1. The document discusses accounting standards in India including Accounting Standards (AS), International Financial Reporting Standards (IFRS), and Indian Accounting Standards (Ind AS). 2. AS are written policies issued by accounting bodies to standardize accounting methods. IFRS are international standards adopted by the IASB. Ind AS have been notified by the MCA to converge Indian standards with IFRS. 3. The document lists the objectives of AS, the levels of AS, recognition of AS under the Companies Act, and provides examples of some key AS, IFRS, and Ind AS.

1. Accounting standards (AS) ,
International Financial
Reporting Standards (IFRS),
Indian Accounting Standards (Ind AS)
Submitted By-
Aatur Porwal (01)
Aayushee vyas (02)
Abhishek Mishra(03)
Aditi Randhar (04)

2.  Accounting Standards (ASs) are written policy
documents issued by expert accounting body or by
Government or regulatory body.
 Accounting Standards (ASs) are aspects of
Recognition , Measurement , Treatment , Presentation &
Discloser of accounting transaction in the financial
statements.
 In India , Accounting Standards (ASs) are issued by
Accounting Standard Board (ASB) which is formed by
Institute of Chartered Accountants of India (ICAI).

3. OBJECTIVES
1. To harmonise different accounting policies & practices
use in a country.
2. To standarize accounting methods & procedures.
3. To reduce the accounting alternatives in the preparation
of financial statements.
4. To lay down principles for preparation & presentation.
5. To establish benchmark for evaluating the quality of
financial statements.

4. CONTD…
6. To ensure the users of financial statements get
creditable financial information .
7. To facilitate inter-firm comparison.

5. Levels of AS
Accounting standards are divided into three levels.
Level I Enterprises : Enterprises which fall in any one or more of the
following categories , at any time during the accounting period , are
classified as Level I Enterprises.
1). Listed enterprises whether in India or outside India.
2). Enterprises proposing to list their equity or debt securities.
3). Bank including co-operative banks.
4). Financial institutions.
5). Enterprises carrying on insurance business.

6. CONTD….
6). All commercial , industrial and business reporting
enterprises , whose Turnover for the immediately
preceding accounting period exceeds Rs. 50 crore.
7). All commercial , industrial and business reporting
enterprises having Borrowings , including public
deposits , in excess of Rs. 10 crore.
8). Holding and subsidiary of any one of the above.

7. Level II Enterprises :
1). All commercial , industrial & business reporting
enterprises , whose Turnover for the immediately preceding
accounting period exceeds Rs.40 lakhs but does not exceed
Rs.50 crore .
2). All commercial , industrial & business reporting
enterprises having Borrowings ,including public deposits , in
excess of Rs. 1 crore but not excess of Rs. 10 crore .
3). Holding & subsidiary enterprises of any one of the above
at any time during the accounting period.

8. Level III Enterprises :
Enterprises which are not covered under Level I and II are
considered as Level III enterprises .

9. Recognition of Accounting Standard
Accounting Standards(ASs) issued by the ICAI have legal
recognition through Companies Act,2013.
1). Section 129(1) : The financial statements of every
company shall comply with the accounting standards.
2). Section 129(5) : Where the P&L A/c & the balance sheet
do not comply with the accounting standards, such
companies shall disclose, the following:
(a) The deviation from the AS
(b) The reasons for such deviation.
(c) The financial effect due to such deviation.

10. CONTD ….
3). Section 134(5) : The Board’s report shall also include a
Director’s Responsibility Statement indicating therein that in
preparation of annual accounts, the applicable AS had been
followed along with proper explanation relating to material
departure.

11. List Of AS -
The council of ICAI has issued 32 Accounting Standards .
However , AS-8 has been withdrawn .
Thus , effectively there are 31 Accounting Standards
Some of them are namely :
 AS 1- Disclosure of Accounting policies.
 AS 2- Valuation of inventories.
 AS 3- Cash flow Statements.
 AS 4- Contingencies & Events Occurring after the B/S

12. IFRS is a set of international accounting standards stating how
particular types of transactions & other events should be reported in
financial statements.
IFRS are principle-based standards, interpretations & the framework
adopted by the International Accounting Standards Board(IASB).
IFRS comprise of:
 9-IFRS-standards issued after 2001 by IASB.
 29-International Accounting Standards (IAS)-standards issued
before 2001 by IASC which are still valid.
 16-Interpretations issued by International Financial Reporting
Interpretations committee (IFRIC) after 2001.
 11-interpretations issued by Standing Interpretations Committee
(SIC) before 2001.

13. Advantages
 Increased comparability of financial information .
 The financial reporting process would become more transparent.
 The standardization of accounting methodology provides creditors &
investors with the ability to analyze businesses around the world using
the same financial methods.
 Permit international capital to flow more freely.
 Provide better understanding to financial statements .
 Assess the investment opportunities .

14. List of IFRS
The following International Accounting Standards (IAS)/International
Financial Reporting Standards (IFRS) issued by the IASB which are in
force:
 IAS-1 Presentation of Financial Statements
 IAS-2 Inventories
 IAS-7 Cash Flow Statements
 IAS-8 Accounting Policies, Changes in Accounting Estimates &
Errors.
 IAS-10 Events After The Balance Sheet Date.

15. Cont…
 IFRS-1 First-time Adoption of International Financial Reporting
Standards
 IFRS-2 Share-based Payment
 IFRS-3 Business Combinations
 IFRS-4 Insurance Contracts
 IFRS-5 Non-current Assets held for Sale & Discounted Operations
 IFRS-6 Exploration for & Evaluation of Mineral Resources
 IFRS-7 Financial Instrument: Disclosures

16. IND AS -
Ministry of Corporate Affairs (MCA) has
notified Companies (Indian Accounting
Standards) Rules , 2015 prescribing the new
Indian Accounting Standards (Ind AS)
applicable to companies /classes of
companies in contrast with applicability of
Accounting standard specified in Companies
(Accounting Standards ) Rules , 2006

17. List of IND AS-
 IND AS-1 Presentation of Financial Statements.
 IND AS-2 Inventories.
 IND AS-7 Statement of Cash Flows.
 IND AS-8 Accounting Policies , Changes in Accounting Estimates
& Errors
 IND AS-10 Events after the Reporting Period.
 IND AS-11 Construction Contracts.
 IND AS-12 Income Taxes.