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Accounting Standards

In 1977, the Institute of Chartered Accounts of Index “ set up the 'Accounting Standard Board'. The main function is identifying the developing accounting standard and issuing guidelines for implementation thereof.

As India is a member of International Accounting Standards, ASB give due consideration while formulating the standards. ASB has issued twenty-seven accounting Standards as on 8th February 2002.

No. of AS

Title of the Accounting Standard


Disclosure of Accounting Polices ( 1991)

AS 2

Valuation of Inventories ( 1999)

AS 3

Cash flow statement (1997)

AS 4

Contingencies and Events occurring after the Balance sheet(1995)

AS 5

Net profit /loss for the period, Changes in Accounting policies(1996)

AS 6

Depreciation Accounting (1995)

AS 7

Accounting for Construction contracts ( 1991)

AS 8

Accounting for Research and Development (1991)

AS 9

Revenue Recognition(1991)

AS 10

Accounting for Fixed Assets (1991)

AS 11

Accounting for the effects of changes in foreign Exchange rates

AS 12

Accounting for Government Grants

AS 13

Accounting for Investments (1995)

AS 14

Accounting for Amalgamations (1995)

AS 15

Accounting for Retirement Benefits in the Financial Statements of Employers

AS 16

Borrowing Costs(2000)

AS 17

Segment Reporting (2001)

AS 18

Related party Disclosure (2001)

AS 19

Leases (2001)

AS 20

Earnings per share (2001)

AS 21

Consolidated Financial Statement(2001)

AS 22

Accounting for Taxes on income(2001)

AS 23

Accounting for investments in associates in consolidated Financial Statement (2002)

AS 24

Discontinued Operations(2002)

AS 25

Interim financial Reporting(2002)

AS 26

Intangible Assets(2004)

As 27

Financial Reporting of Interests in joint ventures (2002)

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