Accounting Standards

List of Indian Accounting Standards(Currently Applicable)

The following are the mandatory Accounting Standards (AS) as on July 1, 2012 as listed on the site of The Institute of Chartered Accountants of India (ICAI)

AS 1 Disclosure of Accounting Policies: It is a method of applying those principles by the enterprises in the presentation and preparation of financial statements.

AS 2 Valuation of Inventories: It is to formulate the method of computation of valuation of stock, determining the closing stock is to be shown in balance sheet till it is not sold and recognized as revenue.

AS 3 Cash Flow Statement: It is an additional information statement exhibits the flow of incoming and outgoing cash.It assess the ability of the enterprise to generate cash and utilize.One of the tools for assessing the liquidity or solvency of the enterprise.

AS 4 Contingencies and Events Occurring after the Balance Sheet Date: This concept is for preparing financial statements accounting is done by the following accrual basis of finding profit or loss account(p\l) for the year and recognise assets and liabilities in balance sheet.

AS 5 Net Profit or Loss for the period,Prior Period Items and Changes in Accounting Policies: profit or loss account is a period statement covers the items of income and expenditure of particular period and also deals with change in accounting policy

Others are as follows:-

·         AS 6 Depreciation Accounting

·         AS 7 Construction Contracts (revised 2002)'''

·         AS 8 Accounting for Research and Development (AS-8 is no longer in force since it was merged with AS-26)

·         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 Employee Benefits (revised 2005)

·         AS 16 Borrowing Costs

·         AS 17 Segment Reporting

·         AS 18 Related Party Disclosures

·         AS 19 Leases

·         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

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

List of Indian Accounting Standards (IND ASs):

IND ASs are converged with International Financial Reporting Standards. Following is the list of IND ASs hosted on MCA's website. The date on which these come into force is yet to be notified.

·         Ind AS 101 First-time Adoption of Indian Accounting Standards *

·         Ind AS 102 Share based Payment *

·         Ind AS 103 Business Combinations *

India d

·         Ind AS 104 Insurance Contracts *

·         Ind AS 105 Non current Assets Held for Sale and Discontinued Operations *

·         Ind AS 106 Exploration for and Evaluation of Mineral Resources *

·         Ind AS 107 Financial Instruments: Disclosures *

·         Ind AS 108 Operating Segments *

·         Ind AS 1 Presentation of Financial Statements *

·         Ind AS 2 Inventories *

·         Ind AS 7 Statement of Cash Flows *

·         Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors *

·         Ind AS 10 Events after the Reporting Period *

·         Ind AS 11 Construction Contracts *

·         Ind AS 12 Income Taxes *

·         Ind AS 16 Property, Plant and Equipment *

·         Ind AS 17 Leases *

·         Ind AS 18 Revenue *

·         Ind AS 19 Employee Benefits *

·         Ind AS 20 Accounting for Government Grants and Disclosure of Government Assistance *

·         Ind AS 21 The Effects of Changes in Foreign Exchange Rates *

·         Ind AS 23 Borrowing Costs *

·         Ind AS 24 Related Party Disclosures *

·         Ind AS 27 Consolidated and Separate Financial Statements *

·         Ind AS 28 Investments in Associates *

·         Ind AS 29 Financial Reporting in Hyper inflationary Economies *

·         Ind AS 31 Interests in Joint Ventures *

·         Ind AS 32 Financial Instruments: Presentation *

·         Ind AS 33 Earnings per Share *

·         Ind AS 34 Interim Financial Reporting *

·         Ind AS 36 Impairment of Assets *

·         Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets *

·         Ind AS 38 Intangible Assets *

·         Ind AS 39 Financial Instruments: Recognition and Measurement *

·         Ind AS 40 Investment Property *

·         ind as 41 Golden role of accounting