The Indian accounting standards are a set of accounting standards developed by the Institute of Chartered Accountants of India (ICAI). The ICAI is responsible for setting accounting and auditing standards in India.
The Indian accounting standards are important for businesses in India because they provide guidance on how to prepare financial statements. The accounting standards also ensure that financial statements are comparable across different businesses. This makes it easier for investors to compare financial statements and make investment decisions.
The accounting standards also help businesses to comply with the tax laws and regulations in India. By following the accounting standards, businesses can avoid penalties and interest charges on their taxes.