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Definition , Scope & Accounting Standards including Ind AS
What is the primary objective of accounting as defined by the American Accounting Association?
Accounting is the process of identifying, measuring, and communicating economic information to permit informed judgments and decisions by users of the information.
What is the meaning of 'Ind AS' in Indian accounting terminology?
Indian Accounting Standards converged with IFRS for Indian entities.
Which body is responsible for issuing Indian Accounting Standards (Ind AS)?
The Institute of Chartered Accountants of India (ICAI) issues Indian Accounting Standards, which are notified by the Ministry of Corporate Affairs (MCA) under the Companies Act.
Which authority prescribes accounting standards applicable to banking companies in India?
Reserve Bank of India and Ministry of Corporate Affairs jointly.
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