Accountancy, asked by siddharth622, 5 months ago

accounting _____ is formed by institute of chartered accounts of india

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Answered by Anonymous

Answer:

Even so, he stands out as being one of the most famous Chartered Accountants in India, who topped it all with an MBA from London Business College. Kumar Mangalam is owner of a business empire with a market value of over $40 billion.

Answered by TRISHNADEVI

ANSWER :

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Accounting Standard is formed by Institute of Chartered Accountants of India.

In India, 32 Accounting Standards have been issued by the Institute of Chartered Accountants of India till March, 2010.

Besides the Accounting Standards, the ICAI has issued several statements on Auditing Practices, Guidance Notes to Auditors etc. as a continuous process to improve the qualities of accounting and auditing profession in India.

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The 32 Accounting Standards issued by the ICAI are as follows :-

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AS-1 : Disclosure of Accounting Policies

AS-2 : Valuation of Inventories (Revised)

AS-3 : Cash Flow Statements (Revised)

AS-4 : Contingencies & Event occuring after the Balance Sheet

AS-5 : Net profit or loss for the period

AS-6 : Depreciation Accounting (Revised)

AS-7 : Construction Contracts (Revised)

AS-8 : Accounting for Research and Development

(Withdrawn pursuant to AS 26 becoming mandatory)

AS-9 : Revenue Recognition

AS-10 : Accounting for Fixed Assets

AS-11 : The Effects of Changes in Foreign Exchange Rates (Revised)

AS-12 : Accounting for Government Grants

AS-13 : Accounting for Investments

AS-14 : Accounting for Amalgamations

AS-15 : Employee Benefits (Revised)

AS-16 : Borrowing Costs

AS-17 : Segment Reporting

AS-18 : Related Party Disclosures

AS-19 : Leases

AS-20 : Earnings Per Share

AS-21 : Consolidated Financial Statements

AS-22 : Accounting for Taxes on Income

AS-23 : Accounting for Investments in Associates in Consolidated Financial Statements

AS-24 : Discontinuing Operations

AS-25 : Interim Financial Reporting

AS-26 : Intangible Assets

AS-27 : Financial Reporting of Interests in Joint Ventures

AS-28 : Impairment of Assets

AS-29 : Provisions,Contingent Liabilities and Contingent Assets

AS-30 : Financial Instruments : recognition and measurement

AS-31 : Financial Instruments : Presentation

AS-32 : Financial Instruments : Disclosure

However, the Accounting Standard on "Accounting for Research and Development" under AS 8 has been withdrawn consequent to the issuance of Accounting Standard on "Intangible Assets" under AS 26. Therefore, there are 31 Accounting Standards effectively at present issued by the Institution of Chartered Accountants of India.

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