pare eam ner 10 19 wi se omit ce 1.2.1 HISTORY 4 BEFORE INDEPENDENCE ‘he lng time ie. 200 years of British rule in India, shaping the accounting. 5y=iem, | profession and education as per British model of Accounting Though India is a > regarded accounting profession and a well- . developing country, it reserves highly developed accounting system. This age in accounting is outcome heritage, different social, political, legal and economic environment. of different cultural ne 4 POST-INDEPENDENCE, ‘The accounting practice after subsequently 10-15 improvement in rules of previous colonial government. principles, practices and format of accounting developing stage. The non-corporate sectors indigenous and hybrid accounting systems with ‘There was no teaching of accounting and related. ‘Subjects in the time of Briishers, The accounti of chartered Accountant of India (ICAD and the (ICWA) were only granting the cert ‘contribution towards accounting theory andSEE rnonverion towne _ more useful to bring harmonization in the existing and potential Indian Accounting standards which issued by IASC. As a part of this step, ICA constituted Accounting Standards Board (ASB) in 1977 which issued fist accounting standard (AS) ‘iselosure of ‘ccounting policy’ in November 1979, With ll this, Institute of Company Secretaries of India ICSD, All Indian Commerce Association and Indian Accounting, Association became active and give thei contributions to accounting academia, In India, the numbers of public sector enterprise are increasing sharply which were mere six to seven in 1951 at the starting of systematic plan. It reached at about 200 in ear in relative share of public sector enterprise in total paid up capital of all enterprise, increased from 39% in 1965 to 80% in 1990, as a precautions, comptrotier and Auditor general (CAG) of India give necessary guidelines for accounting and related functions for governmental act ‘The “LASC’ motivate and encourage the India for standard setting rather than from within the establishment’ Before 1970, there were no systematic efforts for the development of accounting components or for standard setting. i developments in this direction, they were spo in focus ly 1980s. With the increase But after 1977 scenario for the development of ac ‘The ICAI continuously try to improve its accounting « decades. Many important statements have been issued t as per the requirement of different accounting entities important step in this era i establishment of acco 1977 with members from the profession, the regulators, main task of this board is to draw accounting ds be developed by the council of the Institute of eh have to take into consideration usages, customs, India and the intemational accounting. sta standard committee while formulating aecoun By considering international and domestic standard till March, 2005, But till March, 2000 Remaining 14 Accounting Standard will be Institute of chartered Accountants of India has ‘As § on ‘Accounting for Research and Deve7 9 2 UU RR8 EELCEE INTRODUCTION TO IFR ld iz f " ness, there is real need for single, ify the accounting world and, more ing practices across borders, accounting standards that would * the problem of diversity of accounttS INTRODUCTION To IFRS at all; rather ty qualifying ws a slagle ora to follow and rely upon? Ut talked about international race to qualify USSEC, which has already ct ‘i k exchanges, one may JERS goes through sueann joint programe 10 1m posible extent (Schipper, 2005), Pacific region, For example, absolute numbers, An through IFRS was made in A major task of the 0 achieve harmonizTION TO TERS eases ae ne on ee ee esMW ject Managem km IntRoDUCTION To IFRS Ds D 6 ORIGIN OF INTERNATIONAL ACCOUNTING STANDARDS BOARI setting body by addressing some force to the extent y lads issued by the IASB are mri apis issued by the Intemational Financial Reporting caTrR ns Commitee (FRIC) are known as IFRIC Interpretation, Wie referring ‘0 IFRS. the term collectively includes IAS, SICs, IFRS, and IFRIC Interpretations, ‘International Accounting Standards Board on ‘including the development and and its meetings othe bliin persona i its metings are open to the Trustee-12 fulltime oo ‘he constitution of the IASC. ‘0 16 members by 2012,by SEL SS the history of j international are movin, i towards TERS. py a, and Latin Amerieg 'd. Philippines, and TERS, Cheserememeaalll > FPO CCE TIPOT UREA, Ey INTRODUCTION To IFRS. he ‘Accounting Standards Bowed of the Institute of Chartered Accountants of India CICAT) was constituted on 21 April 1977, 10 Indian enterprises, (Accounting Standards) Amendment Rt dated 27 March, 2008 making some m them with accounting standards reparation of general purpose financial On or afer 7 December, 2006. It may notified by the Government are with the Accounting Standards The Reserve Bank of India (RBD) in Development Authority (IRDA) in = Exchange Board of India (SEBI) in ease the Accounting Standards issued by Intemational Federation of Accoun Standards (ASs), the ASB sives due (IASs) issued by the Intemational Financial Reporting Standards (I I integrate them, to the extent possible. H Keeping in view the Indian conditio the endeavor of the ICAL is not 'ssuance of new AS but also to ensure t international thinking on various. Accounting Standards (NAC recommending accounting standardsWhat do you mean INTRODUCTION TO IFRS IFRSs and recommends ities, banks and insurance entit accounting periods beginning on or after 1