ICAI working on changes to Indian Accounting Standards
PrintListen to this Article
The apex body of chartered accountants ICAI is in the process of making changes to the Indian accounting standards as part of efforts to converge with international norms.
The government wants companies to adopt the new Indian Accounting Standards (Ind AS) - converged with IFRS - voluntarily start from the 2015-16 fiscal and it would be mandatory from 2016-17.
The council of the Institute of Chartered Accountants of India has so far finalised seven "new/revised Ind ASs (to replace the exiting Ind AS) alongwith certain amendments to other Ind ASs".
The proposed changes correspond to the new/revised IFRS issued by the International Accounting Standards Board ( IASB).
Among the finalised Ind ASs include those related to consolidated financial statements, fair value measurement and employee benefits.
"These new/revised Ind ASs are being submitted to the recently constituted National Advisory Committee on Accounting Standards ( NACAS) for its consideration," ICAI President K Raghu said in a statement today.
Meanwhile, ICAI's Accounting Standards Board has issued exposure drafts of three new Ind ASs pertaining to agriculture, financial instruments and revenue from contracts with customers. (PTI - ET)
Category : ICAI | Comments : 0 | Hits : 496
The CA Institute has proceeded and notified its revised exam dates (announced on March 19) for the intermediate course examination and final examination despite a pending Supreme Court hearing slated ...
The Institute of Chartered Accountants of India (ICAI) has found gross negligence by edtech firm Byju's auditors, ICAI president Ranjeet Kumar Agarwal said on Wednesday. "Our i...
The Enforcement Directorate (ED) raided premises linked to Delhi Chief Minister Arvind Kejriwal’s personal secretary Bibhav Kumar, and Aam Aadmi Party (AAP) Rajya Sabha MP, Past President of ICA...
Comments