HOW MANY ACCOUNTING STANDARDS?

 HOW MANY ACCOUNTING STANDARDS?

The Council of the Institute of Chartered Accountants of India has, so far, issued twenty nine Accounting Standards. However, AS 6 on ‘Depreciation Accounting’ has been withdrawn on revision of AS 10 ‘Property, Plant and Equipment*’ and AS 8 on ‘Accounting for Research and Development’ has been withdrawn consequent to the issuance of AS 26 on ‘Intangible Assets’. Thus effectively, there are 27 Accounting Standards at present. The ‘Accounting Standards’ issued by the Accounting Standards Board establish standards which have to be complied by the business entities so that the financial statements are prepared in accordance with generally accepted accounting principles

The following is the list of Accounting Standards with their respective date of applicability:

AS No.	AS Title	Date
1	Disclosure of Accounting Policies	01/04/1993
2	Valuation of Inventories (Revised)	01/04/1999
3	Cash Flow Statement	01/04/2001
4	Contingencies and Events Occurring after the
	Balance Sheet Date (Revised)	01/04/1998
5	Net Profit or Loss for the Period, Prior Period Items
	and Changes in Accounting Policies	01/04/1996
6	Depreciation Accounting	Withdrawn          w.e.f 1.4.2016               after issuance of revised AS 10 on PPE
7	Construction Contracts	01/04/2002
8	Research & Development	Now included in AS 26
9	Revenue Recognition	01/04/1993
10	Property, Plant and Equipment (Revised)	01/04/2016
11	The Effects of Changes in Foreign Exchange Rates	01/04/2004
12	Accounting for Government Grants	01/04/1994
13	Accounting for Investments (Revised)	01/04/1995
14	Accounting for Amalgamations (Revised)	01/04/1995
15	Employee Benefits	01/04/2006
16	Borrowing Costs	01/04/2000

17	Segment Reporting	01/04/2001
18	Related Party Disclosures	01/04/2001
19	Leases	01/04/2001
20	Earnings Per Share	01/04/2001
21	Consolidated Financial Statements (Revised)	01/04/2001
22	Accounting for Taxes on Income	01/04/2006
23	Accounting  for   Investments   in   Associates   in Consolidated Financial Statements	01/04/2002
24	Discontinuing Operations	01/04/2004
25	Interim Financial Reporting	01/04/2002
26	Intangible Assets	01/04/2003
27	Financial Reporting of Interests in Joint Ventures	01/04/2002
28	Impairment of Assets	01/04/2008
29	Provisions, Contingent Liabilities and Contingent Assets (Revised)	01/04/2004

NOTE: AS 1; AS 2 (Revised); AS 3; AS 4 (Revised); AS 5; AS 10 (Revised); AS

11; AS 12; AS 13 (Revised); AS 16; AS 17 and AS 22 are covered in the syllabus of this paper at Intermediate Level.