Essay about Accounting Standards

18288 Words Jul 20th, 2010 74 Pages
All ACCOUNTING STANDARDS
Accounting Standards are the defined accounting policies issued by Government or expert institute. These standards are issued to bring harmonization in follow up of accounting policies. Presently, Institute of Chartered Accountants of India has issued 29 Accounting Standards as listed below. AS 01. AS 02. AS 03. AS 04. AS 05. Policies AS 06. AS 07. AS 08. AS 09. AS 10. AS 11. AS 12. AS 13. AS 14. AS 15. AS 16. AS 17. AS 18. AS 19. AS 20. AS 21. AS 22. AS 23. AS 24. AS 25. AS 26. AS 27. AS 28. AS 29. 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
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After taking into consideration the comments received, the draft of the proposed standard will be finalized by ASB and submitted to the council of the Institute. The council of the Institute will consider the final draft of the proposed Standard and If found necessary, modify the same in consultation with ASB. The AS on the relevant subject will then be issued under the authority of the council. -1-

ACCOUNTING STANDARDS - 01
DISCLOSURE OF ACCOUNTING POLICY
Accounting policies are the specific accounting principles and the methods of applying those principles adopted by an enterprise in the preparation and presentation of financial statements. All significant accounting policies should be disclosed. Such disclosure form part of financial statements. All disclosures should be made at one place. Specific disclosure for the adoption of fundamental accounting assumptions is not required. Disclosure of accounting policies cannot remedy a wrong or inappropriate treatment of the item in the accounts. Any change in accounting policies which has a material effect in the current period or which is reasonably expected to have material effect in later periods should be disclosed. In the case of a change in accounting policies, which has a material effect in the current period, the amount by which any item in the financial statements is affected by such change should also be disclosed to the extent ascertainable.

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