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How many types of accounting standards are there in India?

A:

Quick Answer

As of 2015, there are 35 Indian Accounting Standards converged with the International Financial Reporting Standards, according to the Press Information Bureau of India. There are plans for additional standards to be phased in at a later date.

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Full Answer

The Indian Ministry of Corporate Affairs converged the first batch of Indian Accounting Standards with the International Financial Reporting Standards in 2011, explains the Press Information Bureau. This enabled the country to adhere to G-20 commitments and increase investor confidence by creating a corporate governance atmosphere of increased transparency and accountability. Additional standards that have yet to be converged with the International Financial Reporting Standards are listed on the website of the Indian Ministry of Corporate Affairs.

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