FINANCIAL ACCOUNTING STANDARDS( DOMENIC COLLINS, )

The Accounting Standards to be followed for computing the income under the head ―Profits and gains of business or profession or ―Income from other sources. The intention in framing the Standards under the Income- tax Act is to compute the income precisely and objectively. A further dimension is also explored in this volume. Despite the globali- zation of accounting standards, each country continues to have its own corporate disclosure systems or regulations, regardless of whether they are mandatory or voluntary, because se- curities administration systems and corporate governance standards lack convergence or a common model like IFRS.