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The Institute of Chartered Accountants of India (ICAI), being the premier standard-setting body in the country, has constituted Accounting Standard Board (ASB) on 21st April, 1977, with the objective to formulate accounting standards to enable the Council of ICAI to establish a sound and robust financial reporting standards framework in India. While formulating Accounting Standards, ASB is expected to keep in mind applicable laws, existing usages and economic environment in India.
The ICAI has always believed that its role does not end with the formulation and recommendation of Accounting Standards and that as a statutory body working in public interest, ensuring effective implementation of these Standards in letter and spirit is also our responsibility.
At present, under Indian scenario, there are following two sets of Accounting Standards for preparation of general purpose financial statements viz.
In India, there are many micro and small non-corporate entities such as, sole proprietorship, partnership firms, HUFs, Association of Persons, Trust, Society etc to which Accounting Standards may not mandatorily be applicable under any law. However, ICAI members auditing these financial statements are required to check application of the Accounting Standards in the same.
Accordingly, the Accounting Standards Board (ASB) of ICAI has taken a very significant initiative of conducting a survey questionnaire for collecting information from practicing Chartered Accountants for providing their views and sharing their experience on application of Accounting Standards in context of their clients which are micro and small non-corporate entities.
This survey is primarily to be filled in by Chartered Accountants who are in practice. Members submitting their views on the survey can claim 2 (two) Unstructured CPE hours.
We at the ASB of ICAI would greatly appreciate your valuable feedback to our survey questionnaire for assessing the application of Accounting Standards by Micro and Small Non-Corporate Entities (MSNCE).
The ICAI has always believed that its role does not end with the formulation and recommendation of Accounting Standards and that as a statutory body working in public interest, ensuring effective implementation of these Standards in letter and spirit is also our responsibility.
At present, under Indian scenario, there are following two sets of Accounting Standards for preparation of general purpose financial statements viz.
- The Indian Accounting Standards (Ind AS), as notified by the Ministry of Corporate Affairs in February 2015, which are applicable to the specified class of companies.
- The Accounting Standards notified under Companies (Accounting Standards) Rules, 2006, and those issued by the ICAI are applicable to entities to whom Ind AS are not applicable.
In India, there are many micro and small non-corporate entities such as, sole proprietorship, partnership firms, HUFs, Association of Persons, Trust, Society etc to which Accounting Standards may not mandatorily be applicable under any law. However, ICAI members auditing these financial statements are required to check application of the Accounting Standards in the same.
Accordingly, the Accounting Standards Board (ASB) of ICAI has taken a very significant initiative of conducting a survey questionnaire for collecting information from practicing Chartered Accountants for providing their views and sharing their experience on application of Accounting Standards in context of their clients which are micro and small non-corporate entities.
This survey is primarily to be filled in by Chartered Accountants who are in practice. Members submitting their views on the survey can claim 2 (two) Unstructured CPE hours.
We at the ASB of ICAI would greatly appreciate your valuable feedback to our survey questionnaire for assessing the application of Accounting Standards by Micro and Small Non-Corporate Entities (MSNCE).