What are Indian Accounting Standards?
The Institute of Chartered Accountants of India (ICAI) lays down the standards to be followed in India, which is known as the Indian Accounting Standard, and these standards were laid under the oversight of the Accounting Standards Board. These standards ensure uniformity, transparency, consistency, and comparability across firms.
Accounting Standards : Need, Benefits, Limitations and Applicability
Accounting is a process of recording an organisation’s financial exchanges in order to retain data that can be referred to in the ,future to make important decisions. But it is very necessary that the records are maintained in a proper format and all the firms follow some specific rules to maintain the records for ease and to create uniformity in the format of records all over the country.
Table of Content
- What are Indian Accounting Standards?
- Need for Accounting Standards
- Benefits of Accounting Standards
- Limitations of Accounting Standards
- Applicability of Accounting Standards
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