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Indian Accounting Standardsby: Institute of Chartered Accountants of Indiaen |
The accounting standards promulgated by the Institute of Chartered Accountants of India normally adhere to the International Accounting Standards except for the variations made to comply with the Indian economic environment and Indian laws. The standards not only discuss the background and the logic behind an approved or benchmarked method of accounting but also prescribe the disclosure requirements. The need for international accounting standards has been recognised even by political leaders.