Accounting standards (AS) are a set of principles, standards, and procedures that serve as the foundation for financial accounting policies and practices. India used the Indian Generally Acceptable Accounting Principles (IGAAP) as its accounting standards before the adoption of the Ind-AS. The accounting standards are prepared by the Institute of Chartered Accountants of India (ICAI). It is done under the administrative control of the Ministry of Corporate Affairs, Government of India.

1. Dr. V.SAKTHIDEVI,
Assistant Professor of Commerce(SF)
V.V.Vanniaperumal College for Women, Virudhunagar.

2. Introduction of Accounting standards
Written Documents issued by Government or Regulatory Body.
In India, issued by ICAI on 21st
April, 1977.
Initiated by Kumar Mangalam Birla, Chairman committee of Corporate
Governance for financial Disclosures.
Also initiated by chair person of National Advisory Committee on
Accounting Standards( NACAS)

3. Definition of Accounting standards
Accounting standards (AS) are a set of principles, standards, and
procedures that serve as the foundation for financial accounting
policies and practices.

4. History of Accounting standards
India used the Indian Generally Acceptable Accounting Principles
(IGAAP) as its accounting standards before the adoption of the Ind-AS.
Indian GAAP is primarily comprised of 18 accounting standards issued
by the Institute of Chartered Accountants of India (ICAI).

5. Who Issues Accounting Standards in India
The accounting standards are prepared by the Institute of Chartered Accountants
of India (ICAI). It is done under the administrative control of the Ministry of
Corporate Affairs, Government of India.

6. Objectives of Accounting Standards
To bring the uniformity in financial reporting.
To ensure consistency in financial statements published by various
organizations.
To enhance the credibility of accounting information.
To improve the quality of financial reporting.

7. Objectives of Accounting Standards
To ensure the adequate disclosure of accounting principles.
To make sure that accounting practice is in conformity with the
provisions of applicable law , customs, usage and the business
environment of the country.

8. Advantages of Accounting Standards
Uniformity and Consistency in Financial Reporting.
It provides Guidance to Accountants and Auditors.
It minimizes the scope of Creative Accounting.
It prevents the manipulation of Accounting Information.
It ensures timely availability of Accounting Information.
It facilitates the Subjective Valuation of Companies.

9. List of Accounting standards
AS 1 Disclosure of Accounting polices
AS 2 Valuation of Inventories
AS 3 Cash flow statements
AS 4 Contingencies and event occur after Balance Sheet
AS 5 Net Profit or Loss
AS 6 Depreciation (Withdrawn)
AS 7 Construction Contracts
AS 8 Accounting for Research and Development (Withdrawn)
AS 9 Revenue Recognition
As 10 Accounting for Fixed Assets

10. List of Accounting standards
AS 11 Foreign Exchange Rate
AS 12 Accounting for Government Grants
AS 13 Accounting for Investments
AS 14 Accounting for Amalgamations
AS 15 Employee benefits
AS 16 Borrowing Costs
AS 17 Segment Reporting
AS 18 Related to party Disclosure
AS 19 Leases
As 20 Earning per share

11. List of Accounting standards
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 of contingent Liabilities and Assets
As 30 Financial instruments recognition and measurements (Withdrawn)

12. List of Accounting standards
AS 31 Financial Instruments : Presentations (Withdrawn)
AS 32 Financial Instruments : Disclosures (Withdrawn)