List of Accounting Standards issued by ASB

List of accounting standards issued by the Accounting Standards Board (ASB) in India, along with brief explanations of each:

• AS 1: Disclosure of Accounting Policies

Ensures clarity by requiring entities to disclose significant accounting policies adopted in the preparation of financial statements.

• AS 2: Valuation of Inventories

Prescribes methods for valuing inventories and ensures they are recorded at the lower of cost or net realizable value.

• AS 3: Cash Flow Statements

Provides guidelines for presenting cash inflows and outflows under operating, investing, and financing activities.

• AS 4: Contingencies and Events Occurring After the Balance Sheet Date

Covers the accounting treatment of events and contingencies occurring post-balance sheet date but before financial statements are approved.

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

Ensures proper classification and disclosure of prior period items, extraordinary items, and changes in accounting policies.

• AS 6: Depreciation Accounting (Withdrawn)

Previously dealt with the depreciation of assets; now integrated with AS 10 (Revised).

• AS 7: Construction Contracts

Deals with revenue recognition and cost accounting for construction contracts based on the percentage of completion.

• AS 9: Revenue Recognition

Provides criteria for recognizing revenue from sales, services, and other business activities.

• AS 10: Property, Plant, and Equipment

Governs accounting for tangible fixed assets, including acquisition, depreciation, and disposal.

• AS 11: The Effects of Changes in Foreign Exchange Rates

Covers accounting for foreign currency transactions, translation of financial statements, and exchange rate fluctuations.

• AS 12: Accounting for Government Grants

Specifies the treatment of government grants in financial statements, either as capital or revenue receipts.

• AS 13: Accounting for Investments

Provides guidance on classification, recognition, and valuation of investments.

• AS 14: Accounting for Amalgamations

Prescribes the accounting treatment for mergers and acquisitions, ensuring uniformity and transparency.

• AS 15: Employee Benefits

Deals with accounting for various employee benefits, such as pensions, gratuity, and leave encashments.

• AS 16: Borrowing Costs

Provides guidelines for capitalizing borrowing costs directly attributable to acquiring qualifying assets.

• AS 17: Segment Reporting

Requires disclosure of financial information by business or geographical segments.

• AS 18: Related Party Disclosures

Mandates disclosures about transactions with related parties to highlight potential conflicts of interest.

• AS 19: Leases

Prescribes accounting treatment for lease agreements for both lessors and lessees.

• AS 20: Earnings Per Share (EPS)

Explains how to calculate and present basic and diluted EPS in financial statements.

• AS 21: Consolidated Financial Statements

Provides guidelines for preparing consolidated financial statements for parent and subsidiary companies.

• AS 22: Accounting for Taxes on Income

Covers deferred tax accounting, recognizing tax effects of temporary differences.

• AS 23: Accounting for Investments in Associates in Consolidated Financial Statements

Explains accounting for investments in associates using the equity method in consolidated accounts.

• AS 24: Discontinuing Operations

Provides disclosure requirements for operations that are being discontinued.

• AS 25: Interim Financial Reporting

Deals with preparation and presentation of financial results for interim periods.

• AS 26: Intangible Assets

Provides guidelines for recognizing, measuring, and amortizing intangible assets like patents and copyrights.

• AS 27: Financial Reporting of Interests in Joint Ventures

Specifies accounting for joint venture interests and related disclosures.

• AS 28: Impairment of Assets

Guides the assessment of whether an asset’s carrying amount exceeds its recoverable amount.

• AS 29: Provisions, Contingent Liabilities, and Contingent Assets

Covers the recognition and measurement of provisions, contingent liabilities, and contingent assets.