Write any 12 accounting standards
Answers
Accounting policies and disclosure on Lease transactions (AS 19)
The objective of this standard is to prescribe the appropriate accounting policies and disclosures in relation to finance leases and operating leases.
Per Share Earnings or Earnings per share (AS 20)
AS 20 prescribes principles for the determination and presentation of earnings per share which will improve the comparison of performance among different enterprises for the same accounting period and among different accounting periods for the same enterprise.
Preparation and Presentation of Consolidated Financial Statements (AS 21)
The objective of this standard is to lay down principles and procedures for preparation and presentation of consolidated financial statements. Consolidated financial statements are predetermined to present financial
Toggle navigation
Accounting Standards can be any form of statement which consists of rules and guidelines, issued by the accounting institutions, for the preparation of uniform and consistent financial statements. This also includes disclosures required by the different users of accounting information.
Accounting solutions to help you manage your business just the way you want.
Take a free trial now
List of (Mandatory) Accounting Standards in detail
Here is the summary of accounting standards issued by the ICAI as well as Companies (Accounting Standards) Rules, 2006 notified by the Ministry of Corporate Affairs, Government of India. These standards are followed by the preparers and auditors of financial statements along with other stakeholders.
Policies related to accounting disclosure (AS 1)
This standard deals with the disclosure of significant accounting policies which are followed in preparing and presenting financial statements.
Valuation of Inventories (AS 2)
This standard deals with the determination of value at which inventories are carried in the financial statements, including the ascertainment of cost of inventories and any write-down thereof to net realizable value.
Cash Flow Statements (AS 3)
This standard deals with the historical changes in cash and cash equivalents of an enterprise. This is done by preparing a statement popularly called Cash Flow Statement. This statement classifies cash flows during the period from operating, investing and financing activities.
Contingencies and Events Occurring After Balance Sheet Date (AS 4)
This Standard deals with the treatment of contingencies and events occurring after the balance sheet date.
Net profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies (AS 5)
This standard should be applied by an enterprise in presenting profit or loss from activities in the normal course of business, extraordinary items and prior period items. This also includes changes in accounting estimates and changes in accounting policies.
Construction Contracts (AS 7)
This standard prescribes the accounting for construction contracts in the financial statements of contractors.