Accounting Standards List

Accounting Standards List

Accounting Standards are policy documents in writing issued by the concerned authorities. Accounting Standards Committee, government or other regulatory bodies, covering the aspects of. recognition, measurement, treatment, presentation, and disclosure of accounting transactions in the. financial statements.

Indian Accounting Standard is the Accounting standard adopted by companies in India and issued under the supervision of the Accounting Standards Board which was constituted as a body in the year 1977.

Accounting Standards List – List of Indian Accounting Standard

1. AS-1: Disclosure of Accounting Policies:- AS-1 of ICAI deals with the disclosure of significant accounting policies followed in preparing and presenting financial statements, by way of a separate statement/ notes forming part of such financial statements, to facilitate meaningful comparison of financial statements of different enterprises/ periods.
2. AS-2: Valuation of Inventories:- AS-2 of ICAI deals with the determination of value at which inventories are carried in the financial statements, including the ascertainment of cost of inventories and any write-down thereof to net realisable value.
3. AS-3: Cash Flow Statements:- AS-3 of ICAI deals with the provision of information about the historical changes in cash and cash equivalents of an enterprise by means of a Cash Flow Statement which classifies cash flows during the period from operating, investing and financing activities.
4. AS-4: Contingencies and Events Occurring After Balance Sheet Date:- AS-4 of ICAI deals with the treatment of contingencies and events occurring after the balance sheet date.
5. AS-5: Net profit or Loss for the period, Prior Period Items and Changes in Accounting Policies:- AS-5 of ICAI should be applied by an enterprise in presenting profit or loss from ordinary activities, extraordinary items and prior period items in the Statement of Profit and Loss, in accounting for changes in accounting estimates, and in disclosure of changes in accounting policies.
6. AS-7: Construction Contracts:- AS-7 of ICAI prescribes the accounting for construction contracts in the financial statements of contractors.
7. AS-9: Revenue Recognition:- AS-9 of ICAI deals with the bases for recognition of revenue in the Statement of Profit and Loss of an enterprise. The Standard is concerned with the recognition of revenue arising in the course of the ordinary activities of the enterprise from: a) Sale of goods; b) Rendering of services; and c) Interest, royalties and dividends.
8. AS-10: Property, Plant and Equipment:- The objective of AS-10 of ICAI is to prescribe the accounting treatment for property, plant and equipment (PPE).
9. AS-11: The Effects of Changes in Foreign Exchange Rates:- AS-11 of ICAI lays down principles of accounting for foreign currency transactions and foreign operations, i.e., which exchange rate to use and how to recognise in the financial statements the financial effect of changes in exchange rates.
10. AS-12: Government Grants:- AS-12 of ICAI deals with accounting for government grants. Government grants are sometimes called by other names such as subsidies, cash incentives, duty drawbacks, etc.
11. AS-13: Accounting for Investments:- AS-13 of ICAI deals with accounting for investments in the financial statements of enterprises and related disclosure requirements.
12. AS-14: Accounting for Amalgamations:- AS-14 of ICAI deals with accounting for amalgamations and the treatment of any resultant goodwill or reserves.
13. AS-15: Employee Benefits:- The objective of AS-15 of ICAI is to prescribe the accounting treatment and disclosure for employee benefits in the books of employer except employee share-based payments. It does not deal with accounting and reporting by employee benefit plans.
14. AS-16: Borrowing Costs:- AS-16 of ICAI should be applied in accounting for borrowing costs. This Standard does not deal with the actual or imputed cost of owners’ equity, including preference share capital not classified as a liability.
15. AS-17: Segment Reporting:- The objective of AS-17 of ICAI is to establish principles for reporting financial information, about the different types of segments/ products and services an enterprise produces and the different geographical areas in which it operates.
16. AS-18: Related Party Disclosures:- AS-18 of ICAI should be applied in reporting related party relationships and transactions between a reporting enterprise and its related parties. The requirements of this Standard apply to the financial statements of each reporting enterprise and also to consolidated financial statements presented by a holding company.
17. AS-19: Leases:- The objective of AS-19 of ICAI is to prescribe, for lessees and lessors, the appropriate accounting policies and disclosures in relation to finance leases and operating leases.
18. AS-20: Earnings Per Share:- AS-20 of ICAI prescribes principles for the determination and presentation of earnings per share which will improve comparison of performance among different enterprises for the same period and among different accounting periods for the same enterprise.
19. AS-21: Consolidated Financial Statements:- The objective of AS-21 of ICAI is to lay down principles and procedures for preparation and presentation of consolidated financial statements. These statements are intended to present financial information about a parent and its subsidiary(ies) as a single economic entity to show the economic resources controlled by the group, obligations of the group and results the group achieves with its resources.
20. AS-22: Accounting for Taxes on Income:- The objective of AS-22 of ICAI is to prescribe accounting treatment of taxes on income since the taxable income may be significantly different from the accounting income due to many reasons, posing problems in matching of taxes against revenue for a period.
21. AS-23: Accounting for Investments in Associates:- AS-23 of ICAI should be applied in accounting for investments in associates in the preparation and presentation of consolidated Financial Statements (CFS) by an investor.
22. AS-24: Discontinuing Operations:- The objective of AS-24 of ICAI is to establish principles for reporting information about discontinuing operations, thereby enhancing the ability of users of financial statements to make projections of an enterprise’s cash flows, earnings generating capacity, and financial position by segregating information about discontinuing operations from information about continuing operations. AS 24 applies to all discontinuing operations of an enterprise.
23. AS-25: Interim Financial Reporting:- AS-25 of ICAI applies if an entity is required or elects to publish an interim financial report. The objective of this standard is to prescribe the minimum content of an interim financial report and to prescribe the principles for recognition and measurement in complete or condensed financial statements for an interim period.
24. AS-26: Intangible Assets:-AS-26 of ICAI prescribes the accounting treatment for intangible assets (i.e. identifiable non-monetary asset, without physical substance, held for use in the production or supply of goods or services, for rental to others, or for administrative purposes).
25. AS-27: Financial Reporting of Interests in Joint Ventures:- The objective of AS-27 of ICAI is to set out principles and procedures for accounting for interests in joint ventures and reporting of joint venture assets, liabilities, income and expenses in the financial statements of venturers and investors.
26. AS-28: Impairment of Assets:- The objective of AS-28 of ICAI is to prescribe the procedures that an enterprise applies to ensure that its assets are carried at no more than their recoverable amount. The asset is described as impaired if its carrying amount exceeds the amount to be recovered through use or sale of the asset and AS 28 requires the enterprise to recognise an impairment loss in such cases. It should be noted that AS 28 deals with impairment of all assets unless specifically excluded from the scope of the Standard.
27. AS-29: Provisions, Contingent Liabilities and Contingent Assets:- The objective of AS-29 of ICAI is to ensure that appropriate recognition criteria and measurement bases are applied to provisions and contingent liabilities and that sufficient information is disclosed in the notes to the financial statements to enable users to understand their nature, timing and amount. The objective of this Standard is also to lay down appropriate accounting for contingent assets.

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