Indian Accounting Standards

Exposure Draft of Indian Accounting Standard (Ind AS) 113 Fair Value Measurement (Comments to be received by December 05, 2011) – (04-11-2011) Following is the Exposure Draft of the Indian Accounting Standard (Ind AS) 113 Fair Value Measurement, issued by the Accounting Standards Board of the Institute of  Chartered Accountants of India, for comments. The [...] Full Article

Ind AS 1 generally deals with presentation of financial statements, whereas existing AS 1 (issued1979) deals only with the disclosure of accounting policies. The scope of Ind AS 1 is thus much wider and line by line comparison of the difference with the present standard is not possible. However, the major requirements as laid down in Ind AS 1 are as follows: Full Article

Availability of essential financial information about a company to its shareholders and other stakeholders in accordance with internationally accepted financial norms is considered as an integral and important part of good corporate governance. To en Full Article

Corporate Affairs Minister Salman Khurshid today said the April 2011 deadline for the transition of Indian accounting standards to international norm IFRS will be met and all issues, especially those related to tax implications, have been resolved. Full Article

Accounting Standards are the policy documents issued by the relevant Statutory Authority/ Apex Accountancy body for recognition, measurement, presentation and disclosure of the events and business transactions having economic consequence on an enterp Full Article

Union Finance Minister, Shri Pranab Mukherjee asked the Public Sector Banks (PSBs) to accelerate the financial deepening else it could constraint the full potential of the Indian economy. The Finance Minister said this is essential to maintain high GDP growth trajectory. Full Article

On January 22, 2010 the Ministry of Corporate Affairs issued the road map for transition to IFRS. It is clear that India has deferred transition to IFRS by a year. In the first phase, companies included in Nifty 50 or BSE Sensex, and companies whose securities are listed on stock exchanges outside India and all other companies having net worth of Rs 1,000 crore will prepare and present financial statements using Indian Accounting Standards converged with IFRS. Full Article

India's apex accounting standards body is convinced that 80 hours is all it will take for the country's accountants to learn the nuances of an international standard that could soon become the way the world writes its books. Full Article