Accounting Standards

Accounting Standards In India Overview

Accounting standards are the standards developed for reporting the financial transactions. It specifies how
transactions & other events are recognized, measured, presented & recognized in financial statements. The main aim of such standards is to provide financial information to creditors, lenders, investors, contributors and other persons so that they can make correct decisions in future after checking company’s financial position. It is issued by accounting standard board (ASB). SS Auditors gives you valuable advice on Indian accounting standards (INDAS), International financial reporting standards (IFRS) and other accounting standards as well as helps you in correct reporting of financial transactions.

IFRS means international financial reporting standards developed by IFRS foundation and international
accounting standards board so that company accounts are understandable and comparable across international boundaries with the main purpose of making a common global language for business affairs. IFRS is adopted by 110+ countries and many more countries are also shifting towards it. IFRS gives clear instructions that how to


Indian Accounting Standards (IND-AS)

Indian accounting standards are the standards adopted by companies in India and issued by accounting
standards board committee under institute of chartered accountants of India (ICAI). The committee includes representatives from government department, academicians & other professional bodies.
Prior adopting the Indian accounting standards (IND-AS), India was following accounting standards from
generally accepted accounting principles known as IGAAP. A company needs to follow IND-AS either
voluntarily or mandatorily. Once a company opt a method of Indian-AS either voluntarily or mandatorily,
they can’t select the previous accounting method. Every company has to follow the Indian-AS method
mandatorily if the net worth of every listed company is 500 crores or above. SS Auditors helps you by giving
detailed overview of Indian accounting standards and advices you why it is important for you and in
reporting of financial transactions.

International Financial Reporting Standards (IFRS)

IFRS means international financial reporting standards developed by IFRS foundation and international
accounting standards board so that company accounts are understandable and comparable across international boundaries with the main purpose of making a common global language for business affairs. IFRS is adopted by 110+ countries and many more countries are also shifting towards it. IFRS gives clear instructions that how to adopt it for the first time. The companies using IFRS method needs to prepare the balance sheet & the income statement. SS Auditors helps you by giving detailed overview of international financial reporting standards & advice you why it is important for you and why most of the countries are shifting towards it.

What Is Included In Our Package?

Eligibility Consultation
Document Preparation
Application Drafting
Government Fees