Accounting Pronouncements

Framework for Preparation and Presentation of Financial Statement and Accounting Standards issued by the Institute form the strong foundation to act as pillars of sound financial reporting system of a country, which is an integral part of good corporate governance.It may be noted that significant changes are taking place in the area of Accounting Standards.

Many new Accounting Standards have been formulated by the Institute of Charted Accounts of India keeping in mind the growing importance of financial reporting in the corporate scenario. Existing Accounting Standards are also being revised from time to time.

Keeping all this in view, it it has been decided to publish a separate course containing the framework for preparation and presentation of financial statements, applicability of accounting standards to various Entities, bare text of Applicable Accounting Standards (covered in the Syllabus). This book is quite handy and will be highly useful for the students since they will get all relevant accounting pronouncements at one place for easy reference.

The Course has been divided in three portions for the convenience of the students.

1. First Portion: It comprises the Framework for Preparation and Presentation of Financial Statements which sets out the concepts that underlie the preparation and presentation of financial statements for external users.
2. Second Portion: It covers Applicability of Accounting Standards to various Entities (including criteria for classification of entities.)
3. Third Portion: It comprises of the relevant Accounting Standards (presently applicable to students at Intermediate Level of Paper 1″Accounting”) by incorporating the relevant announcements issued from time to time.