Accounting standards

Accounting standards

What Are Accounting Standards:-

Accounting standards are the general rules or guidelines to be followed by the companies in the preparation and presentation of financial statements. They are the codification of generally accepted accounting principles. The objective of accounting standards is to bring about uniformity and consistency in the financial statements published by companies. They aim to harmonize the diverse accounting policies followed in the preparation and presentation of financial statements by different companies so as to facilitate inter-firm and intra-firm comparison.

International Accounting Standards:-

International Accounting Standards are formulated by International Accounting Standards Board (IASB). IASB was founded in 2001 as the successor to the International Accounting Standards Committee (IASC). After the formulation of IASB in 2001, international accounting standards are now called as International Financial Reporting Standards (IFRS) and have replaced the older International Accounting Standards which were issued from 1973 to 2000.

List Of Old International Accounting Standards
(1973-2000):-

IAS 1     Presentation of Financial Statements
IAS 2     Inventories
IAS 3     Consolidated Financial Statements
IAS 4     Depreciation Accounting
IAS 5     Information to be Disclosed in Financial Statements
IAS 6     Accounting Responses to Changing Prices
IAS 7     Statement of Cash Flow
IAS 8     Accounting Policies, Changes in Accounting Estimates and Errors
IAS 9     Accounting for Research and Development Activities
IAS 10   Events after the Reporting Period
IAS 11   Construction Contracts
IAS 12   Income Taxes
IAS 13   Presentation of Current Assets and Current Liabilities
IAS 14   Segment Reporting
IAS 15   Information Reflecting the Effects of Changing Prices
IAS 16   Property, Plant and Equipment
IAS 17   Leases
IAS 18   Revenue
IAS 19   Employee Benefits
IAS 20   Accounting for Govt Grants and Disclosure of Govt Assistance
IAS 21   The Effects of Changes in Foreign Exchange Rates
IAS 22   Business Combinations
IAS 23   Borrowing Costs
IAS 24   Related Party Disclosures
IAS 25   Accounting for Investments
IAS 26   Accounting and Reporting by Retirement Benefit Plans
IAS 27   Separate Financial statements
IAS 28   Investments in Associates and Joint Ventures
IAS 29   Financial Reporting in Hyperinflationary Economies
IAS 30   Disclosures in the Financial Statements of Banks and Similar
               Financial Institutions
IAS 31   Interests in Joint Ventures
IAS 32   Financial Instruments: Presentation
IAS 33   Earnings per Share
IAS 34   Interim Financial Reporting
IAS 35   Discontinuing Operations
IAS 36   Impairment of Assets
IAS 37   Provisions, Contingent Liabilities and Contingent Assets
IAS 38   Intangible Assets
IAS 39   Financial Instruments: Recognitions and Measurement
IAS 40   Investment Property
IAS 41   Agriculture

List Of International Financial Reporting Standards
(2001 onwards):-

IFRS 1     First-time Adoption of International Financial Reporting
                 Standards
IFRS 2     Share-based Payment
IFRS 3     Business Combinations
IFRS 4     Insurance Contracts
IFRS 5     Non-current Assets Held for Sale and Discontinued Operations
IFRS 6     Exploration for and Evaluation of Mineral Resources
IFRS 7     Financial Instruments: Disclosures
IFRS 8     Operating Segments
IFRS 9     Financial Instruments
IFRS 10   Consolidated Financial Statements
IFRS 11   Joint Arrangements
IFRS 12   Disclosure of Interest in Other Entities
IFRS 13   Fair Value Measurement

For detailed explanation of the standards you can visit the site http://www.ifrs.org/IFRSs/Pages/IFRS.aspx#1

Indian Accounting standards:-

Accounting standards in India are formulated by the Accounting Standards Board (ASB) which is constituted by the The Institute of Chartered Accountants of India (ICAI) in 1977. The Ministry of Corporate Affairs in India has now notified new Accounting Standards (IND AS) replacing the older Accounting Standards (AS). These new Accounting Standards formulated by Accounting Standards Board are converged with International Financial Reporting Standards (IFRS).
The new Accounting Standards would be applicable from April 1, 2016 compulsorily to all listed and unlisted companies whose net worth is 500 crore or more and from April 1, 2017 to all listed and unlisted companies whose net worth is more than 250 crore but less than 500 crore. The companies can voluntarily apply the new accounting standards from April 1, 2015.

 List Of Old Indian Accounting Standards:-

AS 1     Disclosure of Accounting Policies
AS 2     Valuation of Inventories
AS 3     Cash Flow Statement
AS 4     Contingencies and Events Occurring After the Balance Sheet Date
AS 5     Net Profit or Loss for the Period, Prior Period Items and Changes
             in Accounting policies
AS 6     Depreciation Accounting
AS 7     Construction Contracts
AS 8     Accounting for Research and Development
AS 9     Revenue Recognition
AS 10   Accounting for Fixed Assets
AS 11   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   Employee Benefits
AS 16   Borrowing Costs
AS 17   Segment Reporting
AS 18   Related Party Disclosures
AS 19   Leases
AS 20   Earnings per Share
AS 21   Consolidated Financial Statements
AS 22   Accounting for Taxes on Income
AS 23   Accounting for Investments in Associates
AS 24   Discontinuing Operations
AS 25   Interim Financial Reporting
AS 26   Intangible Assets
AS 27   Financial Reporting of Interest 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 (not mandatory)
AS 32   Financial Instruments: Disclosures (not mandatory)

List Of New Indian Accounting Standards:-

Ind AS 1     Presentation of Financial Statements
Ind AS 2     Inventories
Ind AS 7     Statement of Cash Flows
Ind AS 8     Accounting Policies, Changes in Accounting Estimates and
                     Errors
Ind AS 10   Events After the Reporting Period
Ind AS 11   Construction Contracts
Ind AS 12   Income Taxes
Ind AS 16   Property, Plant and Equipment
Ind AS 17   Leases
Ind AS 18   Revenue
Ind AS 19   Employee Benefits
Ind AS 20   Accounting for Government Grants and Disclosure of
                     Government Assistance
Ind AS 21   The Effects of Changes in Foreign Exchange Rates
Ind AS 23   Borrowing Costs
Ind AS 24   Related Party Disclosures
Ind AS 27   Consolidated and Separate Financial Statements
Ind AS 28   Investments in Associates
Ind AS 29   Financial Reporting in Hyperinflationary Economies
Ind AS 31   Interests in Joint Ventures
Ind AS 32   Financial Instruments: Presentation
Ind AS 33   Earnings per Share
Ind AS 34   Interim Financial Reporting
Ind AS 36   Impairment of Assets
Ind AS 37   Provisions, Contingent Liabilities and Contingent Assets
Ind AS 38   Intangible Assets
Ind AS 39   Financial Instruments: Recognition and Measurement
Ind AS 40   Investment Property
Ind AS 101  First-time Adoption of Indian Accounting Standards
Ind AS 102  Share based Payment
Ind AS 103  Business Combinations
Ind AS 104  Insurance Contracts
Ind AS 105  Non current Assets Held for Sale and Discontinued
                      Operations
Ind AS 106  Exploration for and Evaluation of Mineral Resources
Ind AS 107  Financial Instruments: Disclosures
Ind AS 108  Operating Segments

For detailed explanation of the standards you can visit the site http://www.icai.org/new_post.html?post_id=2805&c_id=221

 

 

 

 

 

 

 

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