Saturday, January 28, 2012

Indian Accounting Standard


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:

a.      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.

b.      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, i.e., to harmonize the diverse accounting policies & practices which are in use the preparation & presentation of financial statements.

c.       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.

d.      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
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