Mandatory accounting standards issued by ICAI?

Difference between international accounting standard and accounting theory?

IFRSs refers to the new numbered series of pronouncements that the IASB is issuing, as distinct from the International Accounting Standards (IASs) series issued by its predecessor. More broadly, IFRSs refers to the entire body of IASB pronouncements, including standards and interpretations approved by the IASB and IASs and SIC interpretations approved by the predecessor International Accounting Standards Committee On the other hand by simple Accounting Standard we mean " Accounting Standard issued by the Institute of Chartered Accountants of India(ICAI)".

What is the difference between international accounting standard's and Indian accounting standard's?

GAAP Stands for Generally Accepted Accounting Principles. Accounting Standardards are issued by the Institute of Chartered Accountants of India (ICAI). This is the largest accounting body in the country. Now the Accounting Standards are 29.Accounting Standards are prepared by expert persons.Generally Accepted Accounting Principles means just like Accounting Concept which means every person can accept this principles.

What are the procedure of issuing accounting standards in India?

PROCEDURE FOR ISSUING AN ACCOUNTING STANDARD FOR LOCAL BODIES (ASLB) Broadly, the following procedure is adopted for formulating Accounting Standards for Local Bodies: 1. Determine the broad areas in which Accounting Standards need to be formulated and the priority in regard to the selection thereof. 2. For the preparation of the Accounting Standards, the CASLB will be assisted by Study Groups constituted to consider specific subjects. In the formation of Study Groups, provision will be made for wide participation by various interest groups. 3. The draft of the proposed standard will normally include the following: a. Objective of the Standard, b. Scope of the Standard, c. Definition of the terms used in the Standard, d. Recognition and measurement principles, wherever applicable, e. Deviations, if any, from the corresponding International Public Sector Accounting Standard (IPSAS), as an Appendix to the Standard. 4. The CASLB will consider the preliminary draft prepared by the Study Group and if any revision of the draft is required on the basis of deliberations, the CASLB will make the same or refer the same to the Study Group. 5. The procedure for issuance of an Interpretation on any Accounting Standard for Local Bodies will be the same as that for issuance of an Accounting Standard since the authority of an Interpretation is the same as that of Accounting Standard for Local Bodies to which it relates. 6. The CASLB will circulate the draft of the Accounting Standard/Accounting Standards Interpretation for Local Bodies to the Council members of the ICAI and the following specified bodies for their comments: a. Comptroller and Auditor General of India (C&AG)b. Ministry of Urban Development, Government of India c. Controller General of Accounts d. Ministry of Panchayati Raj, Government of India e. National Institute of Urban Affairs f. Directorates of Local Bodies of the State Governments g. Directorates of Local Fund Audit Department of the State Government h. Major Local Bodies i. National Institute of Financial Management j. Securities and Exchange Board of India k. Any governmental Committee(s) or other similar body, e.g., the Technical Committee on Budget and Accounting Standards for ULBs constituted by the Ministry of Urban Development l. The All India Council of Mayors m. All India Institute of Local Self Government n. Donor of funds to Local Bodies such as US AID, World Bank, etc. o. The Institute of Cost and Works Accountants of India p. The Institute of Company Secretaries of India q. All the Indian Institutes of Management (IIMs) r. Any other body considered relevant by the CASLB keeping in view of the nature of the Accounting Standard. 7. The CASLB will hold a meeting with the representatives of the selected specified bodies to ascertain their views on the draft of the proposed Accounting Standard/Accounting Standards Interpretation for Local Bodies. On the basis of comments received and discussion with the representatives of specified bodies, the CASLB will finalise the Exposure Draft of the proposed Accounting Standard/Accounting Standards Interpretation for Local Bodies. 8. The Exposure Draft of the proposed Standard/Interpretation will be issued for comments by the members of Institute and the public. The Exposure Draft will be sent to the specified bodies (as listed above), and other interest groups, as appropriate. 9. The Exposure Draft will be sent to any governmental Committee(s) or other similar body, e.g., the Technical Committee on Budget and Accounting Standards for ULBs constituted by the Ministry of Urban Development for sending comments on the Exposure Drafts of the proposed Standard/Interpretation.10. After taking into consideration the comments received, the draft of the proposed Accounting Standard/Accounting Standards Interpretation for Local Bodies will be finalised by the CASLB and submitted to the Council. 11. The Council of the ICAI will consider the final draft of the proposed Standard/Interpretation, and if found necessary, modify the same in consultation with the CASLB. The Accounting Standard/Accounting Standards Interpretation on the relevant subject will then be issued by the ICAI. 12. The ICAI will send the Accounting Standards so formulated to the governmental Committee(s) or other similar body, e.g., the Technical Committee on Budget and Accounting Standards for ULBs constituted by the Ministry of Urban Development for recommending the same for implementation by the State Governments to achieve uniformity in preparation and presentation of financial statements by complying with the requirements of the Accounting Standards for Local Bodies. 13. For a substantive revision of an Accounting Standard.Accounting Standards Interpretation for Local Bodies, the procedure followed for formulation of a new Accounting Standard/Accounting Standards Interpretation for Local Bodies, as detailed above, will be followed. 14. Subsequent to issuance of an Accounting Standards/Accounting Standards Interpretation for Local Bodies, some aspect(s) may require revision which are not substantive in nature. For this purpose, the ICAI may make limited revision to an Accounting Standard/Accounting Standards Interpretation for Local Bodies. The procedure followed for the limited revision will substantially be the same as that to be followed for formulation of an Accounting Standard/Accounting Standards Interpretation for Local Bodies, ensuring that sufficient opportunity is given to various interest groups and general public to react to the proposal for limited revision.

When was ICAI School of Engineering created?

ICAI School of Engineering was created in 1908.

Where is ICAI?

in india

Where is icai office?

The Institute of Chartered Accountants of India (ICAI) has its headquarters in New Delhi, India. In addition to the main office, ICAI has several regional offices and branches across the country to serve its members and students. You can find specific locations and contact details on the official ICAI website.

Icai admit card website?

www.icai.nic.in

Is there is Reservation for sc st in icai?

No there is no Reservation system in ICAI..selection is purely based on entrance exam (CPT). If you score 100 or more..you are in otherwise out..

Who is better icap or icai?

Those who pass their exam are better..

SHOULD ICAI make uniforms compulsory?

That is a matter for their board of control

Which organisations either directly regulate or oversee accountants and auditors in India?

In India, the primary organization that regulates and oversees accountants and auditors is the Institute of Chartered Accountants of India (ICAI), which sets accounting standards and ethical guidelines. Additionally, the Comptroller and Auditor General of India (CAG) oversees public sector audits. The Securities and Exchange Board of India (SEBI) also plays a role in regulating auditors of listed companies to ensure compliance with securities laws.

You just compeleted 12th standard commerce stream . What is the proccess to become CA?

To become a Chartered Accountant (CA), you will need to follow the below steps: Register with the Institute of Chartered Accountants of India (ICAI): You need to register with the Institute of Chartered Accountants of India (ICAI) to be eligible to pursue the CA course. You can register online on the ICAI website. Clear CA Foundation Exam: Once you are registered, you need to appear and clear the CA Foundation Exam. This is the entry-level exam for the CA course. Clear CA Intermediate Exam: After clearing the CA Foundation Exam, you will be eligible to appear for the CA Intermediate Exam. This is the second level of the CA course. Clear CA Final Exam: After clearing the CA Intermediate Exam, you will be eligible to appear for the CA Final Exam. This is the last and final level of the CA course. Register with the ICAI: After successfully clearing all the mandatory CA exams, you need to register with the ICAI to be eligible to practice as a Chartered Accountant. VISIT TAPASYA COLLEGE OF COMMERCE AND MANAGEMENT FOR CA FOUNDATION OR CA RELATED QUERIES.