APPLICABILITY AND ADOPTION OF IND AS BY STATE GOVERNMENT PSU’S IN ASSAM

Abstract

Accounting practice gained its importance from the time of industrial revolution with the emergence of large business corporations like Du Pont (1802), General Motors (1908) etc. As a profession this function of business firms has got new direction and has found its modern shape in many countries with the establishment of professional accounting bodies making effort to standardise accounting, and for that matter, financial reporting. A combined effort was initiated for the development of accounting as a discipline and accounting as a profession at international level when International Accounting Standard Committee was set up in 1973. Formulation of International Accounting Standards (IAS) and thereafter International Financial Reporting Standards (IFRS) by the International Accounting Standard Board considering globalisation of business activities bring a new development in financial reporting making these reports more transparent, reliable and useful for decision making.