Accounting Standards are the defined accounting policies issued by Government or expert institute. These standards are issued to bring harmonization in follow up of accounting policies.
Presently, Institute of Chartered Accountants of India has issued 29 Accounting Standards as listed below.
AS 01. Disclosure of Accounting Policies
AS 02. Valuation of Inventories
AS 03. Cash Flow Statements
AS 04. Contingencies and Events Occurring After the Balance Sheet Date
AS 05. Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
AS 06. Depreciation Accounting
AS 07. Construction Contracts
AS 08. Accounting for Research and Development (Not Applicable now)
AS 09. Revenue Recognition
AS 10. Accounting for Fixed Assets
AS 11. Accounting for the Effects of Changes in Foreign Exchange Rates
AS 12. Accounting for Government Grants
AS 13. Accounting for Investments
AS 14. Accounting for Amalgamation
AS 15. Accounting for Retirement Benefits in the financial Statements of Employers
AS 16. Borrowing Costs
AS 17. Segment Reporting
AS 18. Related Party Disclosure
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
Procedure for Issuing Accounting Standards
Accounting Standard Board (ASB) determines the broad areas in which Accounting Standards need to be formulated.
In the preparation of AS, ASB is assisted by Study Groups.
ASB also holds discussions with representative of Government, Public Sector Undertakings, Industry and other organizations (ICSI/ICWAI) for ascertaining their views.
An exposure draft of the proposed standard is prepared and issued for comments by members of ICAI and the public at large.
After taking into consideration the comments received, the draft of the proposed standard will be finalized by ASB and submitted to the council of the Institute.
The council of the Institute will consider the final draft of the proposed Standard and If found necessary, modify the same in consultation with ASB. The AS on the relevant subject will then be issued under the authority of the council.
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