OPERATIONAL ISSUES OF ACCOUNTING STANDARDS IN INDIA

JYOTI SHARMA

OPERATIONAL ISSUES OF ACCOUNTING STANDARDS IN INDIA

Authors: JYOTI SHARMA

Unique Paper ID: 168595
Volume: 11
Issue: 5
PageNo: 1420-1423

Keywords: Accounting Standards Stakeholders Transparency Information Effectiveness Reforms Standards.

Abstract:
Accounting standards were primarily developed to provide more transparency in operations and enhance exposure, ensuring accurate reporting that supports sound decision-making. Alongside these items, account ideas, principles, and procedures changed. In actuality, accounting standards are more than just a framework; they are similar to laws in nature. Conflicts between parties with disparate interests may also be resolved with the help of accounting rules. Accounting standards are a crucial tool for settling conflicts between competing interests. Accounting standards are respected by a wide range of interest groups. They work to guarantee that those who utilize financial statements get accurate information about the company. As a result, several instances of commercial fraud have occurred in which investors were duped out of crores of rupees, levies were fined, and embezzlement was permitted. All of these necessitated changes to the standards to make them more informative and tone-regulating. These improvements required related legislation to be amended. It is necessary to properly comprehend if the account is in line with materiality, transparency, complete exposure, and operational support. From a business standpoint, the effectiveness of accounting standards in promoting transparency via exposure and accuracy in reporting is evaluated. In order to assist the business's operations and stakeholders' decision-making, corporate financial statements (profit and loss account and balance sheet) have to be made clear and useful. Based on the opinions of chartered accountants, cost accountants, and company registers, the present research looks at the accounting standards revisions. As professionals, the experimenter examines their viewpoints about the efficacy of accounting standard change. The research is thus relevant.

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ISSN: 2349-6002
Volume: 11
Issue: 5
PageNo: 1420-1423

OPERATIONAL ISSUES OF ACCOUNTING STANDARDS IN INDIA

Available:https://ijirt.org/Article?manuscript=168595

03 Dec, 2024

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UGC Approved
Journal no 47859

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