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Updated on 20 Sep 2021 9.00 AM IST | 4 min read
Accounting Standards in India Overview
Accounting standards are the standards developed for reporting the financial transactions. It specifies how transactions & other events are recognized, measured, presented & recognized in financial statements. The main aim of such standards is to provide financial information to creditors, lenders, investors, contributors and other persons so that they can make correct decisions in future after checking company’s financial position. It is issued by accounting standard board (ASB). Finacbooks gives you valuable advice on Indian accounting standards (IND-AS), International financial reporting standards (IFRS) and other accounting standards as well as helps you in correct reporting of financial transactions.
Indian Accounting Standards (IND-AS)
Indian accounting standards are the standards adopted by companies in India and issued by accounting standards board committee under institute of chartered accountants of India (ICAI). The committee includes representatives from government department, academicians & other professional bodies.
Prior adopting the Indian accounting standards (IND-AS), India was following accounting standards from generally accepted accounting principles known as IGAAP. A company needs to follow IND-AS either voluntarily or mandatorily. Once a company opt a method of Indian-AS either voluntarily or mandatorily, they can’t select the previous accounting method. Every company has to follow the Indian-AS method mandatorily if the net worth of every listed company is 500 crores or above. Finacbooks helps you by giving detailed overview of Indian accounting standards and advices you why it is important for you and in reporting of financial transactions.
International Financial Reporting Standards (IFRS)
IFRS means international financial reporting standards developed by IFRS foundation and international accounting standards board so that company accounts are understandable and comparable across international boundaries with the main purpose of making a common global language for business affairs. IFRS is adopted by 110+ countries and many more countries are also shifting towards it. IFRS gives clear instructions that how to adopt it for the first time. The companies using IFRS method needs to prepare the balance sheet & the income statement. Finacbooks helps you by giving detailed overview of international financial reporting standards & advice you why it is important for you and why most of the countries are shifting towards it.
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Other Accounting Standards in India
There are many other accounting standards used in India. Currently, there are 41 Indian accounting standards. Some of the accounting standards are listed below –
IND AS 101 – First time adoption of IND AS
IND AS 102 – Share based payments
IND AS 103 – Business combination
IND AS 104 – Insurance contracts.
IND AS 105 – Non-current assets held for sale & discontinued operations.
IND AS 106 – Exploration for and evaluation of mineral resources
IND AS 107 – Disclosure of financial instruments
IND AS 108 – Operating segments
IND AS 109 – Financial instruments
IND AS 110 – Consolidated financial statements
Accounting Standards Advisory Service
Detailed overview of Indian accounting standards (IND-AS)
Detailed overview of International financial reporting standards (IFRS)
Detailed overview of other accounting standards
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Finacbooks is a leading Indian firm with more than 10 years of experience in advising clients on Indian accounting standards (IND-AS), international financial reporting standards (IND-IFRS) and other accounting standards. You can call our accounting experts at 8800221252 or e-mail us at email@example.com
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GSTR-3B is a summary return to be filed by all taxpayers except those registered under the composition scheme, every month. However, from 1st January 2021, there is also quarterly filing option provided to taxpayers with annual aggregate tunrover of up to Rs.5 crore, opting for the QRMP scheme for Aug Month. (Aggregate turnover exceeding Rs.5 crore in the previous financial year)Sep 20th ,2021
GSTR-3B is a summary return to be filed by all taxpayers except those registered under the composition scheme, every month. However, from 1st January 2021, there is also quarterly filing option provided to taxpayers with annual aggregate tunrover of up to Rs.5 crore, not opting for the QRMP scheme for Aug Month. (Aggregate turnover up to Rs.5 crore in the previous financial year)Sep 20th ,2021