Indian Accounting Standards

What are Accounting Standards?

Accounting standards are written policy documents issued by government or expert institutes or other regulatory body covering various aspects of recognition, measurement, treatment, presentation and disclosure of accounting transactions in the financial statements.

Indian Accounting Standards 

The Institute of Chartered Accountants of India (ICAI), being a premier accounting body in India, took upon itself the leadership role by constituting the Accounting Standards Board (ASB) in 1977. The ‘Accounting Standards’ issued by the ASB establish standards which have to be compiled by the business entities so that the financial statements are prepared in accordance with generally accepted accounting principles.

Following are the Accounting Standards issued by Accounting Standards Board.

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       Research & Development (Now included in AS 26)

AS 9       Revenue Recognition.

AS 10     Accounting for Fixed Assets.

AS 11     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     Employee Benefits.

AS 16     Borrowing Costs.

AS 17     Segment Reporting.

AS 18     Related Party Disclosures.

AS 19     Leases.

AS 20     Earning 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 & Contingent Assets.

AS 30     Financial Instruments: Recognition and Measurement.

AS 31     Financial Instruments: Presentation

AS 32     Financial Instruments: Disclosure

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