Accounting Standards

About AS
• Are the principles governing accounting
practices which determines the appropriate
treatment of financial transactions.
• The objective is to harmonize the diversified
policies to make the system more useful and
effective.
IMPORTANCE
• Uniformity and standardization
• True and fair picture
• Easy interpretation and analysis
• Meaningful comparison
LIST OF ACCOUNTING
STANDARDS.

• AS 1 : Disclosure of • AS 5: Net profit and loss

accounting priciples. for the period, prior
• AS 2: Valuation of period
inventories • AS 6: Depreciation
• AS 3: Cash flow accounting
statements • AS 7: Construction
• AS 4: Contingencies and contracts
events occurring after the • AS 8: Accounting for
balance sheet date research and
development.