Introduction
It is very important for any financial professional to update with the existing accounting standards in India. It is so as to adhere them in his reporting system. To learn how to stay updated you should subscribe to the Institute of Chartered Accountants of India (ICAI) newsletters. Further perusal of publications e.g. the Accounting Standards Board (ASB) notifications, webinar sessions and forums can also be of help.
Also you can enroll in an accounting courses in Chandigarh to know about the changes in these standards and practices.
What is Institute of Chartered Accountants of India (ICAI)
The ICAI known as The Institute of Chartered Accountants of India is the nation professional body of accountants in India. Formed in 1949 ICAI governs the profession of chartered accountancy and determines standards for accounting practices and working ethical conduct.
This is an important institution involved in the development of accounting practices in India, It provides education as well as certification for accountants and continued support throughout the career.
The ICAI also comes up with information regarding alteration of accounting standards and policies.
Websites and Online Portals
The official website of the Institute of Chartered Accountants of India has posted the new updates on the standards, rules and notifications for practicing accounting. It provides links to such publications as exposure drafts, technical and other guides, as well as information from the ASB.
The corporate affairs ministry of India at its website allows issuance of guidelines, rules & Acts. Further new rules or changes in the existing ones pertaining to company laws. Also announcements on changes in standards of accounting. It often updates information that involves changes and additional instructions regarding financial reporting.
The Sebi provides information on changes in rules and regulations of listed Company and accounting policies.
Web portals such as taxguru.in and Accounting services.in also cover changes in accounting standards and its effect.
Mobile Apps for Accounting Updates
ICAI Mobile App- This official app by the Institute of Chartered Accountants of India provides access to important notifications, journals, updates on accounting standards, and event details. It’s an essential tool for members to stay informed.
Taxguru- The Tax Guru app provides updates on tax laws, accounting standards, and related finance regulations. It offers news, articles, and professional insights on changes in accounting practices.
CAClubIndia- This app offers discussions, articles, and notifications on accounting standards, taxation, and auditing. It’s a popular platform for professionals to interact and stay updated.
MCA21– The Ministry of Corporate Affairs’ mobile app provides access to various corporate and financial regulatory updates, including notifications on accounting standards and compliance requirements.
FinShot -This app offers financial news, updates on accounting standards, legal changes in India, helping users stay current with industry trends.
RBI Notifications
The official RBI web site contains information of notifications on changes in the accounting standards, financial reporting, changes in regulations affecting banks/financial institutions.
The RBI reviews its guidelines on issues including the subject of asset classification, the provisioning standards and financial reporting.
These press releases help to ascertain the main highlights of any recent news, modifications in policies and significant circulars. Such documents sometimes contain changes to accounting rules, especially for financial companies to which it answers.
Apart from academic literature, there is Statistical reporting by RBI which includes RBI Bulletin and Annual Report of RBI. It gives updated information regarding economic situation, banking policies and reforms, current accounting regulatory changes etc.
The mobile application from the RBI sources the notifications and circulars related to the accounting and financial professions. It allows the professionals to always have that information in the palm of their hands.
ICAI website is primary source to get updated information related to the accounting standards and various notifications issued from time to time by ICAI.
Therefore, accounting journals, e-newsletters and professional forums together with subscription-based services help provide up-to-date information. Utilization of such riches enables accounting professionals to read about the changes, novel insights, improvement, and international practices regularly.
Furthermore, these platforms provide Webinar, online courses and discussion for making learning and professional development complimentary. Remaining connected to these resources keeps accountants informed as to the necessary workings of current standards.