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Jul 31, 2014
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In a move towards IFRS, tax accounting standard on cards
As part of an integrated exercise for introduction of a new Indian Accounting Standard (Ind AS), the Government has initiated moves to put in place a Tax Accounting Standard (TAS) too.The simultaneous exercises, experts told BusinessLine , will avoid confusion in determining taxable corporate income in financial reporting as well as complete the twin process within the two-year timeframe. The absence of a TAS had caused postponement of introduction of Ind AS in 2011.
Source -
http://www.thehindubusinessline.com
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