Scribd
Upload
14 views

01 Session Keypoints

Accounting information consists of financial data about transactions and events that is quantitative, structured, objective, and generated periodically. Management and investors rely on accounting information for strategic decision making, performance analysis, and assessing financial health and profitability. Adopting international accounting standards like IND AS aligns Indian financial reporting with international norms and enhances transparency, credibility, and global comparability of financial reports.

Uploaded by

nagarajan aditya
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
14 views

01 Session Keypoints

Accounting information consists of financial data about transactions and events that is quantitative, structured, objective, and generated periodically. Management and investors rely on accounting information for strategic decision making, performance analysis, and assessing financial health and profitability. Adopting international accounting standards like IND AS aligns Indian financial reporting with international norms and enhances transparency, credibility, and global comparability of financial reports.

Uploaded by

nagarajan aditya
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 3

Session-01

Key Points
Key points in session-01
• Accounting enhances control, facilitates
performance comparison, and is crucial
• Accounting information consists of for managing a business effectively.
financial data about transactions and • Management uses accounting information
events. for strategic decision making
• Accounting information is and performance analysis.
quantitative, structured, objective, • Investors rely on accounting information to
and generated periodically. assess financial health and profitability.
• Creditors use accounting information to
• Accounting facilitates decision assess a company's ability to repay debts.
making, financial planning, and
• Employees use accounting information for
measures business performance. negotiations and fair compensation.
• It ensures legal compliance, assists in • Suppliers and customers use accounting
auditing, and attracts investors. information to assess financial stability.
Key-points in sesion-01
• Government agencies use accounting information for • The transition to IND AS is implemented in a phased manner.​
regulatory compliance. • IND AS aims to enhance global comparability and
• Researchers and analysts use accounting information understanding.​
for economic analysis. • Notable features of IND AS include the adoption of fair value
approach and comprehensive income statement.​
• Non-profit organizations use accounting information
for budgeting and financial reporting. • Adopting IND AS influences financial reporting and enhances
transparency.​
• Accounting standards ensure uniformity and
transparency in financial reporting. • Challenges in transitioning to IND AS include training, system
modifications, and tax implications.​
• They enhance credibility, provide guidance, and • Efforts like training programs and technological upgrades can
facilitate compliance and audits. overcome challenges.​
• Compliance with accounting standards fulfills legal • The future of IND AS is promising in enhancing credibility and
obligations and ensures accurate evaluation. recognition.​
• IND AS aligns Indian financial reporting with • Accounting standards provide a reliable framework for financial
international norms. reporting.​

• IND AS comprises multiple standards addressing • They ensure uniformity, enhance credibility, and facilitate
different areas of accounting. audits.​
• IND AS contributes to global financial alignment and trust in
India's financial reports.​

You might also like