13 January 2008
AS are the guidelines on policies to be followed while doing accounting. They are issued by ASB. There are 30 AS and two more drafts are ready. There are liely to be 39 AS as per International Standards. International Accounting there is IFRS. India is likely to adopt IFRS by 2011.
14 January 2008
Accounting Standards are the prescribed accounting treatment on any specified item.These accounting standard are isued by ICAI and is to be followed by every company by virtue of the provisions of Companies Act,1956. Further at present there are 31 AS applicable.Out of these AS-8 has been withdrawn and AS-30 & AS-31 has recently been issued and they are in the preliminary stages of implementation.Further AS-32 is ready to come in the market very shortly. The benefit of applying these accounting standards are that it enables true & fair view of Financial Statements by making proper accounting of the entitiy's transaction and hence thereby reduces window dressing of the Financial Statementd.
27 February 2008
Expenditure, the benefit of incurring of which is spread over more than one accounting here and therefore has to be written off over the number of years it gives benefit. That portion which is not written off and carried over to the next year(s) is called deferred expenditure.
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