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.
| Ind As No. | Name of Indian Accounting Standard |
|---|---|
| Ind AS 101 | First-time adoption of Ind AS |
| Ind AS 102 | Share-Based Payment |
| Ind AS 103 | Business Combination |
| Ind AS 104 | Insurance Contracts |
| Ind AS 105 | Non-Current Assets Held for Sale and Discontinued Operations |
| Ind AS 106 | Exploration for and Evaluation of Mineral Resources |
| Ind AS 107 | Financial Instruments: Disclosures |
| Ind AS 108 | Operating Segments |
| Ind AS 109 | Financial Instruments |
| Ind AS 110 | Consolidated Financial Statements |
| Ind AS 111 | Joint Arrangements |
| Ind AS 112 | Disclosure of Interests in Other Entities |
| Ind AS 113 | Fair Value Measurement |
| Ind AS 114 | Regulatory Deferral Accounts |
| Ind AS 115 | Revenue from Contracts with Customers(Applicable from April 2018) |
| Ind AS 116 | Leases (Applicable from April 2019) |
| Ind AS 1 | Presentation of Financial Statements |
| Ind AS 2 | Inventories |
| Ind AS 7 | Statement of Cash Flows |
| Ind AS 8 | Accounting Policies, Changes in Accounting Estimates and Errors |
| Ind AS 10 | Events occurring after the Reporting Period |
| Ind AS 11 | Construction Contracts (Omitted by the Companies (Indian Accounting Standards) Amendment Rules, 2018) |
| Ind AS 12 | Income Taxes |
| Ind AS 16 | Property, Plant, and Equipment |
| Ind AS 17 | Leases (Omitted by the Companies (Indian Accounting Standards) Amendment Rules,2019) |
| Ind AS 18 | Revenue (Omitted by the Companies (Indian Accounting Standards) Amendment Rules, 2018) |
| Ind AS 19 | Employee Benefits |
| Ind AS 20 | Accounting for Government Grants and Disclosure of Government Assistance |
| Ind AS 21 | The Effects of Changes in Foreign Exchange Rates |
| Ind AS 23 | Borrowing Costs |
| Ind AS 24 | Related Party Disclosures |
| Ind AS 27 | Separate Financial Statements |
| Ind AS 28 | Investments in Associates and Joint Ventures |
| Ind AS 29 | Financial Reporting in Hyperinflationary Economies |
| Ind AS 32 | Financial Instruments: Presentation |
| Ind AS 33 | Earnings per Share |
| Ind AS 34 | Interim Financial Reporting |
| Ind AS 36 | Impairment of Assets |
| Ind AS 37 | Provisions, Contingent Liabilities, and Contingent Assets |
| Ind AS 38 | Intangible Assets |
| Ind AS 40 | Investment Property |
| Ind AS 41 | Agriculture |
Source:
- Ministry of Corporate Affairs Website
- Wikipedia
- Saralaccounts.com
3. UPSC EPFO EO 2020 – Complete Study Notes
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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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