- Accounting standards written documents, policy documents issued by experts accounting body or by Government or other regulatory agency covering the aspect of recognition, measurement, treatment, presentation and disclosure of accounting transaction in financial statements.
- In India Accounting Standards (As) are issued by the institute of Chartered Accountants of India (ICAI)
- Accounting Standard board (ASB) was constituted on 21st April, 1977.
- Apart from the elected members of ICAI nominated on the ASB, the following are represented on the ASB:
- Nominee of the central Government representing the Department of Company Affairs on the council of ICAI.
- Nominee of the central Government representing the office of Comptroller and Auditor General of India, on the Council of ICAI.
- Nominee of the Central Government representing the Central Board
- Of Direct Taxes, on the council of ICAI.
- Representative of ICWAI
- Representative of ICSI
- Representative of ASSOCHAM
- Representative of FICCI
- Representative of CII
- Representative of RBI
- Representative of SEBI
- Representative of CGA
- Representative of CBEC
- Representative of any recognized University
- Representative of any Management institute
- Representative of Financial Institution
- Eminent professional co-opted by ICAI.
- Chairman of the Research Committee and the chairman of the expert of the advisory Committee of ICAI
- Representative of any other body, as considered by the ICAI
- ASI deals with disclosure of accounting policies.
- AS2 deals with valuation of inventories
- AS3 deals with cash flow statement.
- AS4 deals with contingencies and events occurring after the balance sheet date.
- AS5 deals with net profit or loss for the period, prior period income and changes in accounting policies.
- AS6 deals with Depreciation Accounting
- AS7 deals with construction Contracts.
13 AS9 deals with Revenue Recognition
14 AS10 deals with Accounting for fixed Assets.
15 AS11 deals with effects of change in foreign exchange rates.
16. AS12 deals with Accounting for Government Grant.
17. AS13 deals with Accounting for Investment.
18 AS14 deals with Accounting for Amalgamation
19 AS15 deals with employees benefits.
20 AS16 deals with borrowing costs.
21 AS17 deals with segment reporting.
22 AS18 deals with related party disclosure
23 AS19 deals with Leases
24 AS20 deals with EPS
25 AS21 deals with consolidated financial statements.
26 AS22 deals with taxes on Income.
27 AS23 deals with accounting for investments in Associates in Consolidated financial statements.
28 AS24 deals with discontinuing operations.
29 AS25 deals with Interim financial Reporting.
30 AS26 deals with Intangible Assets
31 AS27 deals with Financial Reporting of Interest in joint venture
32 AS28 Impairment of Assets
33 AS29 Provisions, Contingent Liabilities Contingent Assets
34 AS30 deals with financial instruments –Measurements Recognition.
35 AS31 deals with financial instruments-presentation.
36 AS32 deals with financial instruments- Disclosure.
37 So far ASB has issued 32 Accounting Standards.
38 International Accounting Standards Board (IASB) has so far issued 41 IAS and 5 IFRS
39 National Advisory Committee on Accounting standards (NACAS) is constituted under section 210 A (1) of the companies act, 1956
40 As8 was withdrawn consequent upon issue of AS26