A set of financial statements are a key tool of communication about the financial position, performance and changes in financial position of an entity that is useful to a wide range of stakeholders in making economic decisions. Accounting Standards is an essential building block in the economics financial reporting world. These Accounting Standards provide principles and rules that must be followed to ensure accuracy, consistency and comparability of financial statements. These accounting guidelines also ensure that financial statements should be understandable, relevant, reliable and comparable.
The Accounting Standards Board (ASB or the Board) of the Institute of Chartered Accountants of India (The ICAI), since its establishment way back in 1977, has been involved in the formulation of Accounting Standard and standard setting process of the country. The Board in its endeavours to established well versed Accounting Standards in India has accomplished various goals in Accounting Standards, viz.-a-viz., formulation of Indian Accounting Standards and Accounting Standards, reviewing and revising the standards in accordance with changing situation and providing interpretations/guidance on accounting standards.
The Board publishes regularly Compendium of Accounting Standards which includes Accounting Standards applicable as on date and related pronouncements/announcements on Accounting Standards issued by ICAI. Keeping in view the amendments taking place in the Accounting Standards, it become persistent to update the Compendium of Accounting Standards, which incorporates all the relevant developments that have taken place since the publication of the last edition of the Compendium. As compared to the last edition of the Compendium in 2017, this edition incorporates limited amendment to AS 11, The Effects of Changes in Foreign Exchange Rates, notified by Companies (Accounting Standards) Amendment Rules, 2018, vide notification dated 18th June, 2018.
This Compendium is relevant for all companies, other than the companies following Ind AS, and also to non-corporate entities for the purpose of preparation and presentation of good quality financial statements.
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