Objectives of IND AS
The objectives of IND AS are as follows:
1. Uniform System: It aims to establish a unified accounting system by making all the companies follow the same manner of recording transactions, preparing financial statements, reporting financial statements, etc. It ensures that the accounts of all the companies are uniform in structure.
2. International Standards: It ensures that the accounts of Indian companies are as per international standards.
3. Transparency and Reliability: IND AS, which are the rules to be followed by all the companies, ensure transparency in the financial statements and reliability of the same.
4. Prevention of Frauds: Being the same for all companies and organisations, IND AS ensures that there are no/minimal occurrences of fraud and manipulation of statements.