what is the difference between Accounting Standards and India Accounting Standards.
please answer anyone sir.
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Accounting Standards Doubt
Replies (7)
Quick Summary
Indian Accounting standard are applicable to Corporate as per the the Net wet . Govern by MCA
Account standard are applicable to non Corporate .
Account standard are applicable to non Corporate .
Oh ok sir I understand thank you for your information 🙏
Please correct above as NET WORTH instead of Net wet .
Also non corporate means ,Sole proprietor , Partnership firm , AOP/BOI Etc .
Also non corporate means ,Sole proprietor , Partnership firm , AOP/BOI Etc .
Ok sir
Accounting Standards is a general term but in the reference you are talking about is that there were Accounting Standards in India before IFRS were adopted.
And Indian Accounting Standards are IND AS are accounting standards based on IFRS.
IND AS are being made applicable in a phased manner. For entities on which IND AS are not applicable Old Accounting Standards are applicable.
In short Indian Accounting Standards are based on IFRS while old Accounting Standards are not.
Yes Zafar Sir , little bit addition I would like do
Earlier Accounting standard were applicable , later on Accounting standard were replaced by Indian Accounting standard based on IFRS .
Earlier Accounting standard were applicable , later on Accounting standard were replaced by Indian Accounting standard based on IFRS .
Thank you sir
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