IND AS Vs Indian GAAP | Finance for Non-Financials

Many professionals are confused in IND and Indian GAAP, so let’s clear this confusion for Finance for Non-Financials with your Finance Guru, Vishal Thakkar.

Ladies and gentlemen boys and girls welcome back to finance tube this is your friend and finance guru vishal tucker back again with yet another interesting topic this video series we are talking about india’s yes ladies gentlemen india’s the new indian accounting standard being rolled out by india i&c in a phase wise manner from 2016 onwards now the first

Question arises is that what is india’s why in days came suddenly and how is it different from what we were doing earlier so let me give you a little background what we were doing earlier and what we are planning to do now earlier we were following what you called as accounting standards issued by institute of chartered accountants of india popularly known as

Icai in the year 2000 institute issued some thirty nine accounting standards of which 36 were followed prominently the last three which were very complicated on financial instruments were followed off and on now since india is getting globalized and we are having so many foreign direct investments coming our way and our growth rate is improving we see that there

Is a need for change in the way we do our accounting what happens when you adopt the new set of accounting standards way back in 2001 we were trying to adopt international standards as it is which are known as ifrs and a detailed discussion about what is ifrs and how it is different from india’s we have another video on it but for now the india’s or the customized

See also  Quit My 6 Figure Job for 3/Hr [Not Endorsed By Amazon]

Ifrs that we are adopting since 2016 focuses on a very different aspect of accounting of course we continue to do what we are doing but there are huge changes coming our way if i were to quantify the percentage of change coming our way you can say that the previous gap or the indian gap which we were following till now is merely 20% of the india’s that which is

Now expected for us to follow india’s has 41 new standards which replaces our 39 standards and from a cost-based regime we are now moving to a fair value-based regime so there are a lot of changes coming our way and these changes are essential for every person in finance and accounts domain to learn not just finance and accounts domain but if you are working for

A corporate or if you are a student of finance it is very essential for you to understand the changes coming your way how the new balance sheet is prepared how the new income statement comes in what are the two new statements apart from balance sheet p&l and cash flow all this and much more we are planning to cover in our video series so keep watching and if

You have not subscribed subscribe to our channel finance tube now we all know that people from non finance background struggle to manage their finances they hid the reality when they get their first paycheck and from then on they are all by themselves to manage their money on their own for lifetime it’s like asking you to fly a plane without any formal training

See also  7 Toxic Millennial Myths That Need To Die

It’s very risky so our end ever through our books our videos and all other mediums is to educate you financially so that you don’t outsource managing your own finances to somebody else and suffer because of inefficiencies other people one of the best sellers and fourth position on the bestseller list finance for non-violence

Transcribed from video
IND AS Vs Indian GAAP | Finance for Non-Financials By Finance Tube

Scroll to top