Accounting Standards-Introduction and List for MBA students
of 7
-
Upload
santosh-parashar -
Category
Documents
-
view
215 -
download
0
Transcript of Accounting Standards-Introduction and List for MBA students
-
7/30/2019 Accounting Standards-Introduction and List for MBA students
1/7
Accounting Standards
-
7/30/2019 Accounting Standards-Introduction and List for MBA students
2/7
Santosh Parashar
Accounting Standards
AS are nothing but
written documents,
policy documents
issued by the Govt. or expert institutes or other regulatory body
covering various aspects of
recognition,
measurement,
treatment,
presentation and disclosure of accounting transactions
in the financial statements
-
7/30/2019 Accounting Standards-Introduction and List for MBA students
3/7
Santosh Parashar
Objectives of Accounting Standards
Accounting standards reduce to a considerable extent
or eliminate altogether wide variations in the
accounting treatments used to prepare and present
financial statements.
Thus the basic objective of an accounting standard is to
harmonize the diverse accounting practices followed in
the preparation and presentation of financial
statements so as to facilitate intra-firm and inter-firmcomparison.
-
7/30/2019 Accounting Standards-Introduction and List for MBA students
4/7
Santosh Parashar
Procedure for issue of Accounting Standards
in India by ICAI
-
7/30/2019 Accounting Standards-Introduction and List for MBA students
5/7
Santosh Parashar
Preparation of preliminary draft by study Groups, containing objectives,
Scope, definitions, recognition and
measurement principles (if any), presentation and disclosure requirements.
Issue of Exposure drafts, for comments, to members of ICAI, specified bodies, stock exchanges, etc
Preparation of final draft by ASB in the light of comments received
Meeting with the representative of specified bodies to ascertain their Views, finalization of
exposure drafts by ASB
Draft is circulated, for comments, to council members of ICAI & other specified bodies Such as DCA,C&AG,CBDT,
ICWAI,ICSI,ASSOCHAM,CII,FICCI,RBI,SEBI, CBEC, SCOPE,IBA, etc.
Considerations of preliminary draft by ASB, revision carried out, if required
Determination of Broad areas, by ASB, in which Accounting Standards are required ( ASB is assisted by study Groups that are constitutes to consider specific objectives )
Submission to council of ICAI, consideration of the same by council, modifications carried out (if required)
Issue of accounting Standard by ICAI
-
7/30/2019 Accounting Standards-Introduction and List for MBA students
6/7
LIST OF ACCOUNTING STANDARDS IN INDIA
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 (revised 2002)
AS 8 Accounting for Research and Development
AS 9 Revenue Recognition
AS 10 Accounting for Fixed Assets
AS 11 The Effects of Changes in Foreign Exchange Rates (revised 2003),
AS 12 Accounting for Government Grants
AS 13 Accounting for Investments
AS 14 Accounting for Amalgamations
AS 15 (revised 2005) Employee Benefits
Limited Revision to Accounting Standard (AS) 15, Employee Benefits (revised 2005)
AS 15 (issued 1995)Accounting for Retirement Benefits in the Financial Statement of Employers
AS 16 Borrowing Costs
AS 17 Segment Reporting
AS 18, Related Party Disclosures
AS 19 Leases continued.
Santosh Parashar
-
7/30/2019 Accounting Standards-Introduction and List for MBA students
7/7
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
AS 30 Financial Instruments: Recognition and Measurement and Limited Revisions to
AS 2, AS 11 (revised 2003), AS 21, AS 23, AS 26, AS 27, AS 28 and AS 29
AS 31, Financial Instruments: Presentation
Accounting Standard (AS) 32, Financial Instruments: Disclosures, and limited revision to
Accounting Standard (AS) 19, Leases
Santosh Parashar
