Indian Accounting Standards abbreviated as Ind AS are founded on International Financial Reporting Standards administered by the Board of Directors and are commonly in the chain with IFRS. To glimpse how numerous mandatory principles ICAI has promulgated, they have related to ICAI’s enrolment of mandatory accounting standards for 1st July 2017 and onwards as follows:ĪS 4 Contingencies and Events Occurring After Balance Sheet DateĪS 5 Net profit or Loss for the Period, Prior Period Items and Changes in Accounting PoliciesĪS 11 The Effects of Changes in Foreign Exchange RatesĪS 23 Accounting for Investments in AssociatesĪS 27 Financial Reporting of Interests in Joint VenturesĪS 29 Provisions, Contingent Liabilities, and Contingent AssetsĪS 30 Financial Instruments: Recognition and MeasurementĪS 31 Financial Instruments: PresentationĪS 32 Financial Instruments: Disclosures Indian Accounting Standards and IFRS Indian Accounting Standards have been promulgated by the ICAI Accounting Standards Board to ascertain consistent financial reporting standards founded on Indian GAAP abbreviated as Generally Accepted Accounting Practice for a nicer perception of users. People, educators, and intellectuals from the aforementioned organisations develop various principles in accounting. Distant from this, there are different bodies such as the Confederation of Indian Industry also abbreviated as CII, the Federation of Indian Chambers of Commerce and Industry abbreviated as FICCI and the ASSOCHAM which stands for Associated Chambers of Commerce and Industry of India which regulates the ASB. The Accounting State Board is a skilled and self-sufficient core regulated by ICAI. The Accounting Standards Board was organised in 1977 as a regulatory body and agent. These criteria are being approved by various corporate elements and NBFCs in India under the surveillance of the Accounting Standards Board also known ASB. Over time, India has expanded its Indian accounting standards. The MCA must illustrate the accounting standards acceptable to Indian corporations. The National Financial Reporting Authority which is abbreviated as NFRA proposes these principles to the Ministry of Corporate Affairs abbreviated as MCA. Indian Accounting Standards is named and numbered exactly as International Financial Reporting Standards abbreviated as IFRS is being named. ICAI is an autonomous body ascertained by an Act of Parliament. ICAI, deputies from ASSOCHAM, CII, FICCI, etc.
ASB is a council that stays under the Institute of Chartered Accountants of India abbreviated as ICAI comprising representatives from government ministries, academicians, and additional professional bodies.