This document provides an overview of accounting standards 21 through 30. It discusses key topics including consolidated financial statements, accounting for taxes on income, accounting for investments in associates, discontinuing operations, interim financial reporting, intangible assets, financial reporting of interests in joint ventures, impairment of assets, provisions, contingent liabilities and contingent assets, and financial instruments recognition and measurement. The presentation was made by a group of students to provide context on important accounting standards under the guidance of their professor.

1. VPM’s Dr. V.N.Bedekar Institute of
Management Studies
ACCOUNTING STANDARDS
21-30
Under the Guidance of
Prof. Dr. Smita S. Jape
PhD, M.Com., M.Phil. (Financial, Cost Accounting), MBA (Finance),
Completed Foundation Course of ICAI (3 years)

2. A PRESENTATION BY-
 C33 Aniket Mishra
 P11 Vishal Doke
 P12 Anjali Gaikwad
 P13 Tejas Gaikwad
 P14 Swapnil Galande
 P15 Anjali Gawade

3. ACCOUNTING STANDARDS (AS)
Accounting standards are authoritative standards for financial
reporting and are the primary source of Generally Accepted
Accounting Principles (GAAP). As entities follows the same
rules, accounting standards ensures transparency, reliability,
consistency and comparability of the financial statement.

4. Accounting Standards mainly deal with four
major issues of accounting, namely :
Recognition of financial events.
Measurement of financial transactions.
Presentation of financial statements in a fair manner.
Disclosure requirement of companies to ensure
stakeholders are not misinformed.

5. AS 21 Consolidated Financial Statements
Consolidated financial statements are the financial statements of a
group presented as those of a single enterprise.
These statements are intended to present financial information about a
parent and its subsidiary as a single economic entity to show the
economic resources controlled by the group, obligations of the group
and results the group achieves with its resources.

6. AS 22 Accounting for Taxes on Income
Accounting income is the net profit before tax for a period, as reported
in the profit and loss statement.
Accounting Standard 22 has been prescribed by the Institute of
Chartered Accountants of India (ICAI) to be applied in accounting for
taxes on income. This AS is applied to match the differences
between accounting income and taxable income.

7. AS 23 Accounting for Investments in Associates
in Consolidated Financial Statements
Significant influence is the power to participate in the financial and/or
operating policy decisions of the investee but not control over
those policies.
The objective of this Standard is to set out principles and procedures
for recognising, in the consolidated financial statements, the effects of
the investments in associates on the financial position and operating
results of a group.

8. AS 24 Discontinuing Operations
Discontinued operations is an accounting term that refers to parts of
a company's core business or product line that have been divested or
shut down.
The objective of this Standard is to establish principles for reporting
information about discontinuing operations, thereby enhancing the
ability of users of financial statements to make projections of an
enterprise’s cash flows, earnings-generating capacity, and financial
position by segregating information about discontinuing operations
from information about continuing operations.

9. AS 25 Interim Financial Reporting
An interim financial report is a complete or condensed set
of financial statements for a period shorter than a financial year.
The objective of this standard is to prescribe the minimum content of
an interim financial report and to prescribe the principles for
recognition and measurement in a complete or condensed financial
statements for an interim period. Timely and reliable interim financial
reporting improves the ability of investors, creditors, and others to
understand an enterprise’s capacity to generate earnings and cash
flows, its financial condition and liquidity.

10. AS 26 Intangible Assets
Intangible asset is an identifiable non-monetary asset, without
physical substance, held for use in the production or supply of
goods or services, for rental to others, or for administrative
purposes.
The objective of this standard is to prescribe the accounting
treatment for intangible assets that are not dealt with specifically in
another Accounting standard. This standard requires an enterprise
to recognize an intangible asset if, and only if, certain criteria are
met. The Standard also specifies how to measure the carrying
amount of intangible assets and requires certain disclosures about
intangible assets.

11. AS 27 Financial Reporting of Interests in Joint
Ventures
Joint venture is a contractual arrangement whereby two or more parties
undertake an economic activity, which is subject to joint control. Joint
control is the contractually agreed sharing of control over an economic
activity.
The objective of AS 27 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
ventures and investors.

12. AS 28 Impairment of Assets
An impaired asset is an asset that has a market value less than the
value listed on the company's balance sheet. When an asset is
deemed to be impaired, it will need to be written down on the
company's balance sheet to its current market value.
The objective of AS 28 is to prescribe the procedures that an
enterprise applies to ensure that its assets are carried at no more than
their recoverable amount. The asset is described as impaired if its
carrying amount exceeds the amount to be recovered through use or
sale of the asset and AS 28 requires the enterprise to recognise an
impairment loss in such cases. It should be noted that AS 28 deals
with impairment of all assets unless specifically excluded from the
scope of the Standard.

13. AS 29 Provisions, Contingent Liabilities and
Contingent Assets
 Provision is a liability which can be measured only by using substantial
degree of estimation.
 A contingent liability is a liability that may occur depending on the outcome
of an uncertain future event.
 A contingent asset is a potential economic benefit that is dependent on future
events out of a company's control.
The objective of AS 29 is to ensure that appropriate recognition criteria and
measurement bases are applied to provisions and contingent liabilities and that
sufficient information is disclosed in the notes to the financial statements to enable
users to understand their nature, timing and amount. The objective of this
Standard is also to lay down appropriate accounting for contingent assets.

14. AS 30 Financial Instruments : Recognition &
Measurements
Financial instruments are monetary contracts between parties. It can be created,
traded, modified and settled. They can be cash, evidence of an ownership
interest in an entity or a contractual right to receive or deliver in the form of
currency; debt; equity; or derivatives.
The objective of this Standard is to establish principles for recognizing and
measuring financial assets, financial liabilities and some contracts to buy or sell
non-financial items. The scope of these interests in subsidiaries, associates and
joint ventures that are accounted for Financial Statements and Accounting for
Investments in Subsidiaries in Separate Financial Statements. Financial
Instruments, it is used in this Standard with the meanings specified in defined
financial instrument, financial asset, financial liability, equity instrument.

15. Reference
 Taxmann CA Inter Students Guide To Accounting Standards.
 Accounting Standards only by CA Anand Bhangariya.
 https://www.icai.org/post/icai-publications-accounting-standards-board
 https://www.investopedia.com/terms/a/accounting-standard.asp

16. THANK YOU