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In the latter case, the guiding principle is that segment reporting should be based on the information as provided to a company's management, also known as the 'management approach' or the 'through-the-eyes-of-management' principle. At the time IAS 14 was revised, the US Financial Accounting Standards Board adopted the management approach.
The Ind AS are named and numbered in the same way as the International Financial Reporting Standards (IFRS). National Financial Reporting Authority (NFRA) recommend these standards to the Ministry of Corporate Affairs (MCA). MCA has to spell out the accounting standards applicable [1] for companies in India. As on date MCA has notified 40 Ind ...
This is a list of the International Financial Reporting Standards (IFRSs) and official interpretations, as set out by the IFRS Foundation. It includes accounting standards either developed or adopted by the International Accounting Standards Board (IASB), the standard-setting body of the IFRS Foundation.
It can only consider accounting standards recommended by ICAI and advise the Government of India to notify them under the Companies Act, 2013. Further, the Accounting Standards so notified are applicable only to companies registered under the companies act, 2013. For all other entities, the accounting standards issued the ICAI continue to apply.
National Advisory Committee on Accounting Standards (NACAS) is a body set up under section 210A of the Companies Act, 1956 by the Government of India. It advises the Central Government on the formulation and laying down of accounting policy and accounting standards for adoption by companies . [ 1 ]
Standards on Key Concepts, Standards on Engagement Management, Standards on the Executing Assignments, Standards on Specialised Areas, and; Standards on Quality Control. Based on the report of forensic auditor appointed by banks the latter declares an account as fraud or wilful defaulter [5] and such procedure was missing earlier. [2]
Traditional standard costing (TSC), used in cost accounting, dates back to the 1920s and is a central method in management accounting practiced today because it is used for financial statement reporting for the valuation of income statement and balance sheet line items such as cost of goods sold (COGS) and inventory valuation.
The government specified a deferment of one year from the date of implementation of these standards; the notified ICDS will be applicable from the financial year 2016-17. [ 1 ] [ 2 ] ICDS were issued with the aim of bringing uniformity in accounting policies governing computation of income in accordance with tax related provisions, and also ...