Compliance to Accounting Standards

Compliance to Accounting Standards

Accounting Standards In India

Accounting is considered the language of business. Each language has certain set of rules. similarly, accounting has certain rules to be observed by the accountants so that it is understood by all in the same sense these set of rules become accounting standards. Thus accounting standards are certain set of rules and guidance bed on the principles and methods of accounting to be followed to have uniformity in terminology approach and presentation of results.

Accounting Standards in India are issued by the Institute of Chartered Accountants of India (ICAI). At present there are 31 Accounting Standards issued by ICAI.

  • Disclosure of accounting policies.
  • Valuation of Inventories.
  • Cash Flow Statements.
  • Contingencies and events occurring after the Balance Sheet Date.
  • Net Profit or loss for the period, Prior period items and Changes in accounting Policies.
  • Depreciation accounting.
  • Construction Contracts.
  • Revenue Recognition.
  • Accounting for Fixed sets.
  • The Effect of Changes in FOREX Rates.
  • Accounting for Government Grants.
  • Accounting for Investments.
  • Accounting for Amalgamation.
  • Employee Benefits.
  • Borrowing Cost.
  • Segment Reporting.
  • Related Party Disclosures.
  • Accounting for Lees.
  • Earnings Per Share.
  • Consolidated Financial Statement.
  • Accounting for Taxes on Income.
  • Accounting for Investment in societies in Consolidated Financial Statement.
  • Discontinuing Operation.
  • Interim Financial Reporting.
  • Intangible sets.
  • Financial Reporting on Interest in joint Ventures.
  • Impairment of sets.
  • Provisions, Contingent, liabilities and Contingent sets.
  • Financial instrument.
  • Financial Instrument presentation.
  • Financial Instruments, Disclosures and Limited revision to accounting standards.