DEFINITION, SCOPE & ACCOUNTING STANDARDS INCLUDING IND AS
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for accounting in depth — Bank Promotions.
One-liners from this chapter
Free sample — 8 of 65 rapid-fire Q&A cards.
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
What does Ind AS stand for and who notifies it?
Ind AS stands for Indian Accounting Standards, which are notified by the Ministry of Corporate Affairs (MCA) under the Companies (Indian Accounting Standards) Rules, 2015.
What is the full form of IFRS?
International Financial Reporting Standards
From which date were Ind AS made mandatory for listed companies and their subsidiaries?
Ind AS were made mandatory for listed companies and their subsidiaries from April 1, 2017 (with comparative period April 1, 2016), following a phased implementation beginning April 1, 2016 for certain large companies.
Which international body issues IFRS standards?
International Accounting Standards Board (IASB)
Video classes for this chapter
More chapters in Accounting in Depth Videos
Master the full ACCOUNTINGIN syllabus
Every chapter of accounting in depth — videos, tests, notes and one-liner decks in one place.