By Prof. R.S.

Verma

Accounting Standards
a) Accounting Standards are used as one of the main

compulsory regulatory mechanisms for preparation of financial statements in almost all countries of the world. b) Accounting standards are concerned with the system of measurement and disclosure rules for preparation and presentation of financials statements.

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Accounting Standards (contd..)

c) Accounting

standards appear with a set of authoritative statements of how particular types of transactions, events and other costs should be recognized and reported in the financial statements. d) Such standards are designed and prescribed so as to improve & benchmark the quality of financial reporting.

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Indian Accounting Standards

There are 35 Accounting Standards issued by the Institute of Chartered Accountants of India.

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List of Indian Accounting Standards

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17.

IAS 1-Presentation of financial statements IAS 2- Inventory IAS 7-Cash Flow IAS 8- Accounting Policies IAS 10 Events after Reporting Period IAS 11- Construction contracts IAS 12- Income Taxes IAS 16 Property, plants etc. IAS 17- Leases IAS 18 Revenues IAS 19- Employee benefits IAS 20-Govt. grants, disclosures IAS 21-Effect of forex rates changes IAS 23 Borrowing costs IAS 24- Related party transactions IAS 27-Consolidation of financial statements IAS 28-Investments in associates
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18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35.

IAS 29- Financial reporting in hyperinflation IAS 31 Interest in joint ventures IAS 32- Financial instruments presentation IAS 33- Earnings per share IAS 34 Interim Financial Reporting IAS 36 Impairment of assets IAS 37 Contingent liabilities and assets IAS 38 Intangible assets IAS 39 Financial instruments IAS 40 Investment property IAS 101 First time adoption of IAS IAS 102 Share based payment IAS 103 Business combination IAS 104 Insurance contracts IAS 105 - non- current assets held for sale IAS 106 Evaluation of mineral resources IAS 107- Financial instruments disclosure IAS 108- Operating segments

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International Financial Reporting Standards (IFRS)

Issued by the International Accounting Board. The objective of such standards is to bring in uniformity and transparency in accounting and reporting standards all over the world. In India, adoption of IFRS is expected from March 2012 in a phased manner. The Institute of Chartered Accountants of India has started the process in this regard. The IAS issued by ICAI are by and large on similar lines as adopted by IFRS.
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Thank you

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