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Indian Accounting Standards (abbreviated as India AS) in India accounting standards were

issued under the supervision and control of Accounting Standards Board (ASB), which was
constituted in the year 1977. ASB is a committee under Institute of Chartered Accountants of
India(ICAI). ASB is an independent committee which consis of representatives from government
department, academicians, representatives from ASSOCHAM, CII, FICCI, etc., Now India will
have two sets of accounting standards viz. existing accounting standards under Companies
(Accounting Standard) Rules, 2006 and IFRSconverged Indian Accounting Standards(Ind AS).
The Ind AS are named and numbered in the same way as the corresponding
IFRS. NACAS recommend these standards to the Ministry of Corporate Affairs. The Ministry of
Corporate Affairs has to spell out the accounting standards applicable for companies in India. As
on date the Ministry of Corporate Affairs notified 39 Indian Accounting Standards(Ind AS).This
shall be applied to the companies of financial year 2015-16 voluntarily and from 2016-17 on a
mandatory basis. Based on the international consensus, the regulators will separately notify the
date of implementation of AS Ind for the banks, insurance companies etc. Standards for the
computation of Tax would be notified separately.[1]
OBJECTIVE The basic objective of Accounting Standards is to remove variations in the
treatment of several accounting aspects and to bring about standardization in presentation. They
intent to harmonize the diverse accounting policies followed in the preparation and presentation
of financial statements by different reporting enterprises so as to facilitate intra-firm and inter-firm
Business valuation is a process and a set of procedures used to estimate the economic
value of an owner’s interest in a business. Valuation is used by financial market participants to
determine the price they are willing to pay or receive to effect a sale of a business. In addition to
estimating the selling price of a business, the same valuation tools are often used by business
appraisers to resolve disputes related to estate and gift taxation, divorce litigation, allocate
business purchase price among business assets, establish a formula for estimating the value of
partners' ownership interest for buy-sell agreements, and many other business and legal
purposes such as in shareholders deadlock, divorce litigation and estate contest. [1] In some
cases, the court would appoint a forensic accountant as the joint expert doing the business