Accounting Standards :Accounting Standards By : Kamlesh Dhole


Corporate Governance :Corporate Governance Corporate governance is a term that refers broadly to the rules, processes, or laws by which businesses are operated, regulated, and controlled. The term can refer to internal factors defined by the officers, stockholders or constitution of a corporation, as well as to external forces such as consumer groups, clients, and government regulations.


Accounting Standards :Accounting Standards Accounting standards are the subject of guidelines issued by the Institute of Chartered Accountant of India in respect of financial transactions


Slide 4:A common standard for accounting and reporting. Accounting Standards contain the principles governing accounting practices and determine the appropriate treatment of financial transactions.


Importance of Accounting Standards :Importance of Accounting Standards Accounting Standards provides the information about companies weather the company has adopt uniform accounting policies or disclose adequate information. The accountability is largely mater of disclouser, of transparency, of explaining company’s activities.


Examination of Accounting Standards :Examination of Accounting Standards ICAI- Institute of Chartered Accountants of India (ICAI), which is an Apex Body for the development of accountancy in India, has been working for the adoption and improvement of accounting standards. In order to frame the uniform accounting standards the ICAI became an associate member of International Accounting Standards Committee (IASC) in April, 1974.


Accounting Standards issued by the ICAI :Accounting Standards issued by the ICAI AS 1 Disclosure of Accounting Policies 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 Accounting


Slide 8:AS 7 Construction Contracts (revised 2002) AS 8 Accounting for Research and Development 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 (revised 2005) Employee Benefits


Slide 9:Limited Revision to Accounting Standard (AS) 15, Employee Benefits (revised 2005) AS 15 (issued 1995)Accounting for Retirement Benefits in the Financial Statement of Employers 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


Slide 10: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


THANKS :THANKS