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ACCOUNTING STANDARDS (including Ind.

AS)
Accounting as a ‘language of business’ communicates the financial
results of an enterprise to various stakeholders by means of financial
statements. In order to ensure transparency, consistency, comparability,
adequacy and reliability of financial reporting, it is essential to
standardise the accounting principles and policies. Accounting
Standards (ASs) provide framework and standard accounting policies so
that the financial statements of different enterprises become
comparable.

OBJECTIVES
✓ eliminate the non-comparability of financial statements and
thereby improving the reliability of financial statements; and
✓ Provide a set of standard accounting policies, valuation norms and
disclosure requirements.

Overview with International point of view


Overview with Indian point of view
In India, the Institute of Chartered Accountants of India (ICAI), being a
premier accounting body in the country, took upon itself the leadership
role by constituting the Accounting Standards Board (ASB) on 21st April,
1977. The main function of ASB is to formulate accounting standards so
that such standards may be established in India by the council of the ICAI.

Section 133 of Companies Act, 2013- Central Government to prescribe


accounting standards

The Central Government may prescribe the standards of accounting or any


addendum thereto, as recommended by the Institute of Chartered
Accountants of India, constituted under section 3 of the Chartered
Accountants Act, 1949, in consultation with and after examination of the
recommendations made by the National Financial Reporting
Authority

Applicability
✓ Every Listed Company.
✓ Unlisted Companies with Net Worth of not less than Rs. 2.5 billion
($36.7 million) and not more than Rs. 5 billion ($73.4 million)
LIST OF AS
❖ AS 1- Disclosure of Accounting Policies(Issued 1979)
❖ AS 2- Valuation of Inventories
❖ AS 3- Cash Flow Statements
❖ 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
❖ AS 7- Accounting for Construction Contracts
❖ AS 8- Accounting for Research and Development
❖ AS 9- Revenue Recognition
❖ AS 10- Accounting for Property, Plant and Equipment
❖ AS 11- The Effects of Changes in Foreign Exchange Rates
❖ AS 12- Accounting for Government Grants
❖ AS 13.- Accounting for Investments
❖ AS 14. Accounting for Amalgamations
❖ AS 15. Employee Benefits
❖ 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 27)
❖ AS 28 Impairment of Assets (AS 28)
❖ AS 29 Provisions, Contingent Liabilities & Contingent Assets(AS 29)
❖ AS 30- Financial Instruments: Recognition and Measurement’,
❖ ‘AS 31- Financial Instruments: Presentation’,
❖ ‘AS 32- Financial Instruments: Disclosures’ stands withdrawn.

LIST OF IND. AS(total 40)

 101 First Time Adoption of Indian Accounting Standards


 102 Share Based Payment
 103 Business Combinations
 104 Insurance Contracts
 105 Non-current Assets Held for Sale and Discontinued Operations
 106 Exploration for and Evaluation of Mineral Resources
 107 Financial Instruments: Disclosures
 108 Operating Segments
 109 Financial Instruments
 110 Consolidated Financial Statements
 111 Joint Arrangements
 112 Disclosure of Interests in Other Entities
 113 Fair Value Measurement
 114 Regulatory Deferral Accounts

 1 Presentation of Financial Statements


 2 Inventories
 7 Statement of Cash Flows
 8 Accounting Policies, Changes in Accounting Estimates and Errors(as 5)
 10 Events after the Reporting Period (as 4)
 11 Construction Contracts
 12 Income Taxes
 16 Property, Plant and Equipment
 17 Leases
 18 Revenue
 19 Employee Benefits
 20 Accounting for Government Grants and Disclosure of Government Assistance
 21 The Effects of Changes in Foreign Exchange Rates
 23 Borrowing Costs
 24 Related Party Disclosures
 27 Separate Financial Statements
 28 Investment in Associates and Joint Ventures
 29 Financial Reporting in Hyperinflationary Economies
 32 Financial Instruments: Presentation
 33 Earnings per Share
 34 Interim Financial Reporting
 36 Impairment of Assets
 37 Provisions, Contingent Liabilities and Contingent Assets
 38 Intangible Assets
 40 Investment Property
 41 Agriculture

Special list for Ind AS prepared by CS ABHISHEK OJHA (Search ABHISHEK OJHA on you tube)

1st story (my first business)(101- 105)


2nd story : ek din nadiya kinnare(105-110)

Sales
1st Qtr

2nd
Qtr
3rd Qtr

4th Qtr

Story 3 : Zindagi Na Milegi


Dobara (English: You won't get this life
again)(111-114)
Story 4: 4 ka dum (power of 4)
 1 Presentation of Financial Statements
 2 Inventories
 3 cash flow + 4= 7
 7 construction + 4 = 11

Story 5: 16 baras ki bali umar ko salam


Story 6: Aamdani ataani kharcha rupya (ind
as 27- 29)

Story 7 : back to agriculture (ind AS 36 - 41)


Other :

 8 Accounting Policies, Changes in Accounting Estimates and Errors(as 5)


 10 Events after the Reporting Period (as 4)
 12 Income Taxes
 33 Earnings per Share
 34 Interim Financial Reporting
 36 Impairment of Assets

(CBSE UGC NET DEC.2012 PAPER 2)


QU. The main objective of Accounting Standards is

(A) To prepare the accounting reports which is easily understood by common man.

(B) To comply with the legal formalities.

(C) To harmonise the diversified accounting practices.

(D) To comply with the requirements of the International Accounting Standards (IAS)

(CBSE UGC NET JUNE 2013 PAPER 3)

QU.. In India, which of the following is prepared on the guidelines of AS-3 (Accounting Standard – 3) ?

(A) Balance Sheet of a Company

(B) Funds Flow Statement

(C) Cash Flow Statement

(D) Consolidated Financial Statement

(CBSE UGC NET JUNE 2011 PAPER 2)

QU. Accounting Standards Board of India was established in the year

(A) 1970 (B) 1972 (C) 1973 (D) 1977

(CBSE UGC NET NOV 2017 PAPER 2)

QU. Match the items of List - I with those of List - II and indicate the correct code :

List - I List - II

(Accounting standard) (Relationship)

(a) AS - 6 (i) Accounting for Consolidated Financial Statements

(b) AS - 3 (ii) Accounting For Fixed Assets

(c) AS - 10 (iii) Depreciation Accounting

(d) AS - 21 (iv) Accounting For Cash Flow Statement

Code :

(a) (b) (c) (d)

(1) (ii) (iv) (iii) (i)


(2) (iii) (iv) (ii) (i)

(3) (iv) (iii) (i) (ii)

(4) (i) (ii) (iii) (iv)

(CBSE UGC NET JUNE 2016 PAPER 3)

QU. Accounting Standard-6 is meant for

(1) Accounting for Fixed Assets (2) Accounting treatment for goodwill

(3) Depreciation Accounting (4) Disclosure of Accounting policies

(CBSE UGC NET DEC.2015 PAPER 3 )

QU. Match the items of List - I with List - II :

List – I List - II

(a) Intangible Assets (i) Ind AS 31

(b) Impairment of Assets (ii) Ind AS 34

(c) Interim Financial Reporting (iii) Ind AS 36

(d) Interests in Joint Ventures (iv) Ind AS 38

Codes :

(a) (b) (c) (d)

(1) (i) (ii) (iii) (iv)

(2) (iv) (iii) (ii) (i)

(3) (iv) (i) (ii) (iii)

(4) (iv) (ii) (i) (iii)

(CBSE UGC NET JUNE 2015 PAPER 3)

QU. Preparation of consolidated statement of accounts as per AS - 21 is :


(1) Optional

(2) Mandatory for Private Ltd. Companies

(3) Mandatory for Listed Companies

(4) Mandatory for all Companies


(KARNATAKA SET 2016 PAPER 3)

QU. AS – 6 was made mandatory from the accounting period beginning on or after

(A) 01 – 04 – 1991

(B) 01 – 04 – 2001

(C) 01 – 04 – 2004

(D) 01 – 04 – 1995

QU. Accounting Standards Board was set upin India in

(A) 1989

(B) 1977

(C) 1889

(D) 1997

(KARNATAKA SET 2013 PAPER 3)

QU. Which one of the following statements is not true ?

(A) All Accounting Standards in India are framed by ICAI from time to time

(B) All Accounting Standards are mandatory

(C) Responsibility Accounting presumes Revenue and Cost Centers are identifiable

(D) Social Accounting is not mandatory in India

(KEARLA SET 2017 JULY)

Match the following:

List I List II

a. AS 6 (i) Accounting for leases


b. AS 10 (ii) Borrowing cost

c. AS 16 (iii) Accounting for fixed assets

d. AS 19 (iv) Depreciation

A) a - ii, b - iii, c - iv, d - i

B) a - iii, b - iv, c - i, d - ii

C) a - iv, b - ii, c - i, d - iii

D) a -iv, b - iii, c - ii, d – i

(KEARLA SET 2017 JULY)

QU. Match the following:

A B

i. Accounting principles a) materiality

ii. Accounting assumptions b) IASB

iii. Modifying principles c) revenue recognition

iv. Accounting standards d) money measurement

A) i-a, ii-c, iii-b, iv-d B) i-d, ii-a, iii-b, iv-c

C) i-b, ii-a, iii-c, iv-d D) i-c, ii-d, iii-a, iv-b

(KEARLA SET 2016 JUNE)

Match the following :

List A List B

a) Closing stock valuation 1) AS 3

b) Capitalisation of patents 2) AS 6

c) Cash from operations 3) AS 26

d) Charging of depreciation 4) AS 2

A) (a)—(1), (b)—(2), (c)—(3), (d)—(4)


B) (a)—(2), (b)—(1), (c)—(4), (d)—(3)

C) (a)—(4), (b)—(3), (c)—(1), (d)—(2)

D) (a)—(3), (b)—(4), (c)—(1), (d)—(2)

(KEARLA SET 2015 DEC)

QU. Which International Accounting Standard deals with the preparation of cash flow
statement?

A) IAS 1 B) IAS 3 C) IAS 7 D) IAS 9

(KEARLA SET 2015 JUNE)

QU.Pick the accounting standard dealing with Government Grants.

A) AS 11 B) AS 12 C) AS 16 D) AS 19

(KEARLA SET 2015 JUNE)

QU. AS 20 deals with:

A) Earning Per Share B) Impairment of assets

C) Intangible assets D) Accounting for fixed assets

(KEARLA SET 2012 )

. QU. Which accounting standard deals with accounting for depreciation?

A) AS 10 B) AS 26 C) AS 6 D) AS 16