Indian Accounting Standards was introduced by the Accounting Standards Board (ASB) in the year 1977. This is a committee which comes under the Institute of Chartered Accountants Of India (ICAI).
The main purpose of the Accounting Standards is to eliminate the variations in the treatment of several accounting aspects and to bring about standardization in presentation.
Accounting is the technique of recording the transactions in a best possible manner so that it enables the reader to arrive at judgments/come to conclusions. In this regard, it is utmost necessary that there are set guidelines.
These guidelines are generally called accounting policies. The intricacies of the accounting policies made it possible for companies to alter the accounting principles for their benefit. This made it very hard to make comparisons.
There was a need to have a harmonized accounting principle. For this, a set standards had to be established by recognizable accounting bodies. This paved the way for Accounting Standards to come into picture.
At present, there are 31 Accounting standards. As of September 2014, only 29 of them are mandatory. Below we list all the Accounting Standards.
- Disclosure of accounting policies.
- Valuation Of Inventories.
- Cash Flow Statements.
- Contingencies and events Occurring after the Balance sheet Date.
- Net Profit or loss For the period, Prior period items and Changes in accounting Policies.
- Depreciation accounting.
- Construction Contracts.
- Revenue Recognition.
- Accounting For Fixed Assets.
- The Effect of Changes In Foreign Exchange Rates.
- Accounting For Government Grants.
- Accounting For Investments.
- Accounting For Amalgamation.
- Employee Benefits.
- Borrowing Cost.
- Segment Reporting.
- Related Party Disclosures.
- Accounting For Leases.
- Earning Per Share.
- Consolidated Financial Statement.
- Accounting For Taxes on Income.
- Accounting for Investment in associates in Consolidated Financial Statement.
- Discontinuing Operation.
- Interim Financial Reporting.
- Intangible assets.
- Financial Reporting on Interest in joint Ventures.
- Impairment Of assets.
- Provisions, Contingent, liabilities and Contingent assets.
- Financial instrument.
- Financial Instrument: presentation.
- Financial Instruments, Disclosures and Limited revision to accounting standards.
