ACCOUNTING STANDARDS

ACCOUNTING STANDARDS

Accounting Standards are the policy documents or written statements issued, from time to time, by an apex expert accounting body in relation to various aspects of measurement, treatment and disclosure of accounting transactions for ensuring uniformity in accounting practices and reporting. These standards are prepared by Accounting Standard Board (ASB).

Objectives or Purposes of Accounting Standards:

1.    The main purpose of accounting standards id to provide information to the users as to the basis on which the accounts have been prepared and the financial statements have been presented.

2.    Another important objective of accounting standards is to serve the statutory purpose of eliminating the impact of diverse accounting policies and practices and to ensure uniformity in accounting policies & practices, ie, to harmonise the diverse accounting policies & practices which are in use the preparation & presentation of financial statements.

3.    Another objective of accounting standards is to make the financial statements more meaningful and comparable and to make people place more reliance on financial statements prepared in conformity with the accounting standards.

4.    Yet another objective of accounting standards is to guide the judgment of professional accountants in dealing with those items, which are to be followed consistently from year to year.

LIST OF ACCOUNTING STANDARDS                  

AS 1	Disclosure of Accounting Policies
AS 2	Valuation of Inventories
AS 3	Cash Flow Statement
AS 4	Contingencies & Events occurring after Balance Sheet date
AS 5	Net profit or Loss for the Period, Prior period items & changes in accounting policies
AS 6	Depreciation Accounting
AS 7	Accounting for Construction Contracts
AS 8	Accounting for Research & Development
AS 9	Revenue Recognition
AS 10	Accounting for Fixed Assets
AS11	Accounting for effects in changes in Foreign Exchange Rates
AS 12	Accounting for Government Grants
AS 13	Accounting for Investments
AS 14	Accounting for Amalgamations
AS 15	Accounting for Retirement benefits in the Financial Statements of employers
AS 16	Borrowing Cost
AS 17	Segment Reporting
AS 18	Related Party Disclosure
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	Discontiuning Operations
AS 25	Interim Financial Reporting
AS 26	Intangible Assets
AS 27	Financial Reporting of Interests in Joint Ventures