Tag: Accounting Standards
In India, the Accounting Standards for non-corporate entities including Small and Medium sized Enterprises (SMEs), are issued by the Accounting Standards Board (ASB) of ICAI, to establish uniform standards …
As per AS-1 issued by the ICAI, the primary considerations in selection of accounting policies should be to ensure that the financial statements prepared and presented on the basis …
In recent years, the number of acceptable alternative accounting treatments for various situations, particularly in the case of corporate enterprises. have substantially reduced specifically due to unification approach of …
Final users should know that Financial Statements are prepared/ presented by adhering to certain basic accounting assumptions, like Going Concern, Consistency and Accrual, which are not required to be …
ICAI’s AS-1 deals with mandatory disclosure of significant accounting policies followed in preparing and presenting the ‘true and fair’ view of the financial statements, by way of a separate …
To ensure proper understanding of financial statements, it is necessary that all significant accounting policies adopted in the preparation and presentation of financial statements should be disclosed. Therefore, first …
ICAI has issued the Exposure Drafts of Revised Accounting Standards AS-28, AS-103, AS-110 and AS-111, vide Announcement dt. 04/01/2022, for comments latest by 03/02/2022. The Indian Accounting Standards (Ind …
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 …
NFRA has published its comments on the Regulatory Impact Assessment (RIA) conducted by ICAI for revision of existing Accounting Standards for adherence by the micro entities which are not …
The MCA has notified the Companies (Accounting Standards) Amendment Rules, 2018, to amend Accounting Standard (AS) 11: The Effects of Changes in Foreign Exchange Rates (revised 2003) applicable w.e.f. 1 April, 2018.
