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Asian Journal of Research in Banking and Finance
Year : 2013, Volume : 3, Issue : 3
First page : ( 21) Last page : ( 27)
Online ISSN : 2249-7323.

Accounting standards - National and international level – A comparative study

Dr. Kumar Jasti Ravi

Assistant Professor, University College for Women, Osmania University, Hyderabad, India

Abstract

Accounting Standard is a rule or a set of rules which prescribes the methods by which accounts should be prepared and presented. Due to liberalization and globalization of business in recent decade and opening up of financial markets to international investors. Huge amounts of capital has been flowing acrossing the national boarders. In modern society, there are many stakeholders to the business viz; owners, potential investors, Government, employees, Consumers, Public, Media, financial Analysts etc.. Accounting is the language of business, but every country has its own language which is called as Generally Accepted Accounting Practices. Identical Accounting Standards would yield financial statements that could be interpreted by any user around the world without any effort.

Objective of the Study

  • To compare the Indian Accounting Standards with International Accounting Standards (IAS)/International Financial Reporting Standards (IFRS)

  • To identify the IAS/IFRS which are not relevant to Indian context

  • To reconcile the Indian Accounting Standards with IAS/IFRS

  • To study the Indian Accounting Standards are under preparation ICAI recognizes the importance of convergence of AS with IAS. To achieve the harmonise of Indian Accounting Standards with IASs. ICAI has initiated the process in the following steps:

  • Issued Exposure Draft to existing IASs where the gaps in existing Accounting Standards.

  • Changes have made in matter, which is covered in existing Accounting Standards.

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