Importance of accounting standards:Accounting standards are written document which are issued by expert accounting body or by government the aspect of measurement, treatment & presentation.
It is used in disclosure of accounting transaction.Accounting standards are issued by by various county body in different country. In India accounting standard issued by institute of chartered accountant of India. its short name is ICAI.
ICAI situated in new Delhi (India). ICAI president..CA subodh Agrawal.....................
Accounting standard is an important tool which helps true & fair financial statement of different organisation.financial statement is a statement which is prepared by the management.financial statement include profit & loss account & balance sheet.
Number accounting standard:
ICAI has issued 32 accounting standard .As- 08 "Research & development" has been withdrawn.
Presently there are 31 accounting standards are effective.
out of these three accounting standad namely 30.31,32 will become mandatory W.E.F ist April 2011.
Above three accounting standards are yet not notified by Central government.
Brief of 32 accounting standards:-
more details can be found through ICAI website under resourse section.
It is used in disclosure of accounting transaction.Accounting standards are issued by by various county body in different country. In India accounting standard issued by institute of chartered accountant of India. its short name is ICAI.
ICAI situated in new Delhi (India). ICAI president..CA subodh Agrawal.....................
Accounting standard is an important tool which helps true & fair financial statement of different organisation.financial statement is a statement which is prepared by the management.financial statement include profit & loss account & balance sheet.
Importance of Accounting standard :
- Implementation of accounting standard is the responsibility of management of the enterprise.
- For better presentation of financial statement .
- It reduce confusing variation of accounting treatment.
- It helps comparison of financial statement of different companies.
Scope of accounting standard :
- It cannot override the local regulation which govern th presentation of f/s.
- it applies which item is material.
- It is formulated by accounting standard board(ASB).
- The AsB may consider any issue related to accounting standard.
Number accounting standard:
ICAI has issued 32 accounting standard .As- 08 "Research & development" has been withdrawn.
Presently there are 31 accounting standards are effective.
out of these three accounting standad namely 30.31,32 will become mandatory W.E.F ist April 2011.
Above three accounting standards are yet not notified by Central government.
Brief of 32 accounting standards:-
1 Disclosure of accounting policy
2 Valuation of inventory
3 Cash flow statement
4 contigencies & events occuring after b/s date
5 Net profit & loss for the period' prior period items
6 Depreciation accounting
7 Construction contract
8 withdrawn included in As 26
9 Revenue recognition
10 Accounting for Fixed Assets
11 The effect of changes in Foreign exchanges
12 Accountin for Govrnment grant
13 Investment
14 Accounting for Amalagmation
15 Employee benefit.
16 borrowing Cost
17 Segment reporting
18 Related party disclosure
19 Accounting for lease
20 Earning per share
21 Consolidated financial statement
22 Accounting for taxes income
23 Accounting for investment in Associates in consolidated financial statement
24 Discontinuing operation
25 Interim financial statement
26 Intangible Assets
27 Financial reporting of interest in joint venture
28 impairment of assets
29 Provision, contingent, liabilities and contingent assets
30 Financial Instrument- Recognition & measurement
31 Financial Instrument- Presentation
32 Financial Instrument-Disclosure
more details can be found through ICAI website under resourse section.
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