Indian Accounting Standards: Objectives and Implementations

Financial Statements have a great importance and influence in all the sectors of the economy. They actually help to make the annual report of each and every business association or the company so it is important that they must be systemized and regulated so that they must be helpful in giving the most meaningful information and avoiding all wrong and misleading conclusions.Accounting standards are nothing but simply the list of documents; whose main aim is to ensure transparency, reliability and consistency of all the final documents of the company. These standards bring stability and reliability in the companies by standardizing the policies and procedures of the company’s overall document and so all the transactions of the firms are recorded uniformly by following these standards. It is well known fact that these accounting standards are issued by the regulatory body and in our country these standards are being issued by Institute of Chartered Accountants of India (ICAI).This paper tries to explain the importance and implementation of the accounting standards in recording accounting policies and procedures.