India印度财政调查报告(英文).ppt

India India Profile Area - 3.3 Million sq km Population - Approximately 1.13 billion people (estimate for March 10, 2008) comprises approximately one-sixth of the worlds population. Languages - 17 major languages, 844 dialects. Natural Resources - ? Coal, iron ore, manganese ore, mica, bauxite, petroleum, titanium ore, chromite, natural gas, magnesite, limestone, gypsum, apatite, phosphorite, fluorite, etc. Independence - 15th August 1947 (From the British Colonial Rule) Government Type - Federal Republic - a state in which the powers of the central government are restricted and in which the states, colonies, or provinces retain a degree of self-government; ultimate sovereign power rests with the voters who chose their governmental representatives. Currency - Indian Rupee Religions - Hinduism, Islam, Christianity, Buddhism, Sikhism, Jainism. Mechanism For Regulating And Enforcing Financial Reporting Accounting is influenced by British Accounting System Financial reporting is aimed at fair presentation. Independent accounting profession that sets accounting and auditing standards. Two major sources of financial accounting standards in India are: Companies Law - legislated in 1857 The Accounting profession – maintenance and audit of accounting was enacted in 1866 Both these laws were based on British Law. The current Companies Act 1956 is administered and updated by a goverment agency, the ministry company of affairs. According to the Act, books of account. Must give a true and fair view of the state of affairs of company. Must be kept on an accrual basis according to the double-entry system of accounting. The Act requires an auditor balance sheet and profitloss account, approved by the board of directors. In 2006, the goverment announced that it intended to introduce comprihensive new company legislation that would include aligning IAS with international financial reporting standards. The Institute set up a task force to study t