This document provides an overview of accounting standards. It discusses the meaning and introduction of accounting standards, their objectives, and how they are implemented in different countries. The key points are: - Accounting standards provide norms and guidelines for preparing financial statements to ensure consistency and comparability. - Their main objectives are to standardize accounting policies and add reliability to financial reporting. - Many countries have adopted International Financial Reporting Standards issued by the IASB, while India has its own National Advisory Committee on Accounting Standards. - There are currently 41 International Accounting Standards covering various aspects of financial reporting.

1. School of management studies
Jntuk,kakinada
Topic: ACCOUTNING STANDARDS
SAYYED ISSAHAQ AZEEM
14021E0019
1ST-SEM
MBA

2. CONTENTS
1. Meaning of Accounting Standards.
2. Introduction of Accounting Standards.
3. Objectives of Accounting Standards.
4. Accounting Standards in different countries.
5. International Accounting Standards.

3. Accounting Standards
 These are the norms of accounting policies and
practices by way of codes or guidelines to direct as to
how the items which go to make up the financial
statements should be dealt with in accounts and
presented in the annual accounts.
 The main purpose of standards is to provide
information to the users as to the basis on which the
accounts have been prepared.
 Disclosure of accounting policies enables the users
to interpret the reported information.
Standards may consist of detailed rules to be
adopted for accounting treatment of various items
before the presentation of financial statements.

4. Introduction
Keeping in new importance of uniform accounting
processors & models, the 16 accounting bodies from
9 nations.
On 29th June 1973 with its headquarters in London.

5. In 1996, it has 118 member bodies from 85 countries accepted to start regarding
International Standards.
In India 2 bodies are formed by constitution to keep Accounting Standards namely
ICAI & ICWAI(CMA).
In India, issued by ICAI on 21st April 1977.
Initiated by Kumar Mangalam Birla, Chairman committee of Corporate Governance
for Financial Disclosures.

6. Objectives
The basic objective of Accounting Standards is to
remove variations in the treatment of several
accounting aspects and to bring about standardization
in presentation.
Standardize the Accounting Policies.
Add the reliability to the financial statement.
Eradicate baffling variation in treatment of
accounting aspects.
Facilitate the intra-firm and inter-firm comparison.

7. Accounting Standards in
different countries
In India, 32 Accounting Standards as IAS under
NACAS.
As per International there are 41 Accounting
Standards called IFRS.
Adopted by 8 countries in world.
70 to 80 countries planning to adhere IFRS.
Clause 50 added to the listing agreement
mandatory.

8. International Accounting Standards
International Accounting Standards (IASs) were
issued by the antecedent International Accounting
Standards Council (IASC), and endorsed and amended
by the International Accounting Standards Board
(IASB). The IASB will also reissue standards in this
series where it considers it appropriate.

9. # Name Issued
IAS 1 Presentation of Financial Statements 2007*
IAS 2 Inventories 2005*
IAS 3
Consolidated Financial Statements
Superseded in 1989 by IAS 27 and IAS 28
1976
IAS 4
Depreciation Accounting
Withdrawn in 1999
IAS 5
Information to Be Disclosed in Financial Statements
Superseded by IAS 1 effective 1 July 1998
1976
IAS 6
Accounting Responses to Changing Prices
Superseded by IAS 15, which was withdrawn December
2003
IAS 7 Statement of Cash Flows 1992
IAS 8
Accounting Policies, Changes in Accounting Estimates
and Errors
2003
IAS 9
Accounting for Research and Development Activities
Superseded by IAS 38 effective 1 July 1999
IAS 10 Events After the Reporting Period 2003

10. IAS 11
Construction Contracts
Will be superseded by IFRS 15 as of 1 January 2017
1993
IAS 12 Income Taxes 1996*
IAS 13
Presentation of Current Assets and Current Liabilities
Superseded by IAS 39 effective 1 July 1998
IAS 14
Segment Reporting
Superseded by IFRS 8 effective 1 January 2009
1997
IAS 15
Information Reflecting the Effects of Changing Prices
Withdrawn December 2003
2003
IAS 16 Property, Plant and Equipment 2003*
IAS 17 Leases 2003*
IAS 18
Revenue
Will be superseded by IFRS 15 as of 1 January 2017
1993*
IAS 19
Employee Benefits (1998)
Superseded by IAS 19 (2011) effective 1 January 2013
1998
IAS 19 Employee Benefits (2011) 2011*
IAS 20 Accounting for Government Grants and Disclosure of Government Assistance 1983

11. IAS 21 The Effects of Changes in Foreign Exchange Rates 2003*
IAS 22
Business Combinations
Superseded by IFRS 3 effective 31 March 2004
1998*
IAS 23 Borrowing Costs 2007*
IAS 24 Related Party Disclosures 2009*
IAS 25
Accounting for Investments
Superseded by IAS 39 and IAS 40 effective 2001
IAS 26 Accounting and Reporting by Retirement Benefit Plans 1987
IAS 27 Separate Financial Statements (2011) 2011
IAS 27
Consolidated and Separate Financial Statements
Superseded by IFRS 10, IFRS 12 and IAS 27 (2011) effective 1 January 2013
2003
IAS 28 Investments in Associates and Joint Ventures (2011) 2011
IAS 28
Investments in Associates
Superseded by IAS 28 (2011) and IFRS 12 effective 1 January 2013
2003
IAS 29 Financial Reporting in Hyperinflationary Economies 1989
IAS 30
Disclosures in the Financial Statements of Banks and Similar Financial Institutions
Superseded by IFRS 7 effective 1 January 2007
1990

12. IAS 31
Interests In Joint Ventures
Superseded by IFRS 11 and IFRS 12 effective 1 January 2013
2003*
IAS 32 Financial Instruments: Presentation 2003*
IAS 33 Earnings Per Share 2003*
IAS 34 Interim Financial Reporting 1998
IAS 35
Discontinuing Operations
Superseded by IFRS 5 effective 1 January 2005
1998
IAS 36 Impairment of Assets 2004*
IAS 37 Provisions, Contingent Liabilities and Contingent Assets 1998
IAS 38 Intangible Assets 2004*
IAS 39
Financial Instruments: Recognition and Measurement
Superseded by IFRS 9 where IFRS 9 is applied
2003*
IAS 40 Investment Property 2003*
IAS 41 Agriculture 2001

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