This document provides an overview of accounting standards and International Financial Reporting Standards (IFRS). It defines accounting standards as uniform guidelines for presenting financial statements consistently to depict an organization's financial performance. The document lists 32 Indian accounting standards and summarizes key points of AS 6 and AS 7 on inventory valuation and depreciation. It also explains that IFRS were developed to provide a global framework for financial reporting.

1. Guided by:-
Prof. K. V. Kiran Kumar
Presented by TEAM 7
Angad Soni
Sushovit Rout
Maninder Singh
Anshul Chawla
Dileep Nandamuri
Rajat Kare

2.  Accounting Standards : Introduction
Accounting Standards: Overview
Scope of Accounting Standards
Advantages of AS
Disadvantages of AS
 AS 6 Valuation of Inventory & AS 7
Depreciation
 IFRS

3. Set of uniform guidelines for presenting
financial statements fairly and
consistently in order to depict the
financial performance of an organization
Accounting standards are viewed as
policy documents used for recognition,
measurement, and disclosure of
information relating to the transactions
of a business

4. AS 1 Disclosure of Accounting Policies
AS 2 Valuation of Inventories
AS 3 Cash Flow Statements
AS 4 Contingencies and Events Occurring after the Balance Sheet
Date
AS 5 Net Profit or Loss for the period, Prior Period Items and
Changes in Accounting Policies
AS 6 Depreciation Accounting
AS 7 Construction Contracts (revised 2002)
AS 8 Accounting for Research and Development
AS 9 Revenue Recognition
AS 10 Accounting for Fixed Assets
AS 11 The Effects of Changes in Foreign Exchange Rates
(revised 2003)
AS 12 Accounting for Government Grants
AS 13 Accounting for Investments
AS 14 Accounting for Amalgamations
AS 15 Employee Benefits (revised 2005)

5. AS 16 Borrowing Costs
AS 17 Segment Reporting
AS 18 Related Party Disclosures
AS 19 Leases
AS 20 Earnings Per Share
AS 21 Consolidated Financial Statements
AS 22 Accounting for Taxes on Income.
AS 23 Accounting for Investments in Associates in Consolidated
Financial Statements
AS 24 Discontinuing Operations
AS 25 Interim Financial Reporting
AS 26 Intangible Assets
AS 27 Financial Reporting of Interests in Joint Ventures
AS 28 Impairment of Assets
AS 29 Provisions, Contingent` Liabilities and Contingent Assets
AS 30 Financial Instruments: Recognition and measurement
AS 31 Financial Instruments; Presentation
AS 32 Financial Instruments Disclosures

6. Applicability
 Principle Based
 Conformity with laws

7. Harmonized policies and practices
Reliable accounting information
Improved presentation of accounts

8. Curbs Initiative
Adaptation to special circumstances
Frequent Changes in business environment

9.  Inventory should be valued at the lower of cost and
net realizable value
 The total amount to be depreciated from the value of
a depreciable asset should be spread over its useful life
on a systematic basis
 The method selected for charging depreciation should
be consistently followed:
 Straight Line method
Written Down value method

10.  Accountants worldwide felt that having one
set of standards for financial reporting is a
more efficient and convenient option for all
enterprises, regardless of their location. This
led to the emergence of IFRS.
Purpose  Provide a global framework and
guidance for the preparation of financial
statements and disclosure of financial
information so that the language used by the
company in such reports conforms to
terminology prescribed by IFRS.