Indian Accounting Standard Study Notes

Every functioning body operating, needs defined guidelines so as to maintain the procedure and the standards of operations. The rules are common for organizations operating in similar fields. Today in this article, we will be talking about Indian Accounting Standards and its application. The India Accounting Standard study notes will help you understand the rules set up by the Ministry of Corporate Affairs & ICAI for the operations.

 

1. Indian Accounting Standard Study Notes – For UPSC EPFO EO 2020

 

1.1 What is the Indian Accounting Standards?

 

Indian Accounting Standard (abbreviated as Ind-AS) is the Accounting standard adopted by companies in India and issued under the supervision of the Accounting Standards Board (ASB) which was constituted as a body in the year 1977.

 

Accounting Standard Board (ASB) is a committee under the Institute of Chartered Accountants of India (ICAI) which consists of representatives from the government department, academicians, other professional bodies viz. ICAI, representatives from ASSOCHAM, CII, FICCI, etc.

 

The Ind AS are named and numbered in the same way as the International Financial Reporting Standards (IFRS). National Financial Reporting Authority (NFRA) recommends these standards to the Ministry of Corporate Affairs (MCA). MCA has to spell out the accounting standards applicable to companies in India.

 

Even though accounting has existed in various forms and levels sophistication throughout many human societies, the double-entry accounting system in use today was developed in medieval Europe, particularly in Venice, and is usually attributed to the Italian mathematician and Franciscan friar Luca Pacioli.

 

Must Read:- Download PDF of The Hindu Vocabulary

 

1.2 Some key Objectives of Accounting Standards

 

Accounting Standards were introduced in order to standardize the diverse practice and policies of accounting. The main purpose of the introduction of the accounting standards was to increase the reliability of the financial statements and to eliminate the non-comparability of the financial statements.

 

In order to achieve this, the ICAI set up Accounting Standard Board in 1977 to implement the practice of accounting standards.

 

Accounting can be divided into several fields including financial accounting, management accounting, external auditing, tax accounting, and cost accounting.

 

Recognition of the financial events and measurement of the financial transactions are other few objectives of introducing these standards.

 

All the entities of the countries are to follow the same standards for their comparability and financial statements reliability.

 

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2. Here’s The List of Indian Accounting Standards

 

As on date, MCA (Ministry of Corporate Affairs) has notified 41 Ind-AS. Here’s a list of the standards to help you better understand what each standard notifies.

Ind As No.Name of Indian   Accounting Standard
Ind AS 101First-time adoption of Ind AS
Ind AS 102Share-Based Payment
Ind AS 103Business Combination
Ind AS 104Insurance Contracts
Ind AS 105Non-Current Assets Held for Sale and   Discontinued Operations
Ind AS 106Exploration for and Evaluation of   Mineral Resources
Ind AS 107Financial Instruments: Disclosures
Ind AS 108Operating Segments
Ind AS 109Financial Instruments
Ind AS 110Consolidated Financial Statements
Ind AS 111Joint Arrangements
Ind AS 112Disclosure of Interests in Other   Entities
Ind AS 113Fair Value Measurement
Ind AS 114Regulatory Deferral Accounts
Ind AS 115Revenue from Contracts with   Customers(Applicable from April 2018)
Ind AS 116Leases (Applicable from April 2019)
Ind AS 1Presentation of Financial Statements
Ind AS 2Inventories
Ind AS 7Statement of Cash Flows
Ind AS 8Accounting Policies, Changes in   Accounting Estimates and Errors
Ind AS 10Events occurring after the Reporting Period
Ind AS 11Construction Contracts (Omitted by the   Companies (Indian Accounting Standards) Amendment Rules, 2018)
Ind AS 12Income Taxes
Ind AS 16Property, Plant, and Equipment
Ind AS 17Leases (Omitted by the Companies   (Indian Accounting Standards) Amendment Rules,2019)
Ind AS 18Revenue (Omitted by the Companies   (Indian Accounting Standards) Amendment Rules, 2018)
Ind AS 19Employee Benefits
Ind AS 20Accounting for Government Grants and   Disclosure of Government Assistance
Ind AS 21The Effects of Changes in Foreign   Exchange Rates
Ind AS 23Borrowing Costs
Ind AS 24Related Party Disclosures
Ind AS 27Separate Financial Statements
Ind AS 28Investments in Associates and Joint   Ventures
Ind AS 29Financial Reporting in Hyperinflationary Economies
Ind AS 32Financial Instruments: Presentation
Ind AS 33Earnings per Share
Ind AS 34Interim Financial Reporting
Ind AS 36Impairment of Assets
Ind AS 37Provisions, Contingent Liabilities, and  Contingent Assets
Ind AS 38Intangible Assets
Ind AS 40Investment Property
Ind AS 41Agriculture

 

Source:-

  • Ministry of Corporate Affairs Website
  • Wikipedia
  • Saralaccounts.com

 

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