Indian Accounting Standards

Indian Accounting Standards, (abbreviated as india AS) are a set of accounting standards notified by the Ministry of Corporate Affairswhich are converged with International Financial Reporting Standards (IFRS). These accounting standards are formulated by Accounting Standards Board of Institute of Chartered Accountants of India. Now India will have two sets of accounting standards viz. existing accounting standards under Companies (Accounting Standard) Rules, 2006 and IFRS converged Indian Accounting Standards(Ind AS). The Ind AS are named and numbered in the same way as the corresponding IFRS. NACAS recommend these standards to the Ministry of Corporate Affairs. The Ministry of Corporate Affairs has to spell out the accounting standards applicable for companies in India. As on date the Ministry of Corporate 
Affairs notified 35 Indian Accounting Standards(Ind AS). But it has not notified the date of implementation of the same.^[1]

OBJECTIVE The basic objective of Accounting Standards is to remove variations in the treatment of several accounting aspects and to bring about standardization in presentation. They intent to harmonize the diverse accounting policies followed in the preparation and presentation of financial statements by different reporting
enterprises so as to facilitate intra-firm and inter-firm comparison.

List of Indian Accounting Standards

The following are the mandatory Accounting Standards (AS) as on July 1, 2012 as listed on the site of The Institute of Chartered Accountants of India (ICAI) -

'*AS 1 Disclosure of Accounting policies"

*AS 2 Valuation of Inventories

*AS 3 Cash Flow Statement

*AS 4 Contingencies and Events Occurring after the Balance Sheet Date

*AS 5 Net Profit or Loss for the period,Prior Period Items and Changes in Accounting Policies

* AS 6 Depreciation Accounting

*AS 7 Construction Contracts (revised 2002)'''

*AS 8 Accounting for Research and Development (AS-8 is no longer in force since it was merged with AS-26)

*AS 9 Revenue Recognition

*AS 10 Accounting for Fixed Assets

*AS 11 The Effects of Changes in Foreign Exchange Rates (revised 2003),

*AS 12 Accounting for Government Grants

*AS 13 Accounting for Investments

*AS 14 Accounting for Amalgamations

*AS 15 Employee Benefits (revised 2005)

*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 and Limited Revisions to AS 2, AS 11 revised 2003), AS 21, AS 23, AS 26, AS 27, AS 28 and AS 29

*AS 31, Financial Instruments: Presentation

*AS 32, Financial Instruments: Disclosures, and limited revision to Accounting Standard