ACCOUNTING STANDARDS(AS)
The Council of the Institute of Chartered Accountants of India has,
so far, issued twenty nine Accounting Standards. However, AS 6
on ‘Depreciation Accounting’ has been withdrawn on revision of
AS 10 ‘Property, Plant and Equipment∗’ and AS 8 on ‘Accounting
for Research and Development’ has been withdrawn consequent
to the issuance of AS 26 on ‘Intangible Assets’. Thus effectively,
there are 27 Accounting Standards at present. The ‘Accounting
Standards’ issued by the Accounting Standards Board establish
standards which have to be complied by the business entities so
that the financial statements are prepared in accordance with
generally accepted accounting principles.
The following is the list of Accounting Standards ;
AS No. AS Title
1 Disclosure of Accounting Policies
2 Valuation of Inventories
3 Cash Flow Statement
4 Contingencies and Events
Occurring after the Balance Sheet
Date
5 Net Profit or Loss for the Period,
Prior Period Items and Changes in
Accounting Policies
6 Depreciation Accounting
7 Construction Contracts
, 8 Accounting for Research and Development
9 Revenue Recognition
10 Accounting for Fixed Assets
11 The Effects of Changes in Foreign
Exchange Rates
12 Accounting for Government
Grants
13 Accounting for Investments
14 Accounting for Amalgamations
15 Employee Retirement Benefits
16 Borrowing Costs
17 Segment Reporting
18 Related Party Disclosures
19 Accounting for Leases
20 Earnings Per Share
21 Consolidated Financial
Statements
22 Accounting for Taxes on Income
23 Accounting for Investments in
Associates in Consolidated
Financial Statements
24 Discontinuing Operations
25 Interim Financial Reporting
26 Intangible Assets
27 Financial Reporting of Interests in
Joint Ventures
28 Impairment of Assets
29 Provisions, Contingent Liabilities
and Contingent Assets
The Council of the Institute of Chartered Accountants of India has,
so far, issued twenty nine Accounting Standards. However, AS 6
on ‘Depreciation Accounting’ has been withdrawn on revision of
AS 10 ‘Property, Plant and Equipment∗’ and AS 8 on ‘Accounting
for Research and Development’ has been withdrawn consequent
to the issuance of AS 26 on ‘Intangible Assets’. Thus effectively,
there are 27 Accounting Standards at present. The ‘Accounting
Standards’ issued by the Accounting Standards Board establish
standards which have to be complied by the business entities so
that the financial statements are prepared in accordance with
generally accepted accounting principles.
The following is the list of Accounting Standards ;
AS No. AS Title
1 Disclosure of Accounting Policies
2 Valuation of Inventories
3 Cash Flow Statement
4 Contingencies and Events
Occurring after the Balance Sheet
Date
5 Net Profit or Loss for the Period,
Prior Period Items and Changes in
Accounting Policies
6 Depreciation Accounting
7 Construction Contracts
, 8 Accounting for Research and Development
9 Revenue Recognition
10 Accounting for Fixed Assets
11 The Effects of Changes in Foreign
Exchange Rates
12 Accounting for Government
Grants
13 Accounting for Investments
14 Accounting for Amalgamations
15 Employee Retirement Benefits
16 Borrowing Costs
17 Segment Reporting
18 Related Party Disclosures
19 Accounting for Leases
20 Earnings Per Share
21 Consolidated Financial
Statements
22 Accounting for Taxes on Income
23 Accounting for Investments in
Associates in Consolidated
Financial Statements
24 Discontinuing Operations
25 Interim Financial Reporting
26 Intangible Assets
27 Financial Reporting of Interests in
Joint Ventures
28 Impairment of Assets
29 Provisions, Contingent Liabilities
and Contingent Assets
