LearningCat: Accounting Standard

Introduction to Accounting Standards, Purpose, and Advantages
Financial statements are very important for everyone, including internal and external stakeholders. They’re like a report card for business. So, it’s important to control them to make sure they don’t give false information. And the Accounting Standards (AS) give us a way to follow these rules. Let’s look at it. Definition of Accounting Standards Governing […]
How NFRA is used for the Compliance and Enforcement of Accounting standards
Accounting standards are a set of written rules, guidelines, and principles used in India for the preparation of financial statements. These are used uniformly and consistently. For the compliance and enforcement of these accounting standards, the National Financial Reporting Authority (NFRA) plays an important role. What is meant by NFRA? The National Financial Reporting Authority […]
Standards on Auditing
Standards in auditing are the standards that are made for auditors to ensure accuracy, consistency, and accuracy in their work. To ensure the quality of financial statements, the Institute of Chartered Accountants (ICAI) formed a body named the Auditing and Assurance Standards Board. These standards are aligned with those of the International Auditing and Assurance […]
The Role of MCA and ICAI for Accounting Standards
In financial statements, accounting standards are the strength for transparency, regularity, and credibility in India. For the regulation, implementation, and formation of accounting standards, the compulsory rules are played by the Ministry of Corporate Affairs (MCA) and the Institute of Chartered Accountants in India (ICAI). This blog will provide information regarding how these two, i.e., […]