Accounting Standards (AS):
Meaning:
Accounting standards are written, policy documents issued by expert accounting body or by Government or other regulatory authorities covering the aspects of recognition, measurement, treatment, presentation and disclosure of accounting transaction in the financial statement.
In India accounting standards are issued by Accounting Standards Board (ASB) which is formed by Institute of Chartered Accountants of India (ICAI). ICAI is a statutory body constituted by an act of parliament.
Main objective of formulating accounting standards:
1.     Is to standardize the diverse accounting policies with a view to eliminate to the extent possible the incomparability of information provided in financial statements.
2.     To add reliability to such financial statements.
AS No. |
Title of Accounting Standard |
AS- 1 |
Disclosure of Accounting Policies |
AS- 2 |
Valuation of Inventories (Revised) |
AS- 3 |
Cash Flow Statements (Revised) |
AS- 4 |
Contingencies and Events (Occurring after the Balance Sheet Date) |
AS- 5 |
Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies (Revised) |
AS- 6 |
Depreciation Accounting |
AS- 7 |
Construction Contracts (Revised) |
AS- 8 |
Accounting for Research and Development (stands withdrawn after introduction of AS- 26) |
AS- 9 |
Revenue Recognition |
AS- 10 |
Accounting for Fixed Assets. |
AS- 11 |
The Effect of Changes in Foreign Exchange Rates (Revised) |
AS- 12 |
Accounting for Government Grants |
AS- 13 |
Accounting for Investments |
AS- 14 |
Accounting for Amalgamations |
AS- 15 |
Employee Benefits (Revised) |
AS- 16 |
Borrowing Cost |
AS- 17 |
Segment Reporting |
AS- 18 |
Related Party Disclosures |
AS- 19 |
Leases |
AS- 20 |
Earnings Per Share |
AS- 21 |
Consolidated Financial Statements |
AS- 22 |
Accounting for Taxes on Income |
AS- 23 |
Accounting for Investment in Associates in Consolidated Financial Statements |
AS- 24 |
Discounting Operations |
AS- 25 |
Interim Financial Reporting |
AS- 26 |
Intangible Assets |
AS- 27 |
Financial Reporting of Interests in Joint Venture |
AS- 28 |
Impairment of Assets |
AS- 29 |
Provisions, Contingent Liabilities and Contingent Assets |
AS- 30 |
Financial Instruments: Recognition and Measurement |
AS- 31 |
Financial Instruments: Presentation |
AS- 32 |
Financial Instruments: Disclosures |
NOTE: AS – 30,31,32 w.e.f. accounting periods commencing on or after 1-4-2009 and will be mandatory in or after 1-4-2011 for all commercial, Industrial and business entities except to a Small and Medium sized Entity.
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