What Are Indian Accounting Standards? - PowerPoint PPT Presentation

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What Are Indian Accounting Standards?

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Indian Accounting Standards (Ind AS) are a set of accounting standards notified by the Ministry of Corporate Affairs (MCA), Government of India, in accordance with the Companies Act, 2013. These standards are largely converged with the International Financial Reporting Standards (IFRS), which are global accounting standards issued by the International Accounting Standards Board (IASB). – PowerPoint PPT presentation

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Title: What Are Indian Accounting Standards?


1
What Are Indian Accounting Standards?
www.aiatindia.com
2
Indian Accounting Standards
Indian Accounting Standards (Ind AS) are a set of
accounting standards notified by the Ministry of
Corporate Affairs (MCA), Government of India, in
accordance with the Companies Act, 2013. These
standards are largely converged with the
International Financial Reporting Standards
(IFRS), which are global accounting standards
issued by the International Accounting Standards
Board (IASB). The objective of adopting Ind AS is
to enhance the transparency, comparability, and
quality of financial reporting in India. They
provide guidelines on recognition, measurement,
presentation, and disclosure of various financial
transactions and events in the financial
statements of companies.
3
Objectives of the Indian Accounting Standards
The primary Plan of the Indian Accounting
Standards (IND AS) is to ensure that large-scale
activities are correctly accounted for through
continuous disclosure, treatment, and
reformation. IND AS standardizes accounting
policies and principles for the nation's economy.
Provides a unified framework for the preparation
of books of account and promotes financial
transparency. Indian Accounting Standards (IND
AS) ensure that all institutions and governmental
bodies are recognized overseas.
4
Benefits of Indian Accounting Standards
Global Recognition Ind AS aligns Indian
accounting practices with International Financial
Reporting Standards (IFRS), allowing for easier
comparison of financial statements to those of
global peers. This increases the credibility and
appeal of Indian businesses to international
investors and stakeholders.Improved
Transparency The Indian Accounting Standard
requires companies to disclose relevant
information, such as off-balance-sheet items,
contingent liabilities, and related-party
transactions. This allows investors and
stakeholders to make better-informed decisions.
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Enhanced Comparability By adopting
internationally recognized accounting standards,
Ind AS helps the comparison of financial
statements across companies, industries, and
jurisdictions. This enhances the ability of
investors, analysts, and regulators to evaluate
entities' financial performance and
position.   Better Decision-Making Ind AS
provides more relevant and reliable financial
information to management, investors, creditors,
and other stakeholders, allowing them to make
better decisions. This is especially important
when evaluating the financial health and
prospects of businesses.
6
List of Accounting Standards in India
Sr. NO Sr. NO IND AS NO Name of Indian Accounting Standards (IND AS)
1. Ind AS 101 Ind AS 101 Ind AS is being used for the first time.
2. Ind AS 102 Ind AS 102 Shared Payment.
3. Ind AS 103 Ind AS 103 Business Combination.
4. 4. Ind AS 104 Insurance Contracts.
5. 5. Ind AS 105 Non-current assets are for sale, and operations have been discontinued.
6. 6. Ind AS 106 Exploration and evaluation of minerals.
7. 7. Ind AS 107 Financial Instruments Disclosures.
8. 8. Ind AS 108 Operating Segments.
9. 9. Ind AS 109 Financial Instruments.
10. 10. Ind AS 110 Consolidated Financial Statements.
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11. Ind AS 111 Joint Arrangements.
12. Ind AS 112 Disclosure of Interests in Other object.
13. Ind AS 113 Fair Value Measurement.
14. Ind AS 114 Regulatory Deferral Accounts.
15. Ind AS 115 Revenue from Contracts with Customers (Applicable from April 2018).
16. Ind AS 116 Leases Applicable from April 2019.
17. Ind AS 1 Presentation of Financial Statements.
18. Ind AS 2 Inventories.
19. Ind AS 7 Cash Flow Statement
20. Ind AS 8 Accounting Policies, Changes in Accounting Estimates, and Mistakes.
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22. Ind AS 11 Construction Contracts Amendment Rules, 2018.
23. Ind AS 12 Income Taxes.
24. Ind AS 16 Property, Plant, and Equipment.
25. Ind AS 19 Employee Benefits.
26. Ind AS 20 Accounting for and disclosing government grants.
27. Ind AS 21 The Effects of Foreign Exchange Rate Changes.
28. Ind AS 21 The Effects of Changes in Foreign Exchange Rates.
29. Ind AS 23 Borrowing Costs.
30. Ind AS 24 Related Party Disclosures.
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31. Ind AS 27 Separate Financial Statements.
32. Ind AS 28 Investments in Associates and Joint Ventures.
33. Ind AS 29 Financial Reporting in Hyperinflationary Economies.
34. Ind AS 32 Financial Instruments Presentation.
35. Ind AS 33 Earnings per Share.
36. Ind AS 34 Interim Financial Reporting.
37. Ind AS 36 Impairment of Assets.
38. Ind AS 37 Provisions, Contingent Liabilities, and Contingent Assets.
39. Ind AS 38 Intangible Assets.
40. Ind AS 40 Investment Property.
41. Ind AS 41 Agriculture.
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THANKS!
Do you have any questions? info_at_aiatindia.com 960
4121000 www.aiatindia.com
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