Indian Accounting Standards
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Indian Accounting Standards(Ind AS) are accounting standards issued by Institute of Chartered Accountants of India (ICAI) which are converged with International Financial Reporting Standards(IFRS)[1] . Now India will have two sets of accounting standards viz. existing Indian accounting standards and IFRS converged Indian Accounting Standards(Ind AS)[2] . NACAS recommend these standards to the Ministry of Corporate Affairs. The Ministry of Corporate Affairs has to spell out the accounting standards applicable for companies in India. As on date the Ministry of Corporate Affairs notified 35 Indian Accounting Standards(Ind AS). But it has not notified the date of implementation of the same[3] .
External Links
- http://www.livemint.com/2011/02/25220752/MCA-notifies-accounting-norms.html
- http://www.indianexpress.com/news/India-Inc-has-its-way--IFRS-put-off/755079/
- http://pib.nic.in/newsite/erelease.aspx?relid=70248
- http://www.moneycontrol.com/news/the-firm/jamil-khatris-ifrs-diary-part-10_526759.html
References
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