India is a sixth largest economy in the world and has a significant role to play on the global platform. Indian economy is expected to grow at more than 7% in the fiscal year 2017-18 compared to world GDP which is 3.4% in 2017. The growth generally comes from streamlining business procedures, structuring tax regimes, formalising the accounting standards to bring uniformity in financial reporting and many other reforms introduced by Government time to time. Indian Accounting Standards ‘Ind-AS’ is one of the key step in that direction.
Ind-AS has replaced the existing Accounting Standards in India with effect from April 1, 2016. Few companies are already covered under Ind-AS regime and others will fall under the category soon in upcoming year(s) as defined by the Government in the phased manner. It is a reality now and is going to affect the accounting processes of companies operating in our country.
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