Accounting Standard (AS)

Applicability of Accounting Standards to Companies other than those following Indian Accounting Standards (Ind AS)1 (I) Accounting Standards applicable in their entirety to companies AS 1 Disclosures of Accounting Policies AS 2 Valuation of Inventories (revised 2016) AS 3 Cash Flow Statements AS 4 Contingencies and Events Occurring After the Balance Sheet Date (revised 2016) […]

ANNOUNCEMENTS OF THE COUNCIL REGARDING STATUS OF VARIOUS DOCUMENTS ISSUED BY THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA Contents I. Clarification regarding Authority Attached to Documents Issued by the Institute 607 II. Accounting Standards 1, 7, 8, 9 and 10 Made Mandatory 611 III. Applicability of Mandatory Accounting Standards to Non-corporate Enterprises 619 IV. Accounting

Provisions, Contingent Liabilities and Contingent Assets Objective The objective of this Standard is to ensure that appropriate recognition criteria and measurement bases are applied to provisions and contingent liabilities and that sufficient information is disclosed in the notes to the financial statements to enable users to understand their nature, timing and amount. The objective of this Standard is also

Impairment of Assets Objective The objective of this Standard is to prescribe the procedures that an enterprise applies to ensure that its assets are carried at no mo re than their recoverable amount. An asset is carried at more than its recoverable amount if its carrying amount exceeds the amount to be recovered through use or sale of

Financial Reporting of Interests in Joint Ventures Objective The objective of this Standard is to set out principles and procedures for accounting for interests in joint ventures and reporting of joint venture assets, liabilities, income and expenses in the financial statements of venturers and investors. Scope 1. This Standard should be applied in accounting for interests in

Intangible Assets Objective The objective of this Standard is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Accounting Standard. This Standard requires an enterprise to recognise an intangible asset if, and only if, certain criteria are met. The Standard also specifies how to measure the carrying amount of intangible assets and

Interim Financial Reporting Objective The objective of this Standard is to prescribe the minimum content of an interim financial report and to prescribe the principles for recognition and measurement in a complete or condensed financial statements for an interim period. Timely and reliable interim financial reporting improves the ability of investors, creditors, and others to understand an enterprise’s capacity

Discontinuing Operations Objective The objective of this Standard is to establish principles for reporting information about discontinuing operations, thereby enhancing the ability of users of financial statements to make projections of an enterprise’s cash flows, earnings-generating capacity, and financial position by segregating information about discontinuing operations from information about continuing operations. Scope 1 This Standard applies

Accounting for Investments in Associates in Consolidated Financial Statements Objective The objective of this Standard is to set out principles and procedures for recognising, in the consolidated financial statements, the effects of the investments in associates on the financial position and operating results of a group. Scope 1 This Standard should be applied in accounting for investments in

Accounting for Taxes on Income Objective The objective of this Standard is to prescribe accounting treatment for taxes on income. Taxes on income is one of the significant items in the statement of profit and loss of an enterprise. In accordance with the matching concept, taxes on income are accrued in the same period as