Indian Accounting Standards are a set of accounting standards notified by the
Ministry of Corporate Affairs which are converged with International Financial
Reporting Standards. These accounting standards are formulated by Accounting
Standards Board of Institute of Chartered Accountants of India. Now
India will have two sets of accounting standards viz. existing accounting
standards under Companies Rules, 2006 and IFRS converged Indian Accounting
Standards(Ind AS). The Ind AS are named and numbered in the same way as the
corresponding IFRS. NACAS recommend these standards to the Ministry of
Corporate Affairs. The Ministry of Corporate Affairs has to spell out the
accounting standards applicable for companies in India. As on date the
Ministry of Corporate Affairs notified 39 Indian Accounting Standards(Ind
AS).This shall be applied to the companies of financial year 2015-16
voluntarily and from 2016-17 on a mandatory basis. Based on the
international consensus, the regulators will separately notify the date of
implementation of AS Ind for the banks, insurance companies etc. Standards for
the computation of Tax would be notified separately.
OBJECTIVE The basic objective of Accounting Standards is to remove
variations in the treatment of several accounting aspects and to bring about
standardization in presentation. They intent to harmonize the diverse
accounting policies followed in the preparation and presentation of
financial statements by different reporting enterprises so as to
facilitate intra-firm and inter-firm comparison.
Bharat Bhushan Accounting Standards List of Indian Accounting
Standards(Currently Applicable) The following are the list of Accounting
Standards, as listed on the site of The Institute of Chartered Accountants of
India. However, Accounting Standard- 30, 31, 32 are not mandatory as of now.
≠ AS1 Disclosure of Accounting Policies All significant accounting policies
adopted in the preparation AS 2 Valuation of Inventories
It is to formulate the method of computation of valuation of stock,
determining the closing stock is to be shown in balance sheet till it is not
sold and recognized as revenue. it should be shown as market value of
inventory. AS 3 Cash Flow Statement
It is an additional information statement exhibiting the flow of
incoming and outgoing cash. It assess the ability of the concern to generate
cash and utilize it. One of the tools for assessing the liquidity or solvency
of the enterprise. AS 4 Contingencies and Events Occurring
after the Balance Sheet Date This concept is for preparing financial
statements accounting is done by the following accrual basis of finding
profit or loss account(p\l) for the year and recognise assets and liabilities in
balance sheet. Liabilites and Asset.
AS 5 Net Profit of particular period List of Indian Accounting Standards(IND
ASs) IND ASs are converged with International
Financial Reporting Standrands. Following is the list of IND ASs hosted
on MCA's website. The date on which these come into force is yet to be
notified. Ind AS 101 First-time Adoption of Indian
Accounting Standards * Ind AS 102 Share based Payment *
Ind AS 103 Business Combinations * 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 *
Ind AS 109 Financial Instruments * Ind AS 110 Consolidated Financial
Statements Ind AS 111 Joint Arrangements *
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 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 32 Financial Liability and Equity
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 40 Investment Property * ind as 41 Agriculture
See also Nepal Financial Reporting Standards
International Financial Reporting Standards
References