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INTRODUCTION, , TO, , ACCOUNTING STANDARDS -AS, <, , Learning Objectives, After stwdying this, chapter, you should be able to, understand:, Provisions of ASI, , Applications of the Standards, , Synopsis, Introduction, Meaning of Accounting Standard, , Nature, , Need and Importance, , Accounting Standards in India, of, Accounting Standards issued, , Status, , by ICA, Functions and, Responsibilities, A, of S.B, Procedure of Formulation, of, Standard, A.S, Disciosure of, 9, Accounting Policies, Meaning of, , 92 Scope, 10, , Exercises, , Accounting Policies

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provide Gener, eneraly, , dw, , boundanes within which, , acceptable, , Accepted Accounting principles, rotessionaly, competent onganisations, In order to, be acceptable, it is, , conduct should lie., , and, , procedures, , as, , In, , othe, , pronoun ced, , that accounting standards shotuld, comm, Ne credibility among the diferentnecessiry, nmand ete, groups using financial statemerts, Aunting Standards suggest rules and cnteria of accounting measurements. Its, S e p n developng, formul, accounting within the bounds of rationality and general, acceptance, ACCOUNTING STANDARDS IN INDIA, , n 21st Apnl. 1977,, Iandards Bard (known, sd in Inda, , The Institute of Chartered Accountants of India, constiruted Acco, ASB) with a view to hamonise accounting, policles and, , as, , prac, , he main, , Aunctions of AS.B is to formulate the standarcds atter, taking into consideration, eable laus customs,, usages and business environment, The, Aoountng Standards Board is constituted in such a manner that it would, , pReNtanon to all interested parties and thereby ensure participation, Tmulation of standards and their inmplementation, As, , N, , a, , first task, , dovument, , in, , andards., , to, , explain, , nature and scope of, , January 1970, which, , is, , known, , give, , ot all, , adequ, , concerned, , in, , standards, and procedure the A.S.B. issued t, 'Preface to the Statements of accountir, , as, , STATUS OF ACCOUNTING STANDARDS ISSUED BY ICA, , Number of the, , Accounting, , Titte of the, , Accounting Standard, , Date from which, , Standard (AS), , Enterprises to which, applicable, , mandatory, (accounting, periods, , commencing, AS-1, , AS- (Revised), , AS- (Revised, S (Revisad), , S-5 (Revised), , S-6 (Revised), S- (Revised), S-9, , on or after), , Disciosure of Accounting Policies, Valuation of Inventories, , | 1-4-1993, , All, , 14-2016, 14-2001, , All, , aterthe Balance Sheet Date Occurring|, , Level-1 and Non SMC, , 14-2016, , All, , Net Profit or Loss for the, Period. Prior, Period ltems and, , 1-4-1996, , All, , 14-1995, 1-4-2002, , All, , 1-4-1993, , All, , Cash Flow Statement, , Contingencies, , & Events, , Accounting Policies, , Changes in, , Depreciation Accounting, Construction Contracts, Withdrawn and included in AS-26, , Revenue Recognition, , -10 (Revised) Property, Plants Equipment, 14-2016, -11, The Effects of, Changes in Foreign 14-2004, evised-2003) Exchange Rates, , 12, -13, , Accounting for Govt. Grants, , (Revised), , -14 (Revised), , -15, vised-2005)), , 16, 17, , 18, 9, , Accounting for Investments, Accounting for Amalgamations, , Employees Benefit, Borrowing Costs, , SegmentReporting, Related Party Disclosures, Leases, , Earning Per Share, , 1 (Revised) Consolidated Financial, Statements, , Accounting for Taxes on Income, , All, , All, , All, , 1-4-1994, , All, , 1-4-2016, , All, , 1-4-2016, 1-4-2006, , All, , 1-4-2000, 14-2001, | 14-2001, 1-4-2001, 14-2001, , All, , 14-2016, 14-2001, 1-4-2002, 1-4-2006, , All, , Level-I and Non-SMC, , Level-I, Il and all companies, , All, , All, , See Note1, For Listed Companies, , Companies other than listed, All

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Arvountin a m a r d, , 4S, , Investment, , for, o, , n, , in, , 1-4-2002, , ee Note, , Financiol, , Accounting, 8, , 0, , H, , d, , a, , t, , e, , 33, , d, , in, , Associates, Statemens, Discontimuing Operations, , 14-200A, , Interim, , 1-4-2002, , nancial Reporting, , 1-4-2003, , Intangible Assets, , Financial, , 4, , Reporting, , evel-1, Il and alll cornpanies, Note 2, conpe, , of Interests, , in Joint, , Al, , 1-4-2002, , See Note, , V e n t u r e s, , -4-2004, 1-4-2006, 1-4-2008, , Impairment o f Assets, , Provisions, Contingent, 4 S 0( R e v i s e d ), , Liabilities and, , Level-1, , Level-1Ana all companies, Level-1l1, , 1-4-2016, , All, , Contingent Assets, , Financial Instruments -Recognition | To be announced, 30, , Non SME, , andMeasurement, , Financial Instruments- Presentation, 4S31, , Financial lnstruments -Disclosures, , To be announced, To be announced, , Non SME, Non SME, , Fig. 4.1, , 45-32, , IFRS and correspondir, , TITLE, , AS notifled by MCA, , (Note, , Presentation of Financial, , Statements, , IAS8, IAS 10, , IAS 12, , IAS16, IAS17, TAS 19, , IAS 20, , Balance Sheet date, , Ind AS 7, Ind AS 8, , Income Taxes, , Ind AS 10, , Property, Plantand Equipment, , Ind AS 12, Ind AS 16, , Leases, , Employees Benefits, Accounting for GOvt., , Ind AS 17, Grants and, , Assistance, , IAS 21, , omitted), , Ind AS 2, , Accounting polhicies,cnangein accounting estimates anderOr, Tors, Events after the, , ls, , Ind AS, , Inventories, Cash Flow Statements, , IAS7, , A8-6, , CORRESPONDING, CONVERGED, IND AS, , I 4 SNO., , IASI, IAS2, , :, , Disclosure of Government, , The Effects of changes in the Foreign Exchange Rates, , IAS 23, , Borrowing Costs, , IAS 24, , Related party disclosures, , Ind AS 19, , Ind AS 20, Ind AS 21, Ind AS 23, Ind AS 24, , IAS 26 Accounting and Reporting by Retirement Benefits plan, IAS 27, , IAS 28, TAS 29, , Consolidated and separate financial statements, , Ind AS 28, , FinancialReporting, , Ind AS 29, , in, , Hyper Inflationary Economies, IAS32 Financial Instruments: Presentation, IAS 33Earnings per share, , IAS34, IAS 36, , Interim Financial Reporting, mpairment Assets, , 1AS 37, , Provisions, Contingent liabilities and Cont1ngent Assels, , AS 38, , Intangible Assets, , IAS 40, , IAS41, , Ind AS 27, , Investments in associates and Joint Ventures, , Investmentproperty, Agriculture, , Ind AS 32, Ind AS 33, , Ind AS 34, , Ind AS 36, Ind AS 37, , Ind AS 38, Ind AS 40, , IndAS 41