Tag Archives | Standard Setting

4 Major Difficulties in Setting up Accounting Standard

The following points highlight the four major difficulties faced in setting up accounting standard. The difficulties are: 1. Difficulties in Definition 2. Political Bargaining in Standard Setting 3. Conflict in Accounting Theories 4. Pluralism. Difficulty # 1. Difficulties in Definition: To agree on the scope of accounting and of principles or standards, is admittedly most […]

Analysis of Different Arguments for Standard Setting

In this article we will analyse different arguments for standard setting. 1. Government as Standard Setter: The following arguments are generally given for standard setting by the government: (1) A government would be free of conflicts of interest—more impartial and more responsive to all interests; it would not become a tool of business interests or […]

Reasons for Slow Progress of ASB in Standards Setting

In this article we will discuss about the reasons for slow progress ASB in standard setting in India with suggestions to improve it. Reasons for Slow Progress: The Indian ASB’s efforts in respect of accounting standards, although commendable, are not very satisfactory taking into account the work done in this area in USA, UK and […]

Standard Setting in India: An Overview

Standards Setting Bodies in India: In India, we have standard setting bodies which are, in practice, the national regulators, who have the legal authority to set and implement regulatory rules and procedures in the financial sector. For example, the Reserve Bank of India (RBI) is responsible for regulation and supervision of banks and other financial […]

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