You are on page 1of 14

c c

c

PREPARED BY :-
6 |AMAL MAZUMDAR
6 VANDANA YADAV
6 UMESH LOHANI
6 V. ANGELA GRACY
6 |RUP|I BORIKAR

  
‡ Accounting Standards are the defined
accounting policies issued by Government
or expert institute. |hese standards are
issued to bring harmonization in follow
up of accounting policies.
‡ In simple words, it is the rule of
measuring quantity, extent, value and
quality specially established by an
authority or a financial committee.
c    

‡ IASC ( International Accounting Standards


Committee ) formed in 1973.
‡ ICA ( Institute of Chartered Accountants )
‡ ASB ( Accounting Standard Board )
‡ AICPA ( American Institute of Certified Public
Accountants )
d c c c

 c 
‡ IAS1 Presentation of Financial Statements
‡ IAS2 Inventories
‡ IAS7 Cash Flow Statements
‡ IAS8 Net Profit or Loss for the Period,
Fundamental Errors and Changes in Accounting
Policies.
‡ IAS10 Events after the Balance Sheet Date
‡ IAS11 Construction Contracts
‡ IAS12 Income |axes
IAS14 Segment Reporting
IAS15 Information Reflecting the Effects of Changing
Prices
IAS16 Property, Plant and EquipmentIAS17 Leases
IAS18 Revenue
IAS19 Employee Benefits
IAS20 Accounting for Government Grants and Disclosure of
Government Assistance
IAS21 |he Effects of Changes in Foreign Exchange Rates
IAS22 Business Combinations
IAS23 Borrow Costs
IAS24 Related Party Disclosures
IAS27 Consolidated Financial Statements
IAS28 Investments in Associates
IAS29 Financial Reporting in Hyperinflationary
Economics
IAS30 Disclosure in the Financial Statements of banks
and Similar Financial Institutions
IAS26 Accounting and Reporting by Retirement
Benefit Plans
IAS31 Financial Reporting of Interests in Joint Ventures
IAS32 Financial Instruments : Disclosure & Presentation
IAS33 Earnings per share
IAS34 Interim Financial Reporting
IAS35 Discontinuing Operations
IAS36 Impairment of Assets
IAS 37 Provisions, Contingent Liabilities and Contingent Assets
IAS 38 Intangible Assets
IAS39 Financial Instruments : Recognition and Measurement
IAS40 Investment Property
IAS41 Agriculture
 c c c

c
c of the Institute of
Chartered Accountants of India, has in line
with the International Standards, issued
twenty nine standards to be followed by its
members while auditing the accounts of
companies.
c c
 c

AS1 Disclosure of Accounting Policies


AS2 Valuation of Inventories
AS3 Cash Flow Statements
AS4 Contingencies and Events Occurring after the
Balance Sheet Date
AS5 Net Profit or Loss for the Period, Prior Period and
Extraordinary Items and Changes in Accounting Policies
AS6 Depreciation Accounting
AS7 Construction Contracts ( Revised Accounting
Standards )
AS8 Accounting for Research and Development
AS9 Revenue Recognition
AS10 Accounting for Fixed Assets
AS11 (Revised 2003), |he Effects of Changes in Foreign
Exchange Rate
AS12 Accounting for Government Grants
AS13 Accounting for Investments
AS14 Accounting for Amalgamations
AS15 Accounting for Retirement Benefits in the
Financial Statements of Employers
AS16 Borrowing Costs
AS17 Segment Reporting
AS18 Related Party Disclosures
AS19 Leases
AS20 Earnings Per Share
AS21 Consolidated Financial Statements
AS22 Accounting for |axes on Income
AS23 Accounting for Investments in Associates in
Consolidated Financial Statements
AS24 Discontinuing Operations
AS25 Interim Financial Reporting
AS26 Intangible Assets
AS27 Financial Reporting of Interest in Joint Ventures
AS28 Impairment of Assets
AS29 Provisions, Contingent Liabilities and Contingent
Assets
 d
Accounting Standards formulated by various National and
International Committees reduced the problems faced by
multinational companies having to comply with various
Accounting Standards. In the above discussions about few of the
most important Accounting Standards, we have come to know
that implementation of such policies and methods have made the
forecast and predictability of the organisations easier.
International trade and Globalisation of economy has been given
a new trend to grow and develop. And with the use of such
accounting policies, we are sure soon the global economy would
be getting a new and improved identity and mistakes in the
books of accounts would be erased forever.
c

You might also like