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DEFINITION, SCOPE & ACCOUNTING STANDARDS INCLUDING IND AS
What is the primary objective of accounting as defined under Indian accounting standards?
The primary objective of accounting is to provide financial information about an entity that is useful to existing and potential investors, lenders, and creditors in making decisions about providing resources to the entity.
What is the full form of ICAI in the context of Indian accounting?
Institute of Chartered Accountants of India
Which body in India issues Accounting Standards applicable to non-Ind AS companies?
The Institute of Chartered Accountants of India (ICAI) issues Accounting Standards (AS) applicable to non-Ind AS companies through its Accounting Standards Board (ASB).
Which committee recommended the adoption of Ind AS in India?
Naresh Chandra Committee on Accounting Standards
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