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Theory Base of Accounting — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountTheory Base of Accounting3 Marks
Question
Briefly explain your understanding of Ind-AS.
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Answer

Ind-AS are the accounting standards issued by the Ministry of Corporate Affairs Government of India, and notified under the Companies Act, 2013 prescribed to be used by the enterprises to prepare financial statements. They are principle based accounting standards in comparison to rule based Accounting Standards. Also they are based or fair value concept.

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