ACCOUNTING STANDARD

Accounting Standards are used as one of the main compulsory regulatory mechanisms for preparation of general-purpose financial reports and subsequent audit of the same, in almost all countries of the world. Accounting standards are concerned with the system of measurement and disclosure rules for preparation and presentation of financials statements.

Accounting Standards are the policy documents (authoritative statements of best accounting practice) issued by recognized expert accountancy bodies relating to various aspects of measurement, treatment and disclosure of accounting transactions and events!

Sub Section (3A) to section 211 of Companies Act, 1956 requires that every Profit/Loss Account and Balance Sheet shall comply with the Accounting Standards. The standard of accounting in India recommended by the “Institute of Chartered Accountants of India” and prescribed by the Central Government in consultation with the National Advisory Committee on Accounting Standards constituted under section 210(1) of companies Act, 1956.

According to Government of India, there are 31 accounting standards, but 32 are also included in 31st accounting standard (Financial Instrument: Presentation). So we can say that there are 32 accounting standards.

Here we are giving a short detail of all accounting standard. In accounting profession AS is used as short form of accounting standard. AS is always followed by it’s serial number, each AS number describe it’s separate explanation. 

Accounting Standard 1         Disclosure of accounting policies (AS 1)

Accounting Standard 2        Valuation of Inventories

Accounting Standard 3       Cash Flow Statements

Accounting Standard 4       Contingencies and Events Occurring after the Balance Sheet Date

Accounting Standard 5       Net Profit or Loss for the Period, Prior Period Items and Changes in AS

Accounting Standard 6       Depreciation Accounting


Accounting Standard 7       Construction Contracts

Accounting Standard 8       Accounting for Research and Development

Accounting Standard 9       Revenue Recognition

Accounting Standard 10     Accounting for Fixed Assets

Accounting Standard 11     The Effects of Changes in Foreign Exchange Rates

Accounting Standard 12     Accounting for Government Grants

Accounting Standard 13     Accounting for Investments

Accounting Standard 14     Accounting for Amalgamations

Accounting Standard 15     Employee Benefits

Accounting Standard 16     Borrowing Costs

Accounting Standard 17     Segment Reporting

Accounting Standard 18     Related Party Disclosures

Accounting Standard 19     Leases

Accounting Standard 20     Earnings per Share

Accounting Standard 21     Consolidated Financial Statements

Accounting Standard 22     Accounting for Taxes on Income

Accounting Standard 23     Accounting for Investments in Associates in Consolidated Financial                                            Statements

Accounting Standard 24     Discontinuing Operations

Accounting Standard 25     Interim Financial Reporting

Accounting Standard 26     Intangible Assets

Accounting Standard 27     Financial Reporting of Interests in Joint Ventures

Accounting Standard 28     Impairment of Assets

Accounting Standard 29     Provisions, Contingent Liabilities and Contingent Assets

Accounting Standard 30     Financial Instruments: Recognition and Measurement

Accounting Standard 31     Financial Instruments: Presentation

Accounting Standard 32     Financial Instruments: Disclosures and limited revision to AS 19