This reading highlights various accounting standards and their compliance in the Indian banking system. These accounting standards rule the criteria for accounts measurement, where to a great extent, they created uniformity in reporting and analyzing with reasonable flexibility by considering various circumstances of different enterprises. The focus is on AS-5, AS-9, AS-15, AS-17, AS-18, AS-22, AS-23, AS-25 and AS-27. Accounting has been defined in multivarious dimensions. The most lucid among them is "the art of …showed first 75 words of 5040 total…

…showed last 75 words of 5040 total…disclosures of their derivatives portfolio. This is a welcome move in the direction of internationalization of Indian banking. 5)Competition, convergence and consolidation will be the key drivers of the banking industry in the future. With proper implementation of accounting standards, consolidation of banks, emerging banking scenario in India will be strengthened in terms of size, scale, muscle, technology and cost of operations. refrences 1)ICFAI SCHOOL OF FINANCIAL STUDIES(INDIA)HYDERABAD 2)ICFAI SCHOOL OF BUSINESS STUDIES