Page 11 - DCOM409_CONTEMPORARY_ACCOUNTING

Contemporary Accounting

Notes 9. Consideration of the draft Accounting Standard by the Council of the Institute, and if
found necessary, modification of the draft in consultation with the ASB.
10. The Accounting Standard is issued under the authority of the Council.

1.3.2 Accounting Standards in India

The Institute of Chartered Accountants of India has issued the following accounting standards:

Accounting Standards (AS) Title of the Accounting Standards
AS – 1 Disclosure of Accounting Policies
AS – 2 (Revised) Valuation of Inventories
AS – 3 (Revised) Cash Flow Statements
AS – 4 (Revised) Contingencies and Events Occurring after the Balance Sheet
Date
AS – 5 (Revised) Net Profit or Loss for the Period, Prior Period Items and
Changes in Accounting Policies
AS – 6 (Revised) Depreciation Accounting
AS – 7 (Revised) Accounting for Construction Contracts
AS – 9 Revenue Recognition
AS – 10 Accounting for Fixed Assets
AS – 11 (Revised 2003) The Effects of Changes in Foreign Exchange Rates
AS – 12 Accounting for Government Grants
AS – 13 Accounting for Investments
AS – 14 Accounting for Amalgamations
AS – 15 Accounting for Retirement Benefits in the Financial
Statements of Employers
AS – 16 Borrowing Costs
AS – 17 Segment Reporting
AS – 18 Related Patty 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 Investment in Associates in Consolidated
Financial Statements
AS – 24 Discontinuing Operations
AS – 25 Interim Financial Reporting
AS – 26 Intangible Assets
AS- 27 Financial Reporting of Interest in Joint Ventures
AS – 28 Impairment of Assets
AS – 29 Provisions, Contingent Liabilities & 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 (AS) 19, Leases

The given below is the brief expiation of accounting standards in India:
1. AS-1 – Disclosure of Accounting policies: Within the overall allowed framework of different
accounting standards and provisions of different statutes, a company is free to formulate

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