Post Mon Jul 30, 2012 10:33 am

The accounting for Indian industry.

The accounting for Indian industry is varies in nature. The principles of accounts are set by the Institute Of Chartered Accountants Of India. We call those principles as an Indian Accounting Standard (IND AS). We are also following reporting standards as per International Financial Report standards (IFRS). But we also need to generate industry specific report.

Now let’s think about standardization of Chart of Account for Indian localization. To building standard chat of account is somewhat critical task with this scenario. The combinations of IND AS and IFRS are not allowing us to create, one standard Chart of Account. While building Chart of account we should keep in mind, about industry and the stands of the financial accounting reports for that industry. So we need to generate industry Specific COA from application. Not one Indian Standard Chart of Account.