ACCOUNTING STANDARDS CLASS 11 (IND AS) Explained | ICAI, ASB,IFRS | #indas #accountingstandards

Indian Accounting Standards (IND AS) are accounting standards issued in India to bring convergence with International Financial Reporting Standards (IFRS) while considering Indian laws, customs, business environment, and practices. accounting standards accounting standards class 11 accounting standards class 12 indian accounting standard list of indian accounting standards accounting standards rapid revision ca inter accounting standard accounting golden rules balance sheet in accounting financial statements class 11 accounting interview questions bank reconciliation statement class 11 The Institute of Chartered Accountants of India (ICAI) constituted the Accounting Standards Board (ASB) on 21st April 1977 to formulate accounting standards in India. The Accounting Standards are issued under the authority of the Council of ICAI. The ASB also provides interpretations, guidance, periodic reviews, and revisions of accounting standards. ICAI is a full-fledged member of the International Federation of Accountants (IFAC) and actively promotes IASB pronouncements in India to facilitate global harmonization of accounting standards. While formulating standards, ASB gives due consideration to International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) and integrates them as far as possible in the Indian context. ⸻ 📘 Accounting Standards (AS) Issued by ICAI Covered in This Video: AS 1 Disclosure of Accounting Policies AS 2 Valuation of Inventories AS 3 Cash Flow Statements AS 4 Contingencies and Events After Balance Sheet Date AS 5 Net Profit or Loss, Prior Period Items and Changes in Accounting Policies AS 6 Depreciation Accounting AS 7 Construction Contracts AS 9 Revenue Recognition AS 10 Fixed Assets AS 11 Foreign Exchange Rates AS 12 Government Grants AS 13 Investments AS 14 Amalgamations AS 15 Retirement Benefits AS 16 Borrowing Costs AS 17 Segment Reporting AS 18 Related Party Disclosures AS 19 Leases AS 20 Earnings Per Share AS 21 Consolidated Financial Statements AS 22 Accounting for Taxes on Income AS 23 Investments in Associates AS 24 Discontinued Operations AS 25 Interim Financial Reporting AS 26 Intangible Assets AS 27 Joint Ventures AS 28 Impairment of Assets AS 29 Provisions and Contingent Liabilities AS 30–32 Financial Instruments ⸻ 🌍 Need for Convergence with IFRS As global markets expand, local accounting standards must align with international standards. Convergence with IFRS: • Improves comparability and transparency • Helps foreign investors make better decisions • Enables companies to raise capital at lower cost • Enhances confidence of global investors • Reduces multiple accounting requirements for multinational enterprises ⸻ 📘 Indian Accounting Standards (IND AS) Based on IFRS ICAI, along with NACAS and Ministry of Corporate Affairs (MCA), issued IND AS after a detailed consultative process. Ind AS 101–108 are similar to IFRS. Key IND AS explained in this video include: ✔ Ind AS 1 – Presentation of Financial Statements ✔ Ind AS 2 – Inventories ✔ Ind AS 7 – Statement of Cash Flows ✔ Ind AS 8 – Accounting Policies & Errors ✔ Ind AS 10 – Events after Reporting Period ✔ Ind AS 12 – Income Taxes ✔ Ind AS 16 – Property, Plant and Equipment ✔ Ind AS 17 – Leases ✔ Ind AS 18 – Revenue ✔ Ind AS 19 – Employee Benefits ✔ Ind AS 21 – Foreign Exchange Rates ✔ Ind AS 23 – Borrowing Costs ✔ Ind AS 24 – Related Party Disclosures ✔ Ind AS 27 – Consolidated Financial Statements ✔ Ind AS 28 – Investments in Associates ✔ Ind AS 33 – Earnings per Share ✔ Ind AS 36 – Impairment of Assets ✔ Ind AS 37 – Provisions and Contingencies ✔ Ind AS 38 – Intangible Assets ✔ Ind AS 39 – Financial Instruments ✔ Ind AS 40 – Investment Property ⸻ 🎯 This video is extremely useful for CA, CS, CMA, MBA, B.Com, M.Com students, finance professionals, and anyone preparing for accounting exams. 👉 Like, Share & Subscribe for more Accounting and Finance concept videos. #INDAS #IndianAccountingStandards #ICAI #AccountingStandards #IFRSConvergence #AccountingEducation #CAStudents #CMAStudents #CSStudents #FinanceEducation #IndianGAAP #AccountingConcepts