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Accounting Standards Doubt

Manikandan s (48 Points)

05 June 2021

what is the difference between Accounting Standards and India Accounting Standards.

please answer anyone sir.

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7 Replies

prasad Nilugal (3914 Points)
Replied 05 June 2021

Indian Accounting standard are applicable to Corporate as per the the Net wet . Govern by MCA
Account standard are applicable to non Corporate .

Manikandan s (48 Points)
Replied 05 June 2021

Oh ok sir I understand thank you for your information 🙏

prasad Nilugal (3914 Points)
Replied 05 June 2021

Please correct above as NET WORTH instead of Net wet .
Also non corporate means ,Sole proprietor , Partnership firm , AOP/BOI Etc .

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Manikandan s (48 Points)
Replied 05 June 2021

Ok sir

CA Altamush Zafar (GST Consultant) (15907 Points)
Replied 05 June 2021

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.

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prasad Nilugal (3914 Points)
Replied 05 June 2021

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 .