What is the primary purpose of Indian Accounting Standards (Ind AS)?

Ind AS ensures accurate accounting standards.

• Promotes consistency in financial reporting.

• Facilitates comparability across companies.

• Enhances global acceptance of reports.

Fill in the blank: Indian Accounting Standards (Ind AS) were developed under the oversight of the ___ and in consultation with the ___.

Accounting Standards Board (ASB); National Financial Reporting Authority (NFRA)

True or False: Ind AS was initially mandatory for all Indian companies in 2015.

False; Ind AS was initially mandatory only for large and listed companies.

What significant change did Ind AS bring compared to the previous Indian Generally Accepted Accounting Principles (IGAAP)?

Ind AS improved financial reporting.

• Standardizes accounting practices.

• Increases transparency in reports.

• Aligns with global standards.

Fill in the blank: The Accounting Standards Board (ASB) was established in ___ to formulate accounting standards in India.

1977

What are the benefits of adopting Indian Accounting Standards (Ind AS)?

Benefits of Adopting Ind AS

• Simplifies accounting information.

• Ensures uniformity in reporting.

• Facilitates global acceptance.

Which Indian companies were required to adopt Ind AS by 2016-17?

All companies with a net worth above ₹500 crores, including both listed and unlisted firms, were required to adopt Ind AS by 2016-17.

Fill in the blank: The International Accounting Standards Board (IASB) succeeded the ___ on April 1, 2001.

International Accounting Standards Committee (IASC)

What is the key difference between IFRS and Ind AS?

IFRS is global, Ind AS is local.

• IFRS applies worldwide.

• Ind AS focuses on India.

• Regulatory differences exist.

True or False: Once a company adopts Ind AS, it can revert to the previous accounting method.

False; once a company has adopted Ind AS, it cannot revert to the previous accounting method.