Important: Use custom search function to get better results from our thousands of pages

Use " " for compulsory search eg:"electronics seminar" , use -" " for filter something eg: "electronics seminar" -"/tag/" (used for exclude results from tag pages)


Ask More Info Of  A Seminar Ask More Info Of A Project Post Reply  Follow us on Twitter
02-10-2012, 11:49 AM
Post: #1
Indian Accounting Standards Report

Indian Accounting Standards


.docx  NEW ACCOUNTING STANDERED.docx (Size: 44.49 KB / Downloads: 49)

Accounting is the art of recording transactions in the best manner possible, so as to enable the reader to arrive at judgments/come to conclusions, and in this regard it is utmost necessary that there are set guidelines. These guidelines are generally called accounting policies. The intricacies of accounting policies permitted Companies to alter their accounting principles for their benefit. This made it impossible to make comparisons. In order to avoid the above and to have a harmonized accounting principle, Standards needed to be set by recognized accounting bodies. This paved the way for Accounting Standards to come into existence.
Accounting Standards in India are issued By the Institute of Chartered Accountants of India (ICAI). At present there are 30 Accounting Standards issued by ICAI.

Compliance with Accounting Standards issued by ICAI

Sub Section (3A) to section 211 of Companies Act, 1956 requires that every Profit/Loss Account and Balance Sheet shall comply with the Accounting Standards. 'Accounting Standards' means the standard of accounting recommended by the ICAI and prescribed by the Central Government in consultation with the National Advisory Committee on Accounting Standards(NACAs) constituted under section 210(1) of companies Act, 1956.

Consolidated Financial Statements :

The objective of this statement is to present financial statements of a parent and its subsidiary (i.e.) as a single economic entity. In other words the holding company and its subsidiary (i.e.) are treated as one entity for the preparation of these consolidated financial statements. Consolidated profit/loss account and consolidated balance sheet are prepared for disclosing the total profit/loss of the group and total assets and liabilities of the group. As per this accounting standard, the consolidated balance sheet if prepared should be prepared in the manner prescribed by this statement.

Accounting for Taxes on Income :

This accounting standard prescribes the accounting treatment for taxes on income. Traditionally, amount of tax payable is determined on the profit/loss computed as per income tax laws. According to this accounting standard, tax on income is determined on the principle of accrual concept. According to this concept, tax should be accounted in the period in which corresponding revenue and expenses are accounted. In simple words tax shall be accounted on accrual basis; not on liability to pay basis.

Financial Instrument :

Recognition and Measurement, issued by The Council of the Institute of Chartered Accountants of India, comes into effect in respect of Accounting periods commencing on or after 1-4-2009 and will be recommendatory in nature for An initial period of two years. This Accounting Standard will become mandatory in respect of Accounting periods commencing on or after 1-4-2011 for all commercial, industrial and business Entities except to a Small and Medium-sized Entity. The objective of this Standard is to establish principles for recognizing and measuring Financial assets, financial liabilities and some contracts to buy or sell non-financial items. Requirements for presenting information about financial instruments are in Accounting Standard.

Financial Instrument presentation :

The objective of this Standard is to establish principles for presenting financial instruments as liabilities or equity and for offsetting financial assets and financial liabilities. It applies to the classification of financial instruments, from the perspective of the issuer, into financial assets, financial liabilities and equity instruments; the classification of related interest, dividends, losses and gains; and the circumstances in which financial assets and financial liabilities should be offset. The principles in this Standard complement the principles for recognizing and measuring financial assets and financial liabilities in Accounting Standard Financial Instruments:
Rating Indian Accounting Standards Report Options
Share Indian Accounting Standards Report To Your Friends :- Seminar Topics Bookmark
Post Reply 

Marked Categories : conclusion for indian accounting standards, conclusion for accounting standards in india, seminar report on accounting standards, project on indian accounting standards in word, accounting standard, national seminar on indian accounting standard, indian accounting standards latest ppt, compliance of accounting standards in india, project on indian accounting standards, ppt for seminar topics in chartered accountants, seminar report on accounting finance in india, icai accounting standards ppt, project report on indian accounting standards, accounting, ppt topics for accounting standards, how to contract seminar for indian accounting standards,

[-]
Quick Reply
Message
Type your reply to this message here.


Image Verification
Image Verification
(case insensitive)
Please enter the text within the image on the left in to the text box below. This process is used to prevent automated posts.

Possibly Related Threads...
Thread: Author Replies: Views: Last Post
  INTRODUCTION OF ACCOUNTING mkaasees 0 0 11-11-2016 03:00 PM
Last Post: mkaasees
  ADVANCED COST ACCOUNTING mkaasees 0 0 26-10-2016 12:10 PM
Last Post: mkaasees
  PROJECT REPORT ON AXIS BANK dhanabhagya 0 271 04-02-2016 03:54 PM
Last Post: dhanabhagya
  APPRACHES IN THE FORMULATION OF ACCOUNTING THEORY dhanabhagya 0 202 25-01-2016 03:53 PM
Last Post: dhanabhagya
  Introduction to accounting seminar projects maker 0 721 11-04-2014 03:52 PM
Last Post: seminar projects maker
  Formulation of accounting theory seminar class 6 16,056 10-11-2013 12:45 PM
Last Post: Guest
  REPORT ON STUDY OF IRRIGATION SPRINKLERS WATER seminar projects maker 0 762 21-09-2013 02:28 PM
Last Post: seminar projects maker
  Procedural reforms under vat in India report study tips 0 879 23-08-2013 03:04 PM
Last Post: study tips
  Banking Sector Reforms FULL REPORT seminar class 1 11,621 10-01-2013 01:42 PM
Last Post: seminar tips
  Sales Promotion report project girl 0 1,508 03-12-2012 12:01 PM
Last Post: project girl
This Page May Contain What is Indian Accounting Standards Report And Latest Information/News About Indian Accounting Standards Report,If Not ...Use Search to get more info about Indian Accounting Standards Report Or Ask Here

Options: