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Overview of Accounting Standards in India

In India, the Institute of Chartered Accountants of India (ICAI), being a premier accounting body in the country took upon itself, the leadership role by constituting the Accounting Standard Board (ASB) on 21st April, 1977. The main function of ASB is to formulate Accounting Standards so that such standards may be established in India by the council of the ICAI.

The council of the Institute of Chartered Accountants of India has, so far, issued thirty two Accounting Standards. However, AS 8 on “Accounting for Research and Development’ has been withdrawn consequent to the issuance of AS 26 on ‘Intangible Assets.’ Thus effectively, there are 31 Accounting Standards at present. The ‘Accounting Standards’ issued by the Accounting Standard Board establish standards which have to be complied by the business entities so that the financial statements are prepared in accordance with “Generally Accepted Accounting Principles”.

A list of Accounting Standards is given as follows:

Number of the Accounting

Standard (AS)

Title of the Accounting Standard

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AS 8 (withdrawn pursuant to

AS 26 becoming mandatory)

Accounting for Research and Development

AS 9

Revenue Recognition

AS 10

Accounting for Fixed Assets

AS 11 (Revised)

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 (Revised)

Employee Benefits

AS 16

Borrowing Costs

AS 17

Segment Reporting

AS 18

Related Party Disclosures

AS 19


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

Provisions, Contingent Liabilities and Contingent Assets

AS 30

Financial Instruments: Recognition and Measurement

AS 31

Financial Instruments: Presentation

AS 32

Financial Instruments: Disclosure

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