PPT: Introduction to Accounting Standards | Advanced Accounting for CA Intermediate PDF Download

 Page 1


AGENDA OF DISCUSSION
?
Introduction of Accounting Standards
?
Objectives of Accounting Standards
?
Types of Accounting Standards
Page 2


AGENDA OF DISCUSSION
?
Introduction of Accounting Standards
?
Objectives of Accounting Standards
?
Types of Accounting Standards
Introduction
?
Written Documents issued by Government or 
Regulatory Body
?
In India, issued by ICAI on 21
st
 April,1977
?
Initiated by Kumar Mangalam Birla, chairman 
committee of Corporate Governance for 
Financial Disclosures
?
Also initiated by Chair person of NACAS
Page 3


AGENDA OF DISCUSSION
?
Introduction of Accounting Standards
?
Objectives of Accounting Standards
?
Types of Accounting Standards
Introduction
?
Written Documents issued by Government or 
Regulatory Body
?
In India, issued by ICAI on 21
st
 April,1977
?
Initiated by Kumar Mangalam Birla, chairman 
committee of Corporate Governance for 
Financial Disclosures
?
Also initiated by Chair person of NACAS
Objectives 
?
Standardise the diverse Accounting Policies
?
Add the reliability to the Financial Statement
?
Eradicate baffling variation in treatment of 
accounting aspects
?
Facilitate inter-firm and intra-firm comparison
 
Page 4


AGENDA OF DISCUSSION
?
Introduction of Accounting Standards
?
Objectives of Accounting Standards
?
Types of Accounting Standards
Introduction
?
Written Documents issued by Government or 
Regulatory Body
?
In India, issued by ICAI on 21
st
 April,1977
?
Initiated by Kumar Mangalam Birla, chairman 
committee of Corporate Governance for 
Financial Disclosures
?
Also initiated by Chair person of NACAS
Objectives 
?
Standardise the diverse Accounting Policies
?
Add the reliability to the Financial Statement
?
Eradicate baffling variation in treatment of 
accounting aspects
?
Facilitate inter-firm and intra-firm comparison
 
Accounting Standards in Different 
Nations
?
In India, 32 Accounting Standards as IAS 
under NACAS
?
As per International, there are 41 Accounting 
Standards called as IFRS
?
Adopted by 8 countries in the world
?
70 to 80 countries planning to adhere IFRS
?
Clause 50 added to the listing agreement 
mandatory
Page 5


AGENDA OF DISCUSSION
?
Introduction of Accounting Standards
?
Objectives of Accounting Standards
?
Types of Accounting Standards
Introduction
?
Written Documents issued by Government or 
Regulatory Body
?
In India, issued by ICAI on 21
st
 April,1977
?
Initiated by Kumar Mangalam Birla, chairman 
committee of Corporate Governance for 
Financial Disclosures
?
Also initiated by Chair person of NACAS
Objectives 
?
Standardise the diverse Accounting Policies
?
Add the reliability to the Financial Statement
?
Eradicate baffling variation in treatment of 
accounting aspects
?
Facilitate inter-firm and intra-firm comparison
 
Accounting Standards in Different 
Nations
?
In India, 32 Accounting Standards as IAS 
under NACAS
?
As per International, there are 41 Accounting 
Standards called as IFRS
?
Adopted by 8 countries in the world
?
70 to 80 countries planning to adhere IFRS
?
Clause 50 added to the listing agreement 
mandatory
Evolution and Types of AS
Accounting Standards Initiation
1. AS 1 to AS 15 1979 to 1995
2. AS 16 to AS 29 2000 to 2007
3. AS 30 to AS 32 Later part of 2007