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The basic reasons for the same are 1) The useful life of an asset
is determined by the company and 2) Shifting of method from
WDVM to SLM in the initial year and vice versa.
Valuation of fixed assets(capitalisation of interest) -- As per
Accounting Standard 10, the cost of interest on the funds
borrowed for acquiring fixed assets should be capitalised till the
date the assets are put to use.
5 Net Profit or Loss for the period, Prior period Items and Changes in
Accounting Policies.
6 Depreciation Accounting
7 Construction Contracts
8 Accounting for Research and Development (This standard has
been withdrawn w.e.f. 01.04.2004 for all levels of enterprises and
AS 26 is applicable)
9 Revenue recognition
10 Accounting for Fixed Assets
11 The Effect of Changes in Foreign Exchange Rates
12 Accounting for Government Grants
Sr. No. Particulars
13 Accounting for Investments
14 Accounting for Amalgamations
15 Accounting for Retirement Benefits in the Financial Statements of
Employers
16 Borrowing Costs
17 Segment Reporting
19 Leases
24 Discontinuing Operations
26 Intangible Assets
28 Impairment of Assets
Apart from the above mentioned accounting standards, ICAI has also prescribed
AS30, AS31 and AS32 related to financial instruments, which are mandatory from 1-4-
2011.
According to the Securities and Exchange Board of India
norms, if there is any change in a method of accounting
and if there is a material effect on the results following
the change, companies must give reasons for it and
quantify the effect that such a change will have.