Who's the report submitted to? An expert decided by the Board. India’s accounting standards have been formulated conserving in view the economic and authorized atmosphere and to converge with the Worldwide Monetary Reporting Standards. Companies in India are obligated to adhere to the Ind AS a hundred and fifteen, which lays down the principles to be applied by an entity with a view to report useful info to users of financial statements. These rules embrace the nature, amount, timing, and uncertainty of income and money flows arising from a contract with a customer. Accounting requirements are applicable to every enterprise primarily based on their classification. Enterprises are categorized and labeled as Degree I, Degree II, and Stage III corporations. The Inspector-Basic of Taxation’s (IGT) assessment into the future of the Tax Profession was undertaken in response to a request from the Commissioner of Taxation in addition to considerations raised by stakeholders within the tax occupation. The assessment examined the challenges and opportunities offered by new and rising digital technologies, along with the accompanying social, coverage and regulatory impacts on the administration of the tax system and the tax occupation.

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