Accounting Standards in India Accounting Standards in India Joseph Anbarasu
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Accounting Standards in IndiaAccounting Standards in India
Joseph Anbarasu
Business Organizations and Accounting d dStandards
Business Organizations and Accounting d dStandards
Business Organizations and Accounting d dStandards
Business Organizations and Accounting d dStandards
Business Organizations and Accounting d dStandards
Government Organizations and d dAccounting Standards
Government Organizations and d dAccounting Standards
Government Organizations and d dAccounting Standards
Government Organizations and d dAccounting Standards
Government Organizations and d dAccounting Standards
WHY HARMONIZATION?WHY HARMONIZATION?WHY HARMONIZATION?WHY HARMONIZATION?
Only one wayOnly one wayOnly one wayOnly one way
• Till now, the Institute of h d fChartered Accountants of
India (ICAI) has taken a position towards International FinancialInternational Financial Reporting Standards (IFRS) and not GAAP.
• Different and Contradictory• Different and Contradictory Practices
• Rule based Accounting Standard vs Principle BasedStandard vs. Principle Based Standards
• Auditor’s Dilemma in judging a transactionjudging a transaction
Some Useful LinksSome Useful Links
• SAI India: www cag gov inSAI, India: www.cag.gov.in
• Institute of Chartered Accountants of India: www icai orgwww.icai.org
• GASAB, India: www.gasab.gov.in
• International Federation of Accountants: www.ifac.org
• International Accounting Standards Board: www.iasb.orgg
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