DEFINITION SCOPE AND ACCOUNTING STANDARDS INCLUDING IND AS
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What is the primary objective of accounting?
The primary objective of accounting is to provide financial information about an entity to stakeholders so they can make informed economic decisions.
What is the full form of Ind AS?
Indian Accounting Standards converged with IFRS.
Which body is responsible for setting accounting standards in India?
The Institute of Chartered Accountants of India (ICAI) is responsible for formulating accounting standards in India, in coordination with the National Advisory Committee on Accounting Standards (NACAS).
Which ministry oversees the accounting standards framework for Indian companies?
Ministry of Corporate Affairs (MCA) oversees it.
What does the term 'scope of accounting' refer to?
The scope of accounting refers to the range of activities it covers, including recording, classifying, summarising, interpreting, and communicating financial transactions of an entity.
What is the full form of ICAI?
Institute of Chartered Accountants of India.
What are Indian Accounting Standards (Ind AS)?
Ind AS are a set of accounting standards converged with International Financial Reporting Standards (IFRS), issued by the Ministry of Corporate Affairs (MCA) and applicable to specified classes of companies in India.
What does IFRS stand for?
International Financial Reporting Standards.
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