Financial

Financial Accounting
Accounting

Chapter
Accounting Standard
ACCOUNTING STANDARD

Definition:
The term ‘Accounting Standard’ is defined
as “written statements issued from time-to-time by
the institutions of the accounting professions or
Institutions in which there is sufficient involvement
and which are established expressly for this
purpose.
 Accounting Standards in India
1) Disclosure of Accounting Policies (AS 1).
2) Valuation of Inventories (AS 2).
3) Change in Financial Position (As 3).
4) Contingencies and Events occurring after the
balance sheet date (AS 4).
5) Prior Period and Extraordinary Items and
changes in Accounting Policies (AS 5).
6) Depreciation Accounting (AS 6).
7) Accounting for Construction Contract (AS 7).
 Accounting Standards in India

8) Accounting for Research and Development

(AS 8).
9) Revenue Recognition (AS 9).
10)Accounting for Fixed Assets (As 10).
11)Accounting for Foreign Transactions (AS 11).
12)Accounting for Government Grant (AS 12).
13)Accounting for Investments (AS 13).