AS

ACCOUNTING  STANDARDS

Accounting is the art of recording transactions in the best manner possible, so as to enable the reader to arrive at judgments/come to conclusions, and in this regard it is utmost necessary that there are set guidelines. These guidelines are generally called accounting policies. The intricacies of accounting policies permitted Companies to alter their accounting principles for their benefit. This made it impossible to make comparisons. In order to avoid the above and to have a harmonised accounting principle, Standards needed to be set by recognised accounting bodies. This paved the way for Accounting Standards to come into existence.

Accounting Standards in India are issued By the Institute of Chartered Accountants of India (ICAI).

OBJECTIVE :

The basic objective of Accounting Standards is to remove variations in the treatment of several accounting aspects and to bring about standardization in presentation. They intent to harmonize the diverse accounting policies followed in the preparation and presentation of financial statements by different reporting enterprises so as to facilitate intra-firm and inter-firm comparison.

LIST OF INDIAN ACCOUNTING STANDARDS:

Sr. No. Name of Accounting Standard REMARK
1 AS 1 Disclosure of Accounting Policies
2 AS 2 Valuation of Inventories
3 AS 3 Cash Flow Statements
4 AS 4 Contingencies and Events Occuring after the Balance Sheet Date
5 AS 5 Net Profit or Loss for the period,Prior Period Items and Changes in Accounting Policies
6 AS 6 Depreciation Accounting
7 AS 7 Construction Contracts (revised 2002)
8 AS 8 Accounting for Research and Development As is withdrawn from the date of AS 26
9 AS 9 Revenue Recognition
10 AS 10 Accounting for Fixed Assets
11 AS 11 The Effects of Changes in Foreign Exchange Rates (revised 2003),
12 AS 12 Accounting for Government Grants
13 AS 13 Accounting for Investments
14 AS 14 Accounting for Amalgamations
15 AS 15 Employee Benefits (revised 2005)
16 AS 16 Borrowing Costs
17 AS 17 Segment Reporting
18 AS 18 Related Party Disclosures
19 AS 19 Leases
20 AS 20 Earnings Per Share
21 AS 21 Consolidated Financial Statements
22 AS 22 Accounting for Taxes on Income.
23 AS 23 Accounting for Investments in Associates in Consolidated Financial Statements
24 AS 24 Discontinuing Operations
25 AS 25 Interim Financial Reporting
26 AS 26 Intangible Assets
27 AS 27 Financial Reporting of Interests in Joint Ventures
28 AS 28 Impairment of Assets
29 AS 29 Provisions,Contingent` Liabilities and Contingent Assets