Indian Accounting Standards

Accounting is considered as the language of business. Each

language has certain set of rules. similarly accounting has certain

rules to be observed by the accountants so that it is

understood by all in the same sense these set of rules become

accounting standards. Thus accounting standards are certain set of rules and guidance based on the principles and methods of accounting to be followed to have

uniformity in terminology approach and presentation of

results.

Accounting Standards

Accounting Standards in India are issued By the Institute of

Chartered Accountants of India (ICAI). At present there are 31

Accounting Standards issued by ICAI.

ICAI

Objective of Accounting Standards

Standardize the diverse accounting policies

Add the reliability to the financial statement

Eradicate baffling variation in treatment of accounting aspects

Facilitate inter-firm and intra-firm comparison

31 Accounting Standards

AS 1. Disclosure of accounting policies

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.Construction Contracts.

AS 8.Revenue Recognition.

AS 9.Accounting For Fixed Assets

AS 10.The Effect of Changes In FOREX Rates.

AS 11.Accounting For Government Grants.

AS 12.Accounting For Investments.

AS 13. Accounting For Amalgamation

AS 14.Employee Benefits.

AS 15.Borrowing Cost.

AS 16. Segment Reporting.

AS 17. Related Party Disclosures.

AS 18. Accounting For Leases.

AS 19. Earning Per Share.

AS 20. Consolidated Financial Statement.

AS 21. Accounting For Taxes on Income.

AS 22. Accounting for Investment in associates in

Consolidated Financial Statement.

AS 23. Discontinuing Operation.

AS 24. Interim Financial Reporting.

AS 25. Intangible assets.

AS 26.Financial Reporting on Interest in joint Ventures.

AS 27. Impairment Of assets.

AS 28.Provisions, Contingent, liabilities and Contingent assets.

AS 29. Financial instrument.

AS 30. Financial Instrument: presentation.

AS 31. Financial Instruments, Disclosures and Limited revision to accounting standards.

Accounting standards Initiation

1. As 1 to 15 1979 to 1995

2. As 16 to 29 2000 to 2007

3 As 30 to 31 Later part of 2007

Evolution and types of AS

That's all about it……