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Management accounting principles (MAP) were developed to serve the core needs of internal management to improve decision support objectives, internal business processes, resource application, customer value, and capacity utilization needed to achieve corporate goals in an optimal manner.
A chart of accounts (COA) is a list of financial accounts and reference numbers, grouped into categories, such as assets, liabilities, equity, revenue and expenses, and used for recording transactions in the organization's general ledger.
Under Rule 203-1 – Departures from Established Accounting Principles, the departures are rare, and usually take place when there is new legislation, the evolution of new forms of business transactions, an unusual degree of materiality, or the existence of conflicting industry practices. [6]
Management accounting is an applied discipline used in various industries. The specific functions and principles followed can vary based on the industry. Management accounting principles in banking are specialized but do have some common fundamental concepts used whether the industry is manufacturing-based or service-oriented.
National Financial Reporting Authority (NFRA) recommend these standards to the Ministry of Corporate Affairs (MCA). MCA has to spell out the accounting standards applicable [1] for companies in India. As on date MCA has notified 40 Ind AS (Ind AS 11 is omitted by companies).
Depreciation Accounting 1976 January 1, 1977: July 1, 1999: IAS 36: IAS 5: Information to Be Disclosed in Financial Statements 1976 January 1, 1977: July 1, 1998: IAS 1: IAS 6: Accounting Responses to Changing Prices 1977 January 1, 1978: January 1, 1983: IAS 15 IAS 7: Statement of Changes in Financial Position (1977) Cash Flow Statements (1992)
Many of the AU sections are being remapped as part of the Clarity Project. [5] In October 2011, SAS 122 was issued which superseded all previous SASes except 51, 59, 65, 87, and 117-20. [6] In the interim period, these new AU sections are referred to as AU-C until 2014. [6] The AICPA provides a list of the AU-C standards. [7]
It can only consider accounting standards recommended by ICAI and advise the Government of India to notify them under the Companies Act, 2013. Further, the Accounting Standards so notified are applicable only to companies registered under the companies act, 2013. For all other entities, the accounting standards issued the ICAI continue to apply.