Merits of IND-AS plzz answer it quickly
Answers
Answer:
sorry I don't have time to do that
Answer:
Wider acceptability:
Since Ind AS are converged form of IFRS which are widely acceptable and will give confidence to the user of financial statements.
Explanation:
Comparability of Financials:
Financial statements prepared using Ind AS are easily comparable with the financial statements prepared by companies of other countries
Changes in standards as per economic situations:
Principles of Ind AS are revised/modified in case there is any major change in economy. Ind AS 29 is ‘Financial Reporting in hyperinflationary Economies’ which deals with situations related to inflation.
Attracts Foreign Investment:
Adopting Ind AS may attract foreign investors to invest in Indian Companies as that will ensure better comparability with similar companies across the globe.
Saves financial statement preparation cost:
For multinational companies, it will be beneficial as it will be able to use the same accounting standards in all the markets in which they operate. This will save preparation costs of aligning financial statements of Indian company with other operations.