The session on the scope of Indian Accounting Standards (Ind AS), hosted by the Centre for PG Studies in Commerce on February 8, 2024 aimed to provide participants with comprehensive insights into the applicability and significance of these standards in the Indian financial landscape. Sri CA Nagabhushan Pai was the resource person. In the session, he covered various aspects, including the evolution of Ind AS, its comparison with International Financial Reporting Standards (IFRS), its impact on financial reporting, and its future prospects.
The session commenced with an overview of the historical development of Indian Accounting Standards, highlighting the transition from the previous Generally Accepted Accounting Principles (GAAP) to the current framework of Ind AS.
Participants were briefed on the regulatory framework governing the implementation of Ind AS, including the role of the Ministry of Corporate Affairs (MCA) and the Institute of Chartered Accountants of India (ICAI). The session delved into the practical implications of adopting Ind AS on the financial reporting practices of companies across various sectors.
Emerging trends in accounting standards, regulatory developments, and global convergence efforts were highlighted to provide participants with a holistic understanding of the evolving accounting landscape in India. 58 students actively participated in the session.
Report by,
Mrs. Swathi Nayak
