Standardization of Accounting Policies and Procedures - Its present status and Applicability Review

Dr. Bhupendra Kumar Gautam, Mrs. Samidha Yadav

Globalization and Liberalization make the investing and funding boundary less and at the same time it also increase the financial risk so, Investors ,Lenders and other interested parties who has stake or interest in the business enterprise needs true and fair view of the Financial statements and also want to intra –firm and Inter-firm comparison to build their confidence in the business in which Accounting Standards plays a vital role. This paper deals with the present status of Accounting Standards and their applicability in India and also explain the setting process of Accounting Standards their advantages and Limitations .It also deal about how the Central Government of India and ICAI defines the levels for the applicability of Accounting Standards upon the corporate and Non- Corporate entities and What types of exemptions and relaxation are provided to them.