Accounting standards

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Manoj (Querist)

26 July 2012 What is the difference bwtn Accounting Standards(AS) issued by ICAI and Indian Accounting Standards(Ind AS)?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

26 July 2012 In India Accounting standard issuing authority is ICAI. so Accounting standards issued by ICAI will be treated as Indian Accounting standard.

Manoj

Manoj (Querist)

27 July 2012 But Sir, there are 32 AS issued by ICAI where as there are 35 Ind AS and also they are regulated through MCA.

Plz Clarify?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

28 July 2012 Yes. In India Accounting Standard issued authority is ICAI.the same shall be approved by Ministry of company affairs. till now the MCA approved 29 Accounting standards please refer the link

https://www.mca.gov.in/Ministry/notification/notification_comp_Acct.html

or visit MCA website. but all the accounting standards are issued by ICAI only.

may be you got confused between the number of standards

Indian accounting standards issued by ICAI, but regulating & approved authority is MCA. once MCA will approve the standards will be mandatory applicable

Manoj

Manoj (Querist)

28 July 2012 Thank u Sir

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