of issuing accounting standards in India?
The Council of the ICAI will then review and consider the final draft of the standard. If necessary they may suggest a few modifications. Finally, the Accounting Standard is issued. In the case of standard for non-corporate entities, the ICAI will issue the standard.
What are the accounting standards issued by ICAI?
STATUS OF ACCOUNTING STANDARDS ISSUED BY ICAI FOR CORPORATES
| Accounting Standard (AS) | Title of the AS | Refer Note No. |
|---|---|---|
| AS 1 | Disclosure of Accounting Policies | |
| AS 2 | Valuation of Inventories | |
| AS 3 | Cash Flow Statements | 1 |
| AS 4 | Contingencies and Events Occurring After the Balance Sheet Date | 2 |
Does ICAI follow IFRS?
ICAI through its IFRS certification course has already trained large number of professionals.” Going forward, the ICAI plans to gear up its capacity building endeavours in a focused manner.
Which accounting standards are applicable in India?
Applicability of Accounting standards
| Accounting Standard | Level I | Level II |
|---|---|---|
| AS 1 Disclosure of Accounting Principles | Yes | Yes |
| AS 2 Valuation of Inventories | Yes | Yes |
| AS 3 Cash Flow Statements | Yes | No |
| AS 4 Contingencies and Events Occurring After the Balance Sheet Date | Yes | Yes |
What are the steps to be followed in accounting standards?
The eight steps of the accounting cycle include the following:
- Step 1: Identify Transactions.
- Step 2: Record Transactions in a Journal.
- Step 3: Posting.
- Step 4: Unadjusted Trial Balance.
- Step 5: Worksheet.
- Step 6: Adjusting Journal Entries.
- Step 7: Financial Statements.
- Step 8: Closing the Books.
What is the procedure of issuing an AS?
Procedure for Issuing AS On the basis of the work of the study groups and the dialogue with the organisation referred to above, an expobure draft of the proposed standard will be prepared and issued for comments by members of the institute and the public at large.
What are the 12 accounting standards?
Accounting Standard 12 deals with the accounting for government grants. Such grants are offered by the government, government agencies and similar bodies including local, national or international. These government grants are sometimes referred to as subsidies, cash incentives, duty drawbacks etc.
How many standards are used by ICAI which are mandatory?
Since then, it has issued 32 Accounting Standards so far, out of which 29 are notified by Central Government.
What is the latest IFRS standard?
The final version of IFRS 9 “Financial Instruments” issued in July 2014 is the IASB’s replacement of IAS 39 “Financial Instruments: Recognition and Measurement”. The Standard includes requirements for recognition and measurement, impairment, derecognition and general hedge accounting.
When did ICAI adopt IFRS?
1 April, 2011
The Institute of Chartered Accountants of India (ICAI) has announced its decision to adopt IFRS in India with effect from 1 April, 2011.
What do you mean by Indian accounting standards?
Indian Accounting Standard (abbreviated as Ind-AS) is the Accounting standard adopted by companies in India and issued under the supervision of Accounting Standards Board (ASB) which was constituted as a body in the year 1977. MCA has to spell out the accounting standards applicable for companies in India.
What is the aim of accounting standards in India?
Accounting Standards (AS) are basic policy documents. Their main aim is to ensure transparency, reliability, consistency, and comparability of the financial statements. They do so by standardizing accounting policies and principles of a nation/economy.
Which is the Accounting Standards Board in India?
The Institute of Chartered Accountants of India (ICAI) recognized the need to harmonize the diverse accounting policies and practices at present in use in India, constituted an Accounting Standards Board (ASB) on 21st April, 1977. ASB shall determine the broad area in which Accounting Standards need to be formulated.
Who is the Institute of Chartered Accountants of India?
Institute of Chartered Accountants of India is one of the members of the International Accounting Standards Committee (IASC) and has agreed to support the objectives of IASC.
When did India start adopting international accounting standards?
India has adopted liberalization policy from 1990-1991 onwards, which has paved the way for international business. This has necessitated India to develop quality accounting standards, so that it will have universal acceptability at par with International Accounting Standards. 2. Indian Accounting Standards:
What are the procedures for issuing accounting standards?
Procedure for Issuing Accounting Standards: Before issuing accounting standards, ASB has to ensure that the following procedures are adhered to: 1. It has to determine the broad areas in which accounting standards need to be formulated and their priority. 2.