Compliance with Accounting Standards in the Globalized Indian Banking Scenario

This reading highlights various accounting standards and their compliance in the Indian banking system. These accounting standards rule the criteria for accounts measurement, where to a great extent, they created uniformity in reporting and analyzing with reasonable flexibility by considering various circumstances of different enterprises. The focus is on AS-5, AS-9, AS-15, AS-17, AS-18, AS-22, AS-23, AS-25 and AS-27.
Accounting has been defined in multivarious dimensions. The most lucid among them is "the art of recording, classifying and summarizing in a significant manner and in terms…