The Institute of Chartered Accountants of India
Small and Medium enterprises (SMEs) represent over 90% of total enterprises in many countries worldwide and contribute significantly to the respective national economies through investments, employment generation, etc. Similarly, SMEs in India also have always been the backbone of the Indian economy. In view of their significance in the economy, qualitative financial reporting by such entities is called for, which can be achieved by complying with the Accounting Standards and other regulatory requirements.
Accounting Standards lay down sound principles for recognition, measurement, presentation and disclosures of information in the financial statements, which substantially improve the quality of financial statements. In this regard, role of Small and Medium Practitioners (SMPs) also assumes importance with respect to such entities and providing advisory services in the domain of financial reporting and financial management.
In order to provide a quick guide of the key provisions of the Accounting Standards, an initiative has been taken up by the Accounting Standards Board of ICAI to publish a booklet titled ‘Accounting Standards: Quick Referencer’. This publication will serve as a ready referencer of Accounting Standards to the preparers, auditors of financial statements and other stakeholders. Publication captures summary of Accounting Standards issued by the ICAI as well as Companies (Accounting Standards) Rules, 2006 notified by the Ministry of Corporate Affairs, Government of India.