Indian Accounting Standards ( Ind AS)
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Introduction to Indian Accounting Standards
Indian Accounting Standards or Ind AS, standards require the approval of various company and NBFC firms in India under the direction of the Accounting Standards Board (ASB). The ASB is a professional and independent body headed by the Institute of Chartered Accountants of India (ICAI). Apart from this, there are other agencies such as the Confederation of Indian Industry (CII), the Federation of Indian Chambers of Commerce and Industry (FICCI), and the Associated Chambers of Commerce and Industry of India (ASSOCHAM) which regulate the ASB.
Individuals, scholars, and academicians from the above-mentioned pathways experience different levels of accounting. Indian accounting standards are developed to conform to standards related to international accounting and reporting. International Investment Standards are in line with International Financial Reporting Standards (IFRS). The Indian government body that recommends this standard to the Department of Business Affairs is the National Investment Standards Advisory Committee (NACAS).
Indian Accounting Standards Objectives
The key objectives after having an Indian Accounting Standards are:
Ensure that companies in India apply these standards to implement world-class best practices.
A wide scope is acceptable for this Indian rate as Indian companies have expanded their scope globally compared to the past.
This will make the annual financial statements and company account clear.
These standards are aligned to ensure that companies comply with global requirements.
The accounting systems adopted in India can be analyzed and understood by international companies.
Benefits of Indian Accounting Standards ( Ind AS)
Consistency
By adopting these standards, companies can adjust accounting rules. Global accounting principles can be developed through consensus.
Effective compliance
By accepting these standards, companies can guarantee effective compliance.
Globally acceptance
The existence of these standards ensures worldwide recognition of all government institutions and agencies.
International domain
These are internationally recognized accounting standards. So if a company wants to grow internationally, such principles are accepted.
What services are offered according to Indian accounting standards ( Ind AS)?
Business advisory services related to specific uses of IFRS and IND AS, e.g. Consolidation, Merger, Financial Instruments, Hedge Accounting, Revenue Recognition, and Leasing.
Planning, execution, and modification of IND accounting standards.
Make it easy to switch to a new IND calculation level.
Assistance in analyzing the differences between GAAP and India's accounting standards.
Assistance in determining new policies and procedures to be implemented by India's accounting standards.
Support in implementing identified changes to meet Indonesian accounting standards.
Staff training in Ind AS concepts and requirements.
Support in preparing annual financial reports by IND accounting standards.
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Phases for Ind-AS adoption
The ministry has informed the phase-by-phase integration of the category in Ind-AS from the current calculation rates.
- It is a listed or unlisted company.
- Its value is Rs 500 crores and above.
- It is a listed company or in the process of being listed, as of March 31, 2016.
- Its value is Rs 250 crores but less than Rs 500 crores.
- Their value is Rs 500 crores on April 1, 2018.
How does Ind-AS help businesses?
In addition to providing them with acceptance, comparability, and readability, hence, attracting foreign investment, the standard Ind-AS procedures also help businesses to make the necessary changes in adverse economic conditions. AS 29, for example, deals with financial reporting on a recession and inflation and provides companies with a need to seek regulatory reform in adverse circumstances.
By providing flexibility, Ind-AS also ensures that company executives do not misrepresent or defraud important financial information, leading to financial fraud.
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We will help you by picking up a suitable registration or notice reply. Our experts give you expert guidance on many of the processes involved in registration or notices, as well as service tax registration, sales tax, import/export code, and professional tax.
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