Accounting Standards (AS)


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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Accounting for Research and Development (stands withdrawn after introduction of AS- 26)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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