ACCOUNTING STANDARDS

AN INTRODUCTION
NEED FOR AS

Ensure:
 Transparency
 Consistency
 Comparability
 Adequacy
 Reliability of Financial Reporting.
Meaning

AS are written policy documents issued by

expert accounting body or by government or
other regulatory body covering the aspects of
 Recognition
 Treatment
 Measurement
 Presentation and
 Disclosure of accounting transactions and
events in the financial statements
 Objective

Harmonisation of Accounting Policies and

Practices.
IAS

International Accounting Standards

Committee (IASC) was setup in 1973.
AS in India

Accounting Standards Board (ASB) was

constituted on 21st April 1977 by ICAI.
Applicability of AS

Enterprises

LEVEL I LEVEL II LEVEL III

Conclusion

AS reduce the accounting alternatives in

the preparation of financial statements.
THANK YOU