Compliance with Accounting Standards in the Globalized Indian Banking Scenario

This reading highlights miscellaneous invoice standards and their compliance in the Indian banking agreement. These explanation standards rule the criteria for accounts metre, where to a great extent, they created uniformity in reporting and analyzing with sane flexibility by considering various stack of different enterprises. The focus is on AS-5, AS-9, AS-15, AS-17, AS-18, AS-22, AS-23, AS-25 and AS-27.

history has been defined in multivarious dimensions. The near lucid among them is the art of recording, classifying and summarizing in a significant expressive style and in terms of money, transactions and events which are, in part at least, of pecuniary character and interpreting the results thereof. In the evolutionary sail the accounting system has been refined from time to time and has traversed a long journey. The divergences and dichotomy in interpretations have led to the thinking of accounting standards so that stake holders can compare and probe financial data of different organizations to make financial enthronization decisions. Thus, accounting standards have led to burying hatchets and accounting system has been streamlined. They have provided valuable direction in the field of accounting and have brought about qualitative improvement in financial reporting.



The accounting standards have laid down rules and criteria for accounting measurement and have been capable to a great extent in bringing uniformity in accounting practices with a reasonable degree of flexibility, taking into cognizance the differences in circumstances of various enterprises.

#Accounting Standards in India

Institute of Chartered Accountants in England began making the accounting standards prescription since 1942. The Accounting Statements Committee (ASC) was framed in 1969 to encourage this prescription. In USA, the need for evolving accounting standards was felt in the course 1933 with the establishment of the Securities Exchange Commission (SEC). A research-oriented organization called the Accounting Principles Board (APB) was formed in 1957 to...

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