Beruflich Dokumente
Kultur Dokumente
Group Members:
Ajinkya Adhikari (A01)
Surhud Deshpande (A16)
Geet Donde (A19)
Nitin Jadhav (A24)
Sharad Nadgoundi (A36)
Parag Sawant (A50)
Sumit Sutar (A56)
Contents:
Introduction
Objectives
Evolution of Accounting Standards
Types of Accounting Standards
Introduction:
Accounting standards are formulated by Accounting Standards
Board of ICAI
In India ,issued by ICAI on 21st April,1977
As on date the Ministry of Corporate Affairs notified 39 Indian
Objectives:
To remove variations in treatment of several accounting
aspects
To bring standardization in accounting process
Add reliability to the Financial statements
Initiation
1.AS 1 to AS 15
1979 to 1995
2.AS 16 to AS 29
2000 to 2007
3.AS 30 to AS 32
Accountants of India
Came into effect in respect of accounting periods
Objectives: AS 21
To lay down principles and procedures for
April 1,2001
It is a measurement standard meaning thereby involves
accounting along with disclosure.
Then onwards, there are two taxes accounted in statements:
Current Income Tax
Deferred Income Tax
Objectives: AS 22
To prescribe accounting treatment for taxes
on income
Accounting for specific period.
Focus on the need to adhere to fundamental
principle
Objectives: AS 23
The effects of investments in associates on the financial
General Disclosure
Investment in associates are to be listed and described as
Objectives: AS 24
To establish principles for reporting information about
discontinuing operations
To enhance the ability of users of financial statements to
make projections of an enterprise's:
Cash flows
Earning-Generating Capacity
Financial position by segregating information about
discontinuing operations
Cont.
An interim financial report should include, at a minimum,
Objectives: AS 25
To prescribe the minimum content of an interim financial
report
To prescribe the principles for recognition and
physical substance.
Some intangible assets may be contained in or on a physical
Objectives: AS 25
To prescribe the accounting treatment for intangible assets
course of business
Deferred tax assets
Assets arising from employee benefits
Goodwill acquired in a business combination
Assets arising from contracts with customers
statements of an enterprise
Joint ventures are not subsidiaries, nor associates, and
Objectives: AS 27
To set out principles and procedures for accounting for
AS 28:Impairment of Assets
Mandatory for all entities to account for impairment of
assets
Weakening of Assets value
Occurs when carrying assets more than their recoverable
amount
Carrying cost =Cost of assets -Accumulated Depreciation
assets
Provisions:-
It is a Liability
Settlement should result in outflow
Liability is result of obligating event
Contingent liabilities:-
Arises from past events the existence of which will be confirmed only by
occurrence or non-occurrence of one or more uncertain future events
Financial Instruments
AS 30 Recognition and Measurement
AS 31 Presentation
AS 32 Disclosures
Has not been made mandatory (expected in 2009)