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2. History of Accounting
Standards Board of India
(ASB):
On 21st April 1977, the Institute of Chartered Accountants of India as the premier
accounting body in our country, set up ¡°Accounting Standard Board¡± (ASB) to
harmonize the diverse accounting policies and practice prevalent in our country.
The primary duty of ASB is to formulate the accounting standards for India. These
standards may be established by the Council of the Institute in India.
3. During formulation the accounting standards, the ASB
considered the applicable laws, usage, customs and
the business environment existing in our country. For
this purpose, ASB took the valued views and
guidelines from various industrial houses,
Government, and other interested parties.
4. The body
consists of the
following
members:
Company Law board, CBDT, Central Board of Excise and
Customs, Controller General of Accounts, SEBI,
Comptroller and Auditor General of Accounts, UGC,
Educational and Professional Institutions, Councils of the
Institutes and representatives of Industry.
The Accounting Standards will, however, be issued under
the guidance of the Council. As such, ASB has given the
authority of propagating the accounting standards and
insisting the parties to prepare and present the accounts on
the basis of the accounting standards.
5. ASB will explain the basic concept on which accounting
principles should be oriented and also will explain the
accounting principles on which the practice and procedure
should confirm while performing its functions.
However, the Council of the Institute of Chartered
Accountants of India has issued 29 Accounting Standards
(AS) so far.
6. Indian
Accounting
Standards:
AS 1¡ª Disclosures of Accounting Policies
AS 2¡ª Valuation of Inventories
AS 3¡ª Cash Flow Statement
AS 4¡ª Contingencies and Events Occurring after
the Balance Sheet Date (Revised)
AS 5¡ª Prior Period and Extraordinary Items and
Changes in Accounting Policies
AS 6¡ª Depreciation Accounting (Revised)
7. AS 7¡ª Accounting for Construction Contracts
AS 8¡ª Accounting for Research and Development
AS 9¡ª Revenue Recognition
AS 10¡ª Accounting for Fixed Assets
AS 11¡ª Accounting for the Effect of Changes in Foreign Exchange Rates
AS 12¡ª Accounting for Government Grants
AS 13¡ª Accounting for Investments
AS 14¡ª Accounting for Amalgamation
AS 15¡ª Accounting for Retirement Benefits in the Financial Statements of Employees
AS 16¡ª Borrowing Costs
AS 17¡ª Segment Reporting
8. AS 18¡ª Related Party Disclosures
AS 19¡ª Accounting for Leases
AS 20¡ª Earnings Per Share
AS 21¡ª Consolidated Financial Statements
AS 22¡ª Accounting for Taxes on Income
AS 23¡ª Accounting for Investments in Associates in Consolidated Financial Statements
AS 24¡ª Discontinuing Operations
AS 25¡ª Interim Financial Reporting
AS 26¡ª Intangible Assets
AS 27¡ª Financial Reporting of Interests in Joint Ventures
AS 28¡ª Impairment of Assets
As 29¡ª Provisions, Contingents Liabilities and Contingent Assets.