A brief knowledge about Accounting Standards
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Accounting Standard are written documents issued by Institute Of Chartered Accountant(ICIA) that has to be followed and disclosed in the accounting transaction in financial statements.
Objective of Accounting Standard is to standardize the diverse accounting policies and practices.
Accounting Standards Specified By The Institute Of Chartered Accountants of India under Section 211 of The Companies Act, 1956 are as follows:
* AS 1 Disclosure of Accounting Principles
* AS 2 Valuation of Inventories
* AS 3 Cash Flow Statements
* 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
* AS 6 Depreciation Accounting
* AS 7 (Revised) Construction Contracts
* AS 8 Accounting for Research and Development
* AS 9 Revenue Recognition
* AS 10 Accounting for Fixed Assets
* AS 11 (Revised 2003) The Effects Of Changes In Foreign Exchange Rates
* AS 12 Accounting for Government Grants
* AS 13 Accounting for Investments
* AS 14 Accounting for Amalgamations
* AS 15 (Revised 2005) Employee Benefits
* AS 16 Borrowing Costs
* 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 Investments in Associates in Consolidated Financial Statements
* AS 24 Discontinuing Operations
* AS 25 Interim Financial Reporting
* AS 26 Intangible Assets
* AS 27 Financial Reporting of Interests in Joint Ventures
* 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
Further, auditors are duly bound to ensure that the Accounting Standards are implemented by the organisation.
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Garima - good article on Indian accounting standards. In this global economy it helps to be familiar with accounting standards in other nations especially if one is buying stocks in companies in other countries like India.
Keep up the good work.
thanku mam to focus on AS
JYOTI KOTHARI Level 2 Commenter 2 years ago
Hi Garima,
Thanks for sharing your knowledge about Indian standards of accounting. There are other standards especially American standard and International standard.
Can you through light on those?
Thanks,
Jyoti Kothari