Comptabilitat a l'Índia

Accounting Rules

Tax Year

The fiscal year begins on 1 April and ends on the 31 March of the following year.

Accounting Standards

Accounting standards issued by the Institute of Chartered Accountants of India (ICAI), which largely are based substantially and converged with IFRS standards, apply. Financial statements must be prepared annually, in accordance with the accounting standards prescribed under the Companies Act. There are differences between these accounting standards and IFRS.  
India has committed to converge its accounting standards with IFRS (subject to a few carve-outs); these standards are called the Indian Accounting Standards or the Ind AS. For accounting periods commencing on or after 1 April 2016, these standards are mandatory for listed and unlisted companies meeting certain net worth thresholds.

Accounting Regulation Bodies

Institute of Chartered Accounts of India

Accounting Reports

'Balance Sheet' and 'Profit & Loss' report.
Companies are required to prepare their financial statements each year, as per the provisions of the Companies Act, and to have them audited by a practicing chartered accountant or a firm of chartered accountants registered with the ICAI. The audited financial statements must be approved by the members in an annual general meeting. All companies are required to file their audited financial statements with the ROC after they have been approved by the members.

Publication Requirements

The "balance sheet" and ‘profit and loss account' need to be published every fiscal year.

Professional Accountancy Bodies

ICAI , Institute of Chartered Accounts of India

Certification and Auditing

Companies have to seek a statutory auditor to conduct an annual audit of the financial health of their organization. For more information, consult the Institute of Internal Auditors-India and The Institute of Chartered Accountants of India (ICAI)

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