Accounting Standards

About AS
‡ Are the principles governing accounting practices which determines the appropriate treatment of financial transactions. ‡ The objective is to harmonize the diversified policies to make the system more useful and effective.

IMPORTANCE
‡ ‡ ‡ ‡ Uniformity and standardization True and fair picture Easy interpretation and analysis Meaningful comparison

LIST OF ACCOUNTING STANDARDS.
‡ AS 1 : Disclosure of accounting priciples. ‡ AS 2: Valuation of inventories ‡ AS 3: Cash flow statements ‡ AS 4: Contingencies and events occurring after the balance sheet date ‡ AS 5: Net profit and loss for the period, prior period ‡ AS 6: Depreciation accounting ‡ AS 7: Construction contracts ‡ AS 8: Accounting for research and development.

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