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Author: Navneet Singh Publisher: Navneet Singh ISBN: Category : Business & Economics Languages : en Pages : 48
Book Description
Accounting Standards in Bharat Accounting standards in India, often referred to as Indian Accounting Standards (Ind AS), have evolved over the years to align with international accounting standards, particularly with the International Financial Reporting Standards (IFRS). Here's a brief overview: Convergence with IFRS: In 2011, the Ministry of Corporate Affairs (MCA) in India announced its plan to converge Indian accounting standards with IFRS. This convergence aimed to enhance transparency, comparability, and credibility of financial statements. Implementation: The adoption of Ind AS began in phases from April 1, 2016, for certain categories of companies. Initially, listed and unlisted companies meeting certain thresholds were required to adopt Ind AS. Later, the scope expanded to include more entities. Standards: The Ind AS framework comprises standards issued by the Accounting Standards Board (ASB) under the Institute of Chartered Accountants of India (ICAI). These standards cover various aspects of financial reporting, including presentation of financial statements, revenue recognition, leases, financial instruments, etc. Regulatory Framework: The Companies Act, 2013, governs the application of accounting standards in India. Under this Act, the Ministry of Corporate Affairs (MCA) has the authority to notify accounting standards. Regulatory Authority: The Institute of Chartered Accountants of India (ICAI) is the regulatory body responsible for issuing accounting standards in India. It works closely with the MCA in formulating and updating these standards. Changes and Updates: Accounting standards are periodically reviewed and updated to ensure they remain relevant and in line with global best practices. Stakeholder feedback, developments in international standards, and changes in the business environment are considered in these updates. Challenges: The adoption of Ind AS posed challenges for companies, including changes in accounting policies, systems, and processes. Training and education initiatives were undertaken to facilitate a smooth transition. Impact: The adoption of Ind AS has resulted in improved financial reporting quality, increased transparency, and enhanced comparability of financial statements. It has also facilitated better access to global capital markets for Indian companies. Overall, the adoption of Ind AS represents India's commitment to global financial reporting standards and its efforts to enhance the credibility and reliability of financial information.
Author: Navneet Singh Publisher: Navneet Singh ISBN: Category : Business & Economics Languages : en Pages : 48
Book Description
Accounting Standards in Bharat Accounting standards in India, often referred to as Indian Accounting Standards (Ind AS), have evolved over the years to align with international accounting standards, particularly with the International Financial Reporting Standards (IFRS). Here's a brief overview: Convergence with IFRS: In 2011, the Ministry of Corporate Affairs (MCA) in India announced its plan to converge Indian accounting standards with IFRS. This convergence aimed to enhance transparency, comparability, and credibility of financial statements. Implementation: The adoption of Ind AS began in phases from April 1, 2016, for certain categories of companies. Initially, listed and unlisted companies meeting certain thresholds were required to adopt Ind AS. Later, the scope expanded to include more entities. Standards: The Ind AS framework comprises standards issued by the Accounting Standards Board (ASB) under the Institute of Chartered Accountants of India (ICAI). These standards cover various aspects of financial reporting, including presentation of financial statements, revenue recognition, leases, financial instruments, etc. Regulatory Framework: The Companies Act, 2013, governs the application of accounting standards in India. Under this Act, the Ministry of Corporate Affairs (MCA) has the authority to notify accounting standards. Regulatory Authority: The Institute of Chartered Accountants of India (ICAI) is the regulatory body responsible for issuing accounting standards in India. It works closely with the MCA in formulating and updating these standards. Changes and Updates: Accounting standards are periodically reviewed and updated to ensure they remain relevant and in line with global best practices. Stakeholder feedback, developments in international standards, and changes in the business environment are considered in these updates. Challenges: The adoption of Ind AS posed challenges for companies, including changes in accounting policies, systems, and processes. Training and education initiatives were undertaken to facilitate a smooth transition. Impact: The adoption of Ind AS has resulted in improved financial reporting quality, increased transparency, and enhanced comparability of financial statements. It has also facilitated better access to global capital markets for Indian companies. Overall, the adoption of Ind AS represents India's commitment to global financial reporting standards and its efforts to enhance the credibility and reliability of financial information.
Author: Navneet Singh Publisher: Navneet Singh ISBN: Category : Antiques & Collectibles Languages : en Pages : 662
Book Description
Accounting is a vital aspect of business that involves recording, summarizing, analysing, and communicating financial information. It provides a systematic way to track the financial activities of an organization, enabling stakeholders to make informed decisions. Here's an introduction to the fundamental concepts and principles of accounting: Purpose of Accounting: The primary purpose of accounting is to provide relevant financial information about a business entity to internal and external users. Internal users include management and employees who use this information for decision-making, planning, and controlling operations. External users include investors, creditors, government agencies, and the public who rely on financial statements to evaluate the financial health and performance of the business. Key Financial Statements: Balance Sheet: It provides a snapshot of the company's financial position at a specific point in time, showing its assets, liabilities, and equity. Income Statement: Also known as the profit and loss statement, it summarizes the revenues, expenses, and net income (or loss) of a company over a specified period. Statement of Cash Flows: This statement reports the cash inflows and outflows from operating, investing, and financing activities, providing insights into how cash is generated and used by the business. Accounting Principles: GAAP (Generally Accepted Accounting Principles): These are a set of standard accounting principles, standards, and procedures that companies use to compile their financial statements in the United States. It ensures consistency, comparability, and transparency in financial reporting. IFRS (International Financial Reporting Standards): These are accounting standards issued by the International Accounting Standards Board (IASB), used by companies in many countries outside the United States. IFRS aims to harmonize accounting practices globally. Double-Entry Accounting: This is a fundamental accounting principle that states that for every transaction, there are at least two accounts involved, with one account debited and another credited. This ensures that the accounting equation (Assets = Liabilities + Equity) remains balanced. Types of Accounts: Assets: Economic resources owned or controlled by the company, such as cash, inventory, property, and equipment. Liabilities: Obligations owed by the company to external parties, such as loans, accounts payable, and bonds payable. Equity: Represents the residual interest in the assets of the company after deducting liabilities. It includes contributed capital from owners and retained earnings. Revenues: Income generated from the sale of goods or services. Expenses: Costs incurred in the process of generating revenue. Accounting Cycle: This is the process that accountants follow to record, analyse, and report financial transactions of a business. It typically includes steps such as identifying transactions, journalizing, posting to ledgers, preparing trial balances, adjusting entries, preparing financial statements, and closing entries. Auditing: This is the examination of financial statements and accounting records by an independent auditor to ensure their accuracy and compliance with accounting standards and regulations. Understanding these basic principles and concepts provides a solid foundation for anyone interested in learning more about accounting and its role in business operations and decision-making.
Author: Jagadish R. Raiyani Publisher: ISBN: 9788177083064 Category : Business & Economics Languages : en Pages : 169
Book Description
Economic reforms initiated in India since early 1990s have led to increasing attention being devoted to accounting standards as a means towards ensuring potent and transparent financial reporting by corporations. International Financial Reporting Standards (IFRSs) - issued by the International Accounting Standards Board (IASB) as the uniform language of business to protect the interests of international investors - have brought into focus the need for reforms in accounting procedures in different countries. IFRSs have been made applicable in India for specified business entities. The new accounting norms have posed challenges for business enterprises in terms of presentation of accounts, and accounting policies and procedures. This book explains the requirements of IFRSs and the attending implementation hurdles in India.
Author: Navneet Singh Publisher: Navneet Singh ISBN: Category : Business & Economics Languages : en Pages : 72
Book Description
The theory base of accounting refers to the conceptual framework, principles, assumptions, and standards that guide accounting practices and the preparation of financial statements. It provides a theoretical foundation for understanding and applying accounting principles in practice. Here are the key components of the theory base of accounting: Conceptual Framework: The conceptual framework of accounting establishes the fundamental concepts and objectives that underlie financial reporting. It provides a framework for developing accounting standards and principles and helps ensure consistency and comparability in financial reporting. The conceptual framework addresses issues such as the qualitative characteristics of financial information, the elements of financial statements, and the criteria for recognition and measurement. Accounting Principles: Accounting principles are fundamental guidelines that govern the recording, measurement, and reporting of financial transactions and events. These principles include: Revenue Recognition Principle: Revenue should be recognized when earned and realized or realizable, regardless of when cash is received. Matching Principle: Expenses should be recognized in the same period as the revenues they help generate, regardless of when cash is paid. Historical Cost Principle: Assets should be recorded at their original cost, rather than their current market value. Conservatism Principle: Accountants should err on the side of caution when uncertain about the future outcomes, by recognizing losses but not gains until they are realized. Accounting Assumptions: Accounting assumptions are underlying concepts that shape the accounting process and financial reporting. Common accounting assumptions include: Going Concern Assumption: Assumes that the entity will continue to operate indefinitely, allowing for the recognition of assets and liabilities over the long term. Monetary Unit Assumption: Assumes that transactions and events are measured and recorded in a stable currency unit, such as the US dollar or euro. Time Period Assumption: Assumes that financial information is reported over specific time periods, such as monthly, quarterly, or annually. Accounting Standards: Accounting standards are rules and regulations established by accounting standard-setting bodies, such as the Financial Accounting Standards Board (FASB) in the United States and the International Accounting Standards Board (IASB) globally. These standards provide guidance on how to apply accounting principles in practice and ensure consistency and comparability in financial reporting. Ethical Considerations: The theory base of accounting also encompasses ethical considerations that govern the conduct of accountants and financial professionals. Ethical principles such as integrity, objectivity, confidentiality, and professional competence and due care are essential for maintaining public trust and confidence in financial reporting. Overall, the theory base of accounting provides a framework for understanding the principles, assumptions, and standards that guide accounting practices and financial reporting. It serves as a foundation for developing accounting policies, procedures, and practices that ensure the accuracy, reliability, and relevance of financial information for decision-making and accountability purposes.
Author: Vinod B. Annigeri Publisher: Springer ISBN: 9811079501 Category : Business & Economics Languages : en Pages : 239
Book Description
This book discusses economic development in general and selected public policy issues with a focus on philosophy, Gandhian thoughts and sectoral issues in the Indian context. It presents scholarly contributions on growth and development in India, with particular emphasis on human development in connection with the economy of India and selected developing countries. It brings to the forefront a body of knowledge on philosophy and ethical issues within the domain of public policies relating to development in today’s world. The book includes contributions from leading economists and covering a range of issues such as the Indian government’s current ‘Make in India’ drive, the role of the World Bank, managing educational finances, development and higher education policy, inflation, decentralization, inequality, regional development, and linkages between health, nutrition and education. Accordingly, the book not only offers a useful resource for academics, economists and development practitioners, but also has important implications for public policymaking.
Author: CA (Dr.) Alok K. Garg Publisher: Bloomsbury Publishing ISBN: 9354353347 Category : Business & Economics Languages : en Pages : 1200
Book Description
About the Book “Treatise on Ind AS” provides a deep dive into Indian Accounting Standards (Ind AS). The book comes to the rescue of those looking for conceptual clarity, application guidance, practical reference to listed companies, comparison of new set of standards with old and global set of standards. It is a one stop shop for all Ind AS related guidance. Key Features - Comprehensive commentary on Ind AS with Conceptual Explanations, Case studies and Examples. - References to published disclosures of Listed Companies on major concepts of Ind AS. - More than 1,000 MCQs with detailed analysis covering all Ind AS. - FAQs on Overview and Applicability/ Roadmap for implementation of Ind AS . - Lucid commentary on complex topics such as Leases, Revenue, Financial Instruments, Business Combination, Consolidation, Share-Based Payment etc. with practical examples and case studies. - Practical issues on Ind AS including analysis of ITFG bulletins and Education Material. - Detailed comparison of Ind AS, Indian GAAP, IFRS and ICDS. - Updated with the Companies (Ind AS) Amendment Rules, 2021.
Author: Publications Division Publisher: Publications Division Ministry of Information & Broadcasting ISBN: Category : Social Science Languages : en Pages : 53
Book Description
A monthly published in Hindi and English. The journal is devoted to all aspects of rural reconstruction and village democracy. The journal carries educative and informative articles on rural development and is useful for scholars, academicians and students preparing for civil services and other competitive examinations.
Author: Navneet Singh
Author: Navneet Singh
Author: Navneet Singh
Author: Jagadish R. Raiyani
Author: Navneet Singh
Author: Kamal Garg
Author: Vinod B. Annigeri
Author: CA (Dr.) Alok K. Garg
Author: 
Author: Library of Congress. Copyright Office
Author: Publications Division