Question

accounting standardas in india issued by​

Answer 1

Answer:

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Answer 2

ANSWER :

Accounting Standards in India are issued by the Institute of Chartered Accountants of India (ICAI).

• In India, 32 Accounting Standards have been issued by the Institute of Chartered Accountants of India till March, 2010.

• However, the Accounting Standard on "Accounting for Research and Development" under AS 8 has been withdrawn consequent to the issuance of Accounting Standard on "Intangible Assets" under AS 26. Therefore, there are 31 Accounting Standards effectively at present issued by the Institution of Chartered Accountants of India.

• Besides the Accounting Standards, the ICAI has issued several statements on Auditing Practices, Guidance Notes to Auditors etc. as a continuous process to improve the qualities of accounting and auditing profession in India.

MORE TO KNOW :

Accounting Standards are the established and accepted models which aim at providing excellent, adequate and unbiased treatment of accounting transactions/informations and reporting the same in the financial statements to facilitate their users in forming rational and judicious decisions.

• According to T.P. Ghosh, "Accounting standards are the policy document issued by the recognized expert accountancy body relating to various aspects of measurement, treatment and disclosure of accounting transactions and events".

In India, there are three authorities that can set and issue Accounting Standards under their respective legislative powers.

These authorities are :

• [1] The Council of the Institute of Chartered Accountants of India : The Council of the Institute of Chartered Accountants of India under the Chartered Accountants Act, 1949 can formulate, issue and implement accounting standards, on the relevant subject.

• [2] The Central Government under the Income Tax Act, 1961 : The Central Government under Section 145 (2) of the Income Tax Act, 1961, is authorized to notify, from time to time, the accounting standards to be followed by any class of assesses or any class of income.

• [3] The Central Government under the Companies Act, 1956 : The Central Government under Section 210 (A) of the Companies Act, 1956 may by notification, constitute an advisory committee to be called National Advisory Committee on Accounting Standards (NACAS) to advise the Central Government on the translation snd laying down of accounting policies and accounting standards for adoption by companies or a class of companies under this Act.