<P> India followed accounting standards from Indian Generally Acceptable Accounting Principle (IGAAP) prior to adoption of the Ind - AS . </P> <P> Companies shall follow Ind AS either Voluntarily or Mandatorily . Once a company follows Indian AS, either mandatorily or voluntarily, it can't revert to old method of Accounting . </P> <Ul> <Li> Every Company with Net worth of not less than 500 crores (5 billion). </Li> </Ul> <Li> Every Company with Net worth of not less than 500 crores (5 billion). </Li>

Discuss any three benefits for issuing accounting standards in india