ACCOUNTNG

STANDARDS

BY,
ARUN KUMAR
M.COM PREVIOUS
CONTENTS

 AS 21 – Consolidated Financial Statement

 AS 27 – Financial Reporting of interest in joint ventures

 AS 29 – Provisions, Contingent Liabilities and Contingent assets

 AS 25 – Interim Financial Statement

 AS 22 – Accounting for Taxes on Income

AS – 21
CONSOLIDATED FINANCIAL STATEMENT
 The objective of this Standard is to lay down principles and procedures for
preparation and presentation of consolidated financial statements.

 Consolidated financial statements are presented by a parent company

 to provide financial information about the economic activities of its group

 to show the economic resources controlled by the group.

 the obligations of the group

AS – 27
FINANCIAL REPORTING OF INTEREST IN JOINT
VENTURE

 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.

 This Standard, are applicable only where consolidated financial

statements are prepared and presented by the venturer
AS – 29
PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT
ASSETS
 Ensures that appropriate recognition criteria and measurement
bases are applied to provisions and contingent liability

 That sufficient information is disclosed in the notes to the

financial statements.

 The objective of this Standard is also to lay down appropriate

accounting for contingent assets.
AS - 25
INTERIM FINANCIAL STATEMENT

 This standard does not mandate the preparation of Interim

Financial Statement, but if prepared standard should be complied
with.

 The objective of this Standard is to prescribe the minimum

content of an interim financial report.

 Prescribe the principles for recognition and measurement in a

complete or condensed financial statements.
CONT..
MINIMUM CONTENT OF INTERIM FINANCIAL STATEMENT

a. Condensed Balance Sheet

b. Condensed Statement of Profit and Loss

Condensed Cash Flow Statement

Selected Explanatory Notes

AS – 22
ACCOUNTING FOR TAXES ON INCOME
 The objective is to prescribe accounting treatment for taxes on
income.
 As per the standard

Permanent
Timing Difference
Difference

Ex : Exemption Ex : Exemption u/s

for Dividend 80IA

Recognised and Accounting

Ignored
treatment is given
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