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Financial Accounting

Notes 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 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. Contingent Liabilities and Contingent Assets.

AS 30. Financial Instruments: Recognition and Measurement
AS 31. Financial Instruments: Presentation
AS 32. Financial Instruments: Disclosures and limited revision to AS-19
According to Government of India, there are 31 accounting standards. But 32 are also included in
31st accounting standard (Financial Instrument: Presentation). So we can say that there are 32
accounting standards.

Notes AS-3, AS-6 and AS-24 are desirable but the rest are mandatory.

Self Assessment

Fill in the blanks:

1. The basic objective of …………………… is to remove variations in the treatment of several
accounting aspects and to bring about standardization in presentation.
2. The …………………… are codified by the accounting standards.

3.2 Accounting Standards in India

Statements of Accounting Standards (AS 1) Disclosure of Accounting Policies

The following is the text of the Accounting Standard (AS) 1 issued by the Accounting Standards
Board, the Institute of Chartered Accountants of India on ‘Disclosure of Accounting Policies’.
The Standard deals with the disclosure of significant accounting policies followed in preparing
and presenting financial statements.

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