Construction Contracts - Accounting Standard 7 (AS 7)
Construction Contracts is the seventh of the accounting standard, AS 7.The objective of the Accounting Standard 7 i.e, construction contracts is to prescribe the accounting treatment of revenue and costs associated with construction contracts. Accounting for long-term construction contracts involves a question as to when revenue should be recogniz
Read moreContingencies and Events occurring after the balance sheet date
Contingencies and Events occurring after the balance sheet date is accounting standards 4 i.e, AS 4. This Standard deals with the treatment of financial statements ofcontingencies, andevents occurring after the balance sheet date.In preparing the financial statement of a particular enterprise, accounting is done by following accrual basis of accou
Read moreCash Flow Statements - Accounting standard 3 (AS 3)
Cash flow Statements or the Accounting standard 3 (AS 3) are additional information for the user of the financial statement.Cash flow statements exhibit the flow of incoming and outgoing cash. This statement assesses the ability of the enterprise to generate cash and to utilize the cash. This statement is one of the tools for assessing the liquidit
Read moreAccounting Standards Issued by the ICAI : A compilation
Accounting Standards Issued by the ICAI or the Institute of Chartered Accountants of India are as below: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
Read moreObjective of Accounting Standards defined by ICAI
The primary objective of Accounting Standards are: To provide a standard for the diverse accounting policies and principles. To put an end to the non-comparability of financial statements. To increase the reliability of the financial statements. To provide standards which are transparent for users. To define the standards which are compar
Read moreIndian Accounting Standards
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 standar
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