This is the complete list of 32 accounting standards mandatory in india .This list of accounting standards has been updated from ICAI website and link has been provided for which Notes or Summary of respective accounting standards available on Indian Accounting blog.
As we all know Accounting standards are written , policy documents issued by expert accounting body or by Government or other regulatory authorities covering the aspects of recognition, measurement, treatment, presentation and disclosure of accounting transaction in the financial statement.
The main purpose of formulating accounting standard is to standardize the diverse accounting policies with a view to eliminate to the extent possible the in-comparability of information provided in financial statements and add reliability to such financial statements. To discuss on whether such standards are necessary in present days it will be beneficial to go through the advantages and disadvantages which they are said to provide.
Few A.S have more than one summary or notes, like revenue Recognition and accounting standard 1, Link is given inside their respective Summary or Notes.
As we all know Accounting standards are written , policy documents issued by expert accounting body or by Government or other regulatory authorities covering the aspects of recognition, measurement, treatment, presentation and disclosure of accounting transaction in the financial statement.
The main purpose of formulating accounting standard is to standardize the diverse accounting policies with a view to eliminate to the extent possible the in-comparability of information provided in financial statements and add reliability to such financial statements. To discuss on whether such standards are necessary in present days it will be beneficial to go through the advantages and disadvantages which they are said to provide.
Few A.S have more than one summary or notes, like revenue Recognition and accounting standard 1, Link is given inside their respective Summary or Notes.
AS 1 Disclosure of Accounting Policies
AS 23 Accounting for Investments in Associates
AS 25 Interim Financial Reporting
AS 26 Intangible Assets
AS 27 Financial Reporting of Interests in Joint Ventures
