Indian Accounting Standard Study Notes – Get Complete List of Standards

Every functioning body operating, needs defined guidelines so as to maintain the procedure and the standards of operations. The rules are common for organizations operating in similar fields. Today in this article, we will be talking about Indian Accounting Standards and its application. The India Accounting Standard study notes will help you understand the rules set up by the Ministry of Corporate Affairs & ICAI for the operations.

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This topic will help you in preparations for the UPSC EPFO EO 2020 exam as it is a viable topic under the Economics section.

1. Indian Accounting Standard Study Notes – For UPSC EPFO EO 2020

1.1 What is the Indian Accounting Standards?

Indian Accounting Standard (abbreviated as Ind-AS) is the Accounting standard adopted by companies in India and issued under the supervision of the Accounting Standards Board (ASB) which was constituted as a body in the year 1977.

Accounting Standard Board (ASB) is a committee under the Institute of Chartered Accountants of India (ICAI) which consists of representatives from the government department, academicians, other professional bodies viz. ICAI, representatives from ASSOCHAM, CII, FICCI, etc.

The Ind AS are named and numbered in the same way as the International Financial Reporting Standards (IFRS). National Financial Reporting Authority (NFRA) recommends these standards to the Ministry of Corporate Affairs (MCA). MCA has to spell out the accounting standards applicable to companies in India.

Even though accounting has existed in various forms and levels sophistication throughout many human societies, the double-entry accounting system in use today was developed in medieval Europe, particularly in Venice, and is usually attributed to the Italian mathematician and Franciscan friar Luca Pacioli.

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1.2 Some key Objectives of Accounting Standards

Accounting Standards were introduced in order to standardize the diverse practice and policies of accounting. The main purpose of the introduction of the accounting standards was to increase the reliability of the financial statements and to eliminate the non-comparability of the financial statements.

In order to achieve this, the ICAI set up Accounting Standard Board in 1977 to implement the practice of accounting standards.

Accounting can be divided into several fields including financial accounting, management accounting, external auditing, tax accounting, and cost accounting.

Recognition of the financial events and measurement of the financial transactions are other few objectives of introducing these standards.

All the entities of the countries are to follow the same standards for their comparability and financial statements reliability.

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2. Here’s The List of Indian Accounting Standards

As on date, MCA (Ministry of Corporate Affairs) has notified 41 Ind-AS. Here’s a list of the standards to help you better understand what each standard notifies.

 

Source:

• Ministry of Corporate Affairs Website
• Wikipedia
• Saralaccounts.com

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That brings us to the end of this article. We hope that the Indian Accounting Standard study Notes provided here proves useful to your preparations. Now you can get complete study notes for the preparations of the enforcement officer exam on Oliveboard along with the Mock Tests that are specially designed for the UPSC EPFO, keeping in mind the pattern and difficulty level.

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