Tag: Accounting Standards

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 …

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 …

When it comes to preparing financial statements, selecting appropriate accounting policies is crucial to ensure accuracy and transparency. The Institute of Chartered Accountants of India (ICAI) has issued Accounting …

Get a comprehensive overview of alternative accounting treatments and disclosure requirements under AS-1 of ICAI, with real-world examples.

Learn about the fundamental accounting assumptions that shape financial reporting, i.e. going concern, consistency and accrual basis accounting.

Learn about AS 1 of ICAI and its crucial role in promoting transparency and comparability of financial statements through the disclosure of significant accounting policies.

Accounting policies are crucial in financial statement preparation. Learn about their nature and how their disclosure requirements vary depending on the circumstances in which enterprises operate.

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 …

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 …