Accounting Standards in India

Accounting Standards in India

Joseph Anbarasu
Business Organizations and Accounting 
Standards
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Business Organizations and Accounting 
d d
Standards
Business Organizations and Accounting 
d d
Standards
Business Organizations and Accounting 
d d
Standards
Business Organizations and Accounting 
d d
Standards
Government Organizations and 
Accounting Standards
d d
Government Organizations and 
Accounting Standards
d d
Government Organizations and 
d d
Accounting Standards
Government Organizations and 
d d
Accounting Standards
Government Organizations and 
d d
Accounting Standards
WHY HARMONIZATION?
WHY HARMONIZATION?
 Only one way
Only one way
• Till now, the Institute of 
Chartered Accountants of 
h d f
India (ICAI) has taken a 
position towards 
International Financial
International Financial 
Reporting Standards (IFRS) 
and not GAAP. 
• Different and Contradictory 
Different and Contradictory
Practices
• Rule based Accounting 
Standard vs Principle Based
Standard vs. Principle Based 
Standards
• Auditor’s Dilemma in 
judging a transaction
judging a transaction
 Some Useful Links
Some Useful Links
• SAI
SAI, India: www.cag.gov.in
India: www cag gov in
• Institute of Chartered Accountants of India: 
www icai org
www.icai.org
• GASAB, India: www.gasab.gov.in
• International Federation of Accountants: 
www.ifac.org
• International Accounting Standards Board: 
www.iasb.org g