MEANING AND DEFINITIONS OF ACCOUNTING STANDARDS
DEFINITION:- Accounting standards are rules and guidelines set up by governing bodies, like FASB and IASB, to keep accounting practices consistent and understandable across all companies and industries.
OBJECTIVES OF ACCOUNTING STANDARDS
- Bring about uniformity, rationalization, comparability, transparency & adaptability in financial statements
- Standardize the diverse accounting policies
- "Add the reliability to the financial statement
- Harmonize diverse accounting policies to facilitate intra-firm & inter-firm comparison
- Eradicate baffling variation in treatment of accounting aspects
- Facilitate inter-firm and intra-firm comparison
READ ALSO :- ACCOUNTING, TYPES OF ACCOUNTS
IMPORTANCE OF ACCOUNTING STANDARDS
- Makes Accounting Informative Easy & Simple
- Brings Uniformity in Accounting System
- Easy Comparability of Financial Statements
- Assists Auditors
- Avoids Frauds & Manipulations
- Provides Reliability to Financial Statements.
- Measures Management Performance
AS.No. Accounting Standard
AS 1 Disclosure of accounting policies
AS 2 Valuation of inventories
AS 3 Cash flow Statments
AS 4 Contingencies and Events ocurring after the balance sheet date
AS 5 Net Profit or Loss for the period, Prior Period
AS 6 Items and Change in accounting Policies
AS 7 Depreciation
AS 9 Construction Contracts
AS 10 Revenue Recognition
AS 11 Accounting For Fixed Assets
AS 12 The Effects of Changes in Foreign Exchange Rates
AS 13 Accounting for Government Grants
AS 14 Accounting for Investments
AS 16 Accounting for Amalgamation
AS 17 Borrowing Costs Segment Reporting
AS 18 Related Party Disclosures
AS 19 Leases
AS 20 Earning per share
AS 21 Consolidated Financial statement
AS 22 Accounting for Taxes on income
AS 23 Accounting for Investments in Associated in consolidated financial statements
AS 24 Discontinuing Operations
AS 25 Interim Financial Reporting
AS 26 Intangible Assets
AS 27 Financial Reporting of interest of joint ventures
AS 28 Impairment of Assets
AS 29 Provisions, contingent liabilities and contingent
AS 30 Financial Instrument: Reconginition and Measurement
AS 31 Financial Instruments: Presentation
AS 32 Financial Instrument: Disclousres
INTERNATIONAL ACCOUNTING STANDARDS - (IAS)
IAS 1 Presentation of Financial Statements
IAS 2 Inventories
IAS 7 Cash Flow Statements
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
IAS 10 Events after the Balance Sheet Date
IAS 11 Construction Contracts
IAS 12 Income Taxes
IAS 14 Statement Reporting
IAS 16 Property, Plant and Equipment
IAS 17 Lease
IAS 18 Revenue
IAS 19 Employee Benefit
IAS 20 Accounting for Government Grants and Disclosure of Government Assistance
IAS 21 The Effects of Changes in Foreign Exchange Rate
IAS 23 Borrowing Costs
IAS 24 Related Party Disclosure
IAS 26 Accounting and Reporting by Retirement Benefit Plans
IAS 27 Consolidated and Separated Financial Statements
IAS 28 Investments in Associations
IAS 29 Financial Reporting in Hyperinflationary Economies
IAS 31 Interests in Joint Ventures
IAS 32 Financial Instrument: Presentation
IAS 33 Earning Per Share
IAS 34 Interim Financial Reporting
IAS 36 Impairment of Assets
IAS 37 Provisions, Contingent Liabilities and Contingent Assets
IAS 38 Intangible Assets
IAS 39 Financial Instruments: Recognition and Measurement
IAS 40 Investment Property
IAS 41 Agriculture
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