Download as pdf or txt
Download as pdf or txt
You are on page 1of 1

The

ACCounting
Standards
Case Standards Since financial same different The
comparable
policiesrespective
lBstitute of inter-enterprisedrawingiup ts is ofTheunter-enterprise.
not uSers toolsimproves
any ACCounting are
Comparability
financialof statementsallows possible same to INTRODUCTION
conflict, becomes
statements
disclosedfinancialenterprises intra-enterprise
of invest, offor
enterprises enterprise financial
(Chartered a assessment
comparability
user if
Statute Standards statements
of financial the whether
judaemental
have in comparison for
Accountants
India of comparable to Such
the enterprise over statements
would to make use same comparison TO
financial statements.
or
comparisons of
be are Standardisation a not ACCOUNTING of
sIMilar
(or number enterprise's
prevail read in Accounting alternativeof
Benefits of treatments
Standards accounting appropriate accounting involves financial
principle enterprises. in uses to tor
incase statements). case involves end taking
over line accounting same of
comparison and are
of th e years. statements,
inancial
Standars. with based,
Accounting period. economic verySTANDARDS
adjustments policies comparison
accounting so
complex on.
the The effective
The
application policies Thisintra-enterprise health
legal disclosure are of decisions, both
additionalfor
Requrements
business disclosures financial is policies of
requirements, while slightlypossible and and intra
in financial
most
performancee.g.,-enterprise
of comparing preparation of
transactions. different. statements every 1.5
Accounting accounting only statements whether widely
comparison

.e. year
when used and
the the or by
" of of in

accounting
academicians,
The spell environment
by integrate
industries, thethem,
in
International
Standards Accounting
setting
initiatives tfhoer bodythe inThe(O2. guidance possibleframingrevenueexample,
expenditure accounting.
of produce Another
o
The
standard-setting t he Institute
lnstiute normally prepare Identification
Constitution
includes Step Step out
process
the Council framing
(IFRSS)
while STANDARDS inpolicies
to financial
itadvantage
I| - standards. associations this accounting
have current or is The
-
ldentification accounting Standards country, of 1.6
ofpreliminary Constitution gOvernment Accounting Chartered possible
to creative
(hartered of is regard. fo r
the issuance of divergent understate
of of
the country.The
fully capitalisation, statements
study broad procedure of
objective standards ICAI,
NFRA of lightconsultative Board took to
accounting
ACcountauts Accountants standardisation
drafts departments, industries Standards
of overstate
groups ofareas ofrecommend Accounting upon views. ACCoUNTING
ADVANCED
study area: of it th e (ASB) SETTING period. Such
them
favourable
and of Accounting
by
ASB
applicable (ASB)composition applicablelaws, itself paticularly
The
of the groups:
by ASB by
profits refers
India scope (namely, and in of
can (IASs)/Anternational accounting writing
proposed ASB for these isetc. Standards1977. the India
of formulation be
independent
transparent. to to is
to for Although Standards leadership PROCESS and reduction
for canbeoff twisting
the brieflystandards ASSOCHAM, of (ICAI), practices a
consider companies ASB The th e particular
assets
standard,
accounting customs, standards a
to borderline capital
outlined includes ICAI being of
of ASB (ASs) ensure
The role accounting of
by
specific AS. to in
has a
definitions inthe the isCII, usagesFinancial in ASB by
premier
expenditurecapitalisinginterest scope
asIndia. MCA.representatives a that provide
standards. FICCI), India taken cases
curbed onlyby
projects follows formulation body consideredconstituting the
and and for
ac where policies
group.
of MCA regulators,
constituted Reporting standardsignificantcounting adequate revenue
against creative
the The business tried
and has it For to
terms draft the the is
to to of of to

You might also like