Tag: Accounting Standards
For the benefit of Members and other stakeholders, the ICAI has published a revised checklist on the disclosure requirements prescribed by accounting standards (AS) 1 to 29 (October 2022 …
Accounting Standards for non-corporate entities, such as Small and Medium-sized Enterprises (SMEs), are set by the Accounting Standards Board (ASB) of ICAI in India. These standards are based on …
The primary considerations in selecting accounting policies, according to AS-1 issued by the ICAI, should be to ensure that the financial statements prepared and presented on the basis of …
IIn recent years, the number of acceptable alternative accounting treatments for various situations, in particular in the case of corporate enterprises, has significantly decreased. This is specifically due to …
Final users should be aware that financial statements are prepared/presented by adhering to certain basic/ fundamental accounting assumptions, such as going concern, consistency, and accrual, which are not required …
The ICAI’s Accounting Standard 1 (AS-1) addresses the mandatory disclosure of significant accounting policies that are used in the process of preparing and presenting the “true and fair” view …
AS-1 of the ICAI requires disclosure of all essential accounting policies in the financial statement. AS-1 defines accounting policies as the principles/methods/rules used to prepare and present financial statements. …
ICAI has decided to revise the Accounting Standards applicable to entities to which Ind AS are not applicable and has accordingly issued the Exposure Drafts of various Revised Accounting …
Government accounting in India follows cash basis of accounting. Government Accounting Standards Advisory Board (GASAB) constituted by the Comptroller and Auditor General of India with support of Government of …
Accounting Standards formulated by the ICAI do not override the statute/ law that govern the preparation and presentation of general purpose financial statements of a particular Local Body. Accounting Standards …