Accounting in India

Overview by

Accounting System

Accounting Standards
Indian Accounting Standards (IAS) are based on the statements issued by the Institute Of Chartered Accountants of India (ICAI).
Accounting Regulation Bodies
Institute of Chartered Accounts of India
Accounting Law
- Income Tax Act;
- Indian Companies Act;
- Regulations from Reserve Bank of India (RBI), Securities & Exchange Board of India (SEBI).
Difference Between National and International Standards (IAS/IFRS)
India is entering the arena of international accounting standards (IAS).
Accounting News
Accounting news in India
India accounting news

Accounting Practices

Tax Year
The fiscal year begins on 1st of April and ends on the 31st of March of the next year.
Accounting Reports
'Balance Sheet' and 'Profit & Loss' report.
Publication Requirements
The "balance sheet" and ‘profit and loss account' need to be published every fiscal year.

Accountancy Profession

In order to become a certified accountant, one needs to become member of ‘ The Institute of Chartered Accountants of India (ICAI)' by passing a 3-tire examination conducted by ICAI. The qualified accountant is then named "Chartered Accountant (CA)".
Professional Accountancy Bodies
ICAI, Institute of Chartered Accounts of India
Member of the International Federation of Accountants (IFAC)
Member of Other Federation of Accountants
Member of the Confederation of Asian and Pacific Accountants (CAPA)
Audit Bodies
Companies have to seek a statutory auditor to conduct an annual audit of the financial health of their organization. For more information, consult the Auditors Association of Southern India and The Institute of Cost and Works Accountants of India (ICWAI)

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