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a. Globalization of the economy has led to Indian companies expanding their operations
across the borders and this calls for uniformity in accounts of units located in different
countries.
b. Foreign investors would give more weightage to the accounts of those companies which
are based on International Accounting Standards.
If there is a conflict between the International Accounting Standards and the local standards or
the local laws and regulations, the local standards, laws and regulations will prevail.
3.3 The list of accounting standards issued by the IASC is given below:
IAS 1
IAS 2
Inventories
IAS 7
IAS 8
Net Profit or Loss for the Period, Fundamental Errors and Changes in
Accounting Policies
Events after the Balance Sheet Date
Construction Contracts
Income Taxes
Segment Reporting
Information Reflecting the Effects of Changing Prices
Property, Plant and Equipment
Leases
Revenue
Employee Benefits
IAS 10
IAS 11
IAS 12
IAS 14
IAS 15
IAS 16
IAS 17
IAS 18
IAS 19
IAS 20
IAS 21
IAS 22
Business Combinations
IAS 23
Borrowing Costs
IAS 24
IAS 26
IAS 27
IAS 28
Investments in Associates
IAS 29
IAS 30
IAS 31
IAS 32
IAS 33
IAS 34
IAS 35
Discontinuing Operations
IAS 36
Impairment of Assets
IAS 37
IAS 38
Intangible Assets
IAS 39
IAS 40
Investment Property
IAS 41
Agriculture
(AS 4) Contingencies and Events Occurring after the Balance Sheet Date
(AS 5) Net Profit or Loss for the Period, Prior Period and Extraordinary Items and
Changes in Accounting Policies
(AS 11) (Revised 2003), The Effects of Changes in Foreign Exchange Rate
(AS 15) Accounting for Retirement Benefits in the Financial Statement of Employers