An Accounting standard is a selected set of accounting policies or broad guidelines regarding the principles and methods to be chosen out of several alternatives. Standard conforms to applicable laws, customs, usage and business environment. In India, the Accounting standard Board (ASB) has the authority of issuing Accounting standards.
The sole objective of Accounting standards is to harmonise the diversified policies to make the system more useful and effective. They lay down the norms of accounting policies and practices byway of codes or guidelines to direct as to how the items appearing in the financial statements should be dealt with in the books of account and shown in the financial statements and annual reports.
The ASB has issued 29 accounting standards.
They are as follows:
1. AS 1 – Accounting Standard 1 – Disclosure of Accounting Policies.
2. AS 2 – Accounting Standard 2 – Valuation of Inventories
3. AS 3 – Accounting Standard 3 – Cash Flow Statements
4. AS 4 – Accounting Standard 4 – Contingencies and Events occurring after the Balance sheet date.
5. AS 5 – Accounting Standard 5 – Net Profit or Loss for the period, prior period items and changes in accounting policies
6. AS 6 – Accounting Standard 6 – Depreciation Accounting.
7. AS 3 – Accounting Standard 7 – Accounting for Construction Contracts
8. AS 8 – Accounting Standard 9 – Accounting for Research and Development
9. AS 9 – Accounting Standard 9 – Revenue Recognition
10. AS 10-Accounting Standard 10-Accounting for Fixed Assets
11. AS 11 -Accounting Standard 11 -Accounting for the effects of changes in Foreign exchange rates
12. AS 12 – Accounting Standard 12 -Accounting for Government grants
13. AS 13-Accounting Standard 13-Accounting for Investments
14. AS 14 – Accounting Standard 14 – Accounting for Amalgamations
15. AS 15-Accounting Standard 15-Accounting for Retirement Benefit in the Financial statements of Employers
16. AS 16 – Accounting Standard 16 – Borrowing costs
17. AS 17 – Accounting Standard 17 – Segment Reporting
18. AS 18 – Accounting Standard 18 – Related party Disclosures
19. AS 19 – Accounting Standard 19 – Leases
20. AS 20 – Accounting Standard 20 – Earning per share
21. AS 21 – Accounting Standard 21 – Consolidated financial statements
22. AS 22 – Accounting Standard 22 – Accounting for taxes on income
23. AS 23 – Accounting Standard 23 – Accounting for investments in associates in consolidated financial statements
24. AS 24 – Accounting Standard 24 – Accounting for discontinued operations
25. AS 25 – Accounting Standard 25 – Interim Financial Reporting
26. AS 26 – Accounting Standard 26 – Intangible Assets
27. AS 27 – Accounting Standard 27 – Financial Reporting of interests in joint ventures.
28. AS 28 – Accounting Standard 28 – Impairment of assets
29. AS 29 – Accounting Standard 29 – Provisions, contingent liabilities, and contingent assets
