What are accounting standards. List the accounting standards issued by Institute of Chartered Accountants of India (ICAI) | Financial and Management Accounting Notes

What are accounting standards. List the accounting standards issued by Institute of Chartered Accountants of India (ICAI) | Financial and Management Accounting Notes

Answer: 

 

Accounting Standards:

To bring uniformity in terminology, accounting concepts, conventions, and assumptions, the Institute of Chartered Accountants of India (ICAI) established Accounting Standards Board (ASB) in 1977. 

 

An Accounting Standard is a selected set of accounting policies or broad guidelines regarding the principles and methods to be chosen out of several alternatives. 

 

There are altogether 32 accounting standards issued by ASB out of which, one standard (AS8) has been withdrawn pursuant to AS26 becoming mandatory.

List of accounting Standards issues by ICAI are as listed below:

                              ACCOUNTING STANDARDS

    AS No                          Title         Recommendary or Mandatory           Mandatory from accounting period
                                                          
                                                                       
    AS-1       Disclosure of Accounting          Mandatory              1.4.1991
               Policies
    AS-2       Valuation of Inventories          Mandatory              1.4.1999
    AS-3       Cash Flow Statement               Mandatory              1.4.2000
"this site"
 AS-4        Contingencies and events            Mandatory                1.4.1995
             occurring after the Balance
             Sheet date (revised)
 AS-5        Prior Period and                    Mandatory                1.1.1987
             extraordinary items and
             changes in Accounting
             Policies
 AS-6        Depreciation Accounting             Mandatory                1.4.1995
             (revised)
 AS-7        Accounting for construction         Mandatory                1.4.1991
             contracts
 AS-8        Accounting for Research             Mandatory                1.4.1991
             and Development
 AS-9        Revenue Recognition                 Mandatory                1.4.1991
 AS-10       Accounting for Fixed Assets         Mandatory                1.4.1991
 AS-11       Accounting for the effects of       Mandatory                1.4.1995
             changes in foreign
             exchange rates (Revised)
 AS-12       Accounting for Government           Mandatory                1.4.1994
             Grants
 AS-13       Accounting for Investment              --------               -------
 AS-14       Accounting for                      Mandatory                1.4.1995
             Amalgamation
 AS-15       Accounting for retirement           Mandatory                1.4.1995
             benefits in the financial
             statement of employers
 AS-16       Borrowing Costs                     Mandatory                1.4.2000
 AS-17       Segment Reporting                   Mandatory                1.4.2001
 AS-18       Related party disclosure            Mandatory                1.4.2001
 AS-19       Leases                              Mandatory                1.4.2001
 AS-20       Earnings Per Share                  Mandatory                1.4.2001
 AS-21       Consolidated financial              Mandatory                1.4.2001
             statement
 AS-22       Accounting for taxes on             Mandatory                1.4.2001
             income
 AS-23       Accounting for investments          Mandatory                1.4.2002
             in associates in
             consolidated financial
             statements AS-24        Discontinuing operations            Mandatory                  1.4.2002
 AS-25        Interim financial reporting         Mandatory                  1.4.2002
 AS-26        Intangible assets                   Mandatory                  1.4.2003
 AS-27        Financial reporting of              Mandatory                  1.4.2002
              interests in joint venture
 AS-28        Impairment of assets                Mandatory                  1.4.2004
 AS-29        Provisions, Contingent              Mandatory                  1.4.2004
              Liabilities & Contingent
              Assets
 AS-30        Financial Instruments:              Mandatory from             1.4.2009
              Recognition, Measurement            1.4.2011
              and Limited Resources
 AS-31        Financial Instruments:              Mandatory from             1.4.2009
              Presentation                        1.4.2011
 AS-32        Financial Instruments:              Mandatory from             1.4.2009
              Disclosure and limited              1.4.2011
              revision to AS 19 (leases)