Concept Of Accounting Standards

Ayush (Executive ) (6127 Points)

14 February 2023  

Accounting Standards are opinion of a recognised professional boday like accounting standard board. It provides guidlines for preparing and presenting financial statements.

Need of Accounting Standard

Accounting Standards are important because they provide a framework for preparing and presenting financial information in a consistent and comparable manner. They establish a common set of principles and guidelines that companies can use to ensure that their financial statements are reliable, transparent, and relevant to users.

Accounting Standards help to:

  • Promote transparency: They provide a common language for financial reporting, enabling investors and other stakeholders to make informed decisions.
  • Enhance comparability: They ensure that financial information is presented in a consistent manner, allowing stakeholders to compare the financial performance of different companies.
  • Improve reliability: They help to ensure that financial statements are prepared in a consistent and accurate manner, reducing the likelihood of errors or misstatements.
  • Facilitate regulatory compliance: They assist companies in complying with the legal and regulatory requirements related to financial reporting.

Indian Accounting Standards List

Ind AS 101  First time adoption of Ind AS Ind AS 10  Events occurring after Reporting Period
Ind AS 102  Share Based Payment Ind AS 11  Construction Contracts (Omitted by the Companies (Indian Accounting Standards) Amendment Rules, 2018)
Ind AS 103  Business Combination Ind AS 12  Income Taxes
Ind AS 104  Insurance Contracts Ind AS 16  Property, Plant and Equipment
Ind AS 105  Non-Current Assets Held for Sale and Discontinued Operations Ind AS 19  Employee Benefits
Ind AS 106  Exploration for and Evaluation of Mineral Resources Ind AS 20  Accounting for Government Grants and Disclosure of Government Assistance
Ind AS 107  Financial Instruments: Disclosures Ind AS 21  The Effects of Changes in Foreign Exchange Rates
Ind AS 108  Operating Segments Ind AS 23  Borrowing Costs
Ind AS 109  Financial Instruments Ind AS 24  Related Party Disclosures
Ind AS 110  Consolidated Financial Statements Ind AS 27  Separate Financial Statements
Ind AS 111  Joint Arrangements Ind AS 28  Investments in Associates and Joint Ventures
Ind AS 112  Disclosure of Interests in Other Entities Ind AS 29  Financial Reporting in Hyper inflationary Economies
Ind AS 113  Fair Value Measurement Ind AS 32  Financial Instruments: Presentation
Ind AS 114  Regulatory Deferral Accounts Ind AS 33  Earnings per Share
Ind AS 115  Revenue from Contracts with Customers(Applicable from April 2018) Ind AS 34  Interim Financial Reporting
Ind AS 116  Leases (Applicable from April 2019) Ind AS 36  Impairment of Assets
Ind AS 1  Presentation of Financial Statements Ind AS 37  Provisions, Contingent Liabilities and Contingent Assets
Ind AS 2  Inventories Ind AS 38  Intangible Assets
Ind AS 7  Statement of Cash Flows Ind AS 40  Investment Property
Ind AS 8  Accounting Policies, Changes in Accounting Estimates and Errors Ind AS 41  Agriculture