Indian Accounting Standard

Indian Accounting Standard

Author Name : Dr. Janak Singh Kushwah

ABSTRACT

Indian Accounting standard (abbreviated as Ind-As) is the Accounting standard adopted by companies in India and issued under the supervision of Accounting standards Boards (ASB) Which was constituted as a body in the year 1977. ASB is a commitee under instittute of Charteed Accountants of India (ICAI) Which consists of representsatives from government department, academicians, other professional bodies viz. ICAI representatives from ASSOCHAM, CII, FICCI, etc. ICAI is an idnependent body formed undr an act of parliament.

The Ind AS are named and numbered in the same way as the international Financial Reporting standards (IFRS). Natinoal Financial Reporting Authority (NERA)

At the turn of the century indias GDP was at around US 480 billion. As economic reforms picked up pace, Indias GDP grew Five-Fold to reach US 2.2 trillion in 2015 (as per IMF estimates.)

India’s GDP growth during January – March Peiod of 2015 Was at 7.5% Compared to chinas 7% Making it the fastest growing MAJOR economy. During 2014-15 Indias GDP growth Recovered marginally to 7.32% From 6.9% in the previous Fiscal. During 2014-15, Indias services sector grew by 10.1% Manufacturing sector by 7.1% & agriculture by 0.2% Indian economy grew at 7.6 & 7.1 in FY 2015-16 and FY 2016-17 respectively as major reforms had taken place like Demonitisation and implemenation of GST in FY 2016-17.