Analysis On India Accounting System Using Nobbe's Model

Accounting governance and order in India

Throughout the closing few decades of the 20th century at that place has been significant scotch victimization in many Asian regions, including India. We look at India’s method of accounting system as it is an important growing country with the second-largest population behind China and the fourth largest in terms of purchasing power. (Library of Congress, Federal Research Division, 2004) Although India’s accounting system is largely based on the 1956 Companies Act upon independence, there was a paradigm shift in government policies and attitudes towards regulation since the 1991 economic crisis. Since its 1991 economic reforms towards a market-based economy, it has become one of the quickest growing economies in the world. (Economic reform in India, 2006) We would look at India’s Accounting system and regulations using the social system model. A social system is defined as systems formulate and implemented by social entities with the neutral of fulfilling social functions (McKinnon, 1986). It is pass judgment that factors such as colonization, imperialism, war, economic concerns and international influences are potential factors which play a significant role in touch on change.



(Gray, 1988) Using the social system model, we look at how the political, economic and cultural aspects of a society bring about the development and changes in its Accounting systems and regulations in India. The diagram demonstrates the India’s sub-system and violate of accounting system and accounting regulation.

Accounting system
- Accounting objective: informative, shareholder view mainly - Transparency, but flexible: diachronic accounting, revaluation, gain/loss of borrowing capitalized to asset, straight-line depreciation, inventory valued at the lower of cost and net realizable value, goodwill - organisation accounting: implementating accrual basis - International standard: sham IFRS in 2011

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