Accounting Standard (AS) 17
Segment Reporting This Accounting Standard is not mandatory for Small and Medium Sized Companies, and Micro, Small and Medium sized enterprises (Level IV, Level III and Level II non-company entities), as defined in Appendix 1 to this Compendium ‘Applicability of Accounting Standards to Various Entities’. Such Companies are however encouraged to comply with the Standard. […]
Accounting Standard (AS) 16
Borrowing Costs Objective The objective of this Standard is to prescribe the accounting treatment for borrowing costs. Scope 1 This Standard should be applied in accounting for borrowing costs. 2 This Standard does not deal with the actual or imputed cost of owners’ equity, including preference share capital not classified as a liability. Definitions 3 […]
Accounting Standard (AS) 15
Employee Benefits Objective The objective of this Standard is to prescribe the accounting and disclosure for employee benefits. The Standard requires an enterprise to recognise: (a) a liability when an employee has provided service in exchange for employee benefits to be paid in the future; and (b) an expense when the enterprise consumes the economic benefit […]
Accounting Standard (AS) 14
Accounting for Amalgamations Introduction 1 This standard deals with accounting for amalgamations and the treatment of any resultant goodwill or reserves. This Standard is directed principally to companies although some of its requirements also apply to financial statements of other enterprises. 2 This standard does not deal with cases of acquisitions which arise when there is a purchase […]
Accounting Standard (AS) 13
Accounting for Investments Introduction 1 This Standard deals with accounting for investments in the financial statements of enterprises and related disclosure requirements. 2 2 This Standard does not deal with: (a) the bases for recognition of interest, dividends and rentals earned on investments which are covered by Accounting Standard 9 on Revenue Recognition; (b) operating or finance leases; […]
Accounting Standard (AS) 12
Accounting for Government Grants Introduction 1 This Standard deals with accounting for government grants. Government grants are sometimes called by other names such as subsidies, cash incentives, duty drawbacks, etc. 2 This Standard does not deal with: (i) the special problems arising in accounting for government grants in financial statements reflecting the effects of changing prices or […]
Accounting Standard (AS) 11
The Effects of Changes in Foreign Exchange Rates Objective An enterprise may carry on activities involving foreign exchange in two ways. It may have transactions in foreign currencies or it may have foreign operations. In order to include foreign currency transactions and foreign operations in the financial statements of an enterprise, transactions must be expressed in the enterprise’s […]
Accounting Standard (AS) 10
Property, Plant and Equipment Objective 1. The objective of this Standard is to prescribe the accounting treatment for property, plant and equipment so that users of the financial statements can discern information about investment made by an enterprise in its property, plant and equipment and the changes in such investment. The principal issues in accounting for property, […]
Accounting Standard (AS) 9
Revenue Recognition Introduction 1 This Standard deals with the bases for recognition of revenue in the statement of profit and loss of an enterprise. The Standard is concerned with the recognition of revenue arising in the course of the ordinary activities of the enterprise from – the sale of goods, – the rendering of services, and – […]
Accounting Standard (AS) 7
Construction Contracts Objective The objective of this Standard is to prescribe the accounting treatment of revenue and costs associated with construction contracts. Because of the nature of the activity undertaken in construction contracts, the date at which the contract activity is entered into and the date when the activity is completed usually fall into different accounting […]