This presentation gives an easiest tip to memorise all the accounting standards with the help of story. In this presentation the story sequentially describes all Indian Accounting Standards.

1. How to Remember all the
Accounting Standards
[AS 1 to AS 32 (Now IndAS)]
Idea!
Trick!

2. After Completing
Education Mamata
wants to Start a
New Business

3. 1
So she makes
various plans and
POLICIES
regarding the new
business
AS 1 Disclosure of Accounting POLICIES (IndAS 1)

4. 2
She decides to
acquire various
INVENTORIES
for her new
business
AS-2 Valuation of INVENTORIES (IndAS 2)

5. 3
Because she
knows that by
selling
inventories she
will gate CASH
FLOWS
AS-3 CASH FLOWS Statement (IndAS 7)

6. 4
But she is not aware
about the various
CONTINGENCIES
and her stocks were
destroyed
AS-4 CONTINGENCIES and Events occurring
after Balance Sheet Date(IndAS 10)

7. 5
The Fire took
place because of
the wrong electric
wiring done in the
PRIOR PERIOD
AS-5 Net Profit or loss for the period, PRIOR Period,
items and changes in Accounting Policies (IndAS 8)

8. 6
Due to Fire all
her Assets get
DEPRECIATED
AS-6 DEPRECIATION Accounting (IndAS 16)

9. 7
After the business
Loss, she is now
going to
CONSTRUCT a
new Business.
AS-7 CONSTRUCTION Contracts (Revised 2oo2)
(IndAS 11)

10. 9
And it is clear
that only after
Constructing a
new business,
she will generate
REVENUE
AS-9 REVENUE Recognition (IndAS 18)

11. 10
So she starts
acquiring
FIXED
ASSETS for
her new
business
AS-10 Accounting for FIXED ASSETS (IndAS 16)

12. 11
As she lost
everything in that
Fire accident. So
she is now taking
a loan from
FOREIGN
EXCHANGE
AS-11 The Effects of Changes in FOREIGN
EXCHANGES Rates (Revised 2003) (IndAS 21)

13. 12
She is very closed
to MODI, Hence
Govt. gives her
GRANT too, to
restart her
business
AS-12 Accounting for Government GRANTS (IndAS 20)

14. 13
Now she has money
received from
Foreign Loan and
Grant, so this time
she decides to make
INVESTMENT
wisely.
AS-13 Accounting for INVESTMENTS (IndAs 40)

15. 14
As she made good
Investments, her
business is now making
Profits and therefore
receives an offer of
AMALGAMATION
from Mukesh Ambani
AS-14 Accounting for AMALGAMATIONS (IndAS 103)

16. 15
When the
EMPLOYEES
informed about the
Amalgamation,
they shouted for
the settlement of
their outstanding
BENEFITS
AS-15 EMPLOYEE BENEFITS (IndAS 19)

17. 16
To settle the
employee’s
benefits, she takes
further
BORROWINGS
AS 16 BORROWING Costs (IndAS 23)

18. 17
Before
Amalgamation
it was observed
that one
SEGMENT is
performing
negatively.
AS-17 SEGMENT Reporting (IndAS 108)

19. 18
The Segment
Report reveals
that abnormal
payments were
made to the
RELATED
PARTY
AS-18 RELATED PARTY Disclosure (IndAS 24)

20. 19
The abnormal
payments made to
the Related Parties
was for high
LEASE rentals.
Hence decided to
close it down.
AS-19 LEASES (IndAS 17)

21. 20
After closing the
Lease Segment,
the EPS is
increased and all
the
Shareholders
are happy.
AS-20 EARNINGS PER SHARE (IndAS 33)

22. 21
Now at the year
end, she prepares
her
CONSOLIDATED
Financial
Statements.
AS-21 CONSOLIDATED Financial Statements (IndAS 27)

23. 22
After closing the
accounts,
Proper TAX has
been paid to the
Govt.
AS-22 Accounting for TAXES on Income (IndAS 12)

24. 23
The company
has not paid
any tax for his
ASSOCIATES
businesses.
AS-23 Accounting for Investment in ASSOCIATES
in Consolidated Financial Statements (IndAS 28)

25. 24
Because the
Associate business
is now
DISCONTINUED
AS-24 DISCONTINUING Operations (IndAS 105)

26. 25
To Cross Check
the authenticity
of that
discontinued
business,
INTERIM
Reports are
reviewed.
AS-25 INTERIM Financial Reporting(IndAS 34)

27. 26
After all the
efforts, the
business has
made its own
Goodwill
(INTANGIBLE)
AS-26 INTANGIBLE Assets (IndAS 38)

28. 27
Due to her
Goodwill, she now
going to enter into
a very big Project
through JOINT
VENTURE
AS-27 Financial Reporting of Interests in JOINT
VENTURE (IndAS 31)

29. 28
After completing
the Joint Venture,
the assets are not
justifies the BOOk
Value of few of the
Assets hence results
IMPAIRMENT of
Assets
AS-28 IMPAIRMENT of Assets (IndAS 36)

30. 29
During the Joint
Venture a Labour
got injured and
filed a case against
the company,
which is creating a
CONTINGENT
Liability for the
business.
AS-29 Provisions, CONTINGENT Liabilities and
CONTINGENTAssets (IndAS 37)

31. 30
The amount of
Money payable
to the labour is
MEASURE by
the court
AS-30 Financial Instruments: Recognition and
Measurement (IndAs 39)

32. 31
And an order has
been passed to
PRESENT the
cheque of
required money
to the Labour
As-31 Financial Instruments: PRESENTation (IndAS 32)

33. 32
For the
CLOSURE
of the
case
As-32 Financial Instruments: DisCLOSURE (IndAS 107)

34. Thank
You