Tag Archives | Accounting Standard

Compliance with Accounting Standards

Compliance with accounting standards has been made mandatory. Sub-section (3A) to Section 211 (inserted by the Companies Amendment Act, 1999) requires that every profit and loss account and balance sheet shall comply with the accounting standards. Accounting standards means the standards of accounting recommended by the Institute of Chartered Accountants of India (ICAI) and prescribed by the Central Government in [...]

By Manukriti Nandwani|2016-06-18T07:01:36+00:00June 18, 2016|Accounting Standards|Comments Off

Process of Setting Accounting Standard in UK and USA

In this article we will discuss about the process of setting accounting standard in UK and USA. Setting Accounting Standard in United Kingdom: The first substantial British interest in the area of accounting policy making seems to have been seen in the 1940s. The underlying cause of this concern was discontent with the accounting establishment. The first committee of the [...]

By Manukriti Nandwani|2016-06-18T07:01:36+00:00June 18, 2016|Accounting Standards|Comments Off

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