Study Notes

  Unit 1:  Introduction to Indian Accounting Standards  Overview of Accounting Standards – Objectives of Accounting Standards – Benefits and Limitations of Accounting Standards – Process of Formulation of Accounting Standards in India – List of Indian Accounting Standards (Ind AS) – Need for Convergence Towards Global Standards– International Financial Reporting Standards as Global Standards – Benefits of Convergence with IFRS – Applicability of Ind AS in India.   Accounting Standards Accounting standards are written statements of standardised accounting rules and procedures used in practice to ensure that financial statements are prepared in a uniform and consistent manner An accounting standard is a set of practices and policies used to systematise bookkeeping and other accounting functions across firms and over time. Banks, investors, and regulatory agencies count on accounting standards to ensure information about a given entity is relevant and accurate.They are...