Accounting courses in Chandigarh

History of Accounting Standards Board of India (ASB): On 21st April 1977, the Institute of Chartered Accountants of India as the premier accounting body in our country, set up “Accounting Standard Board” (ASB) to harmonize the diverse accounting policies and practice prevalent in our country. The primary duty of ASB is to formulate the accounting standards for India. These standards may be established by the Council of the Institute in India.

During formulation the accounting standards, the ASB considered the applicable laws, usage, customs and the business environment existing in our country. For this purpose, ASB took the valued views and guidelines from various industrial houses, Government, and other interested parties.

The body consists of the following members: Company Law board, CBDT, Central Board of Excise and Customs, Controller General of Accounts, SEBI, Comptroller and Auditor General of Accounts, UGC, Educational and Professional Institutions, Councils of the Institutes and representatives of Industry. The Accounting Standards will, however, be issued under the guidance of the Council. As such, ASB has given the authority of propagating the accounting standards and insisting the parties to prepare and present the accounts on the basis of the accounting standards.

ASB will explain the basic concept on which accounting principles should be oriented and also will explain the accounting principles on which the practice and procedure should confirm while performing its functions. However, the Council of the Institute of Chartered Accountants of India has issued 29 Accounting Standards (AS) so far.

Indian Accounting Standards: AS 1— Disclosures of Accounting Policies AS 2— Valuation of Inventories AS 3— Cash Flow Statement AS 4— Contingencies and Events Occurring after the Balance Sheet Date (Revised) AS 5— Prior Period and Extraordinary Items and Changes in Accounting Policies AS 6— Depreciation Accounting (Revised)

AS 7— Accounting for Construction Contracts AS 8— Accounting for Research and Development AS 9— Revenue Recognition AS 10— Accounting for Fixed Assets AS 11— Accounting for the Effect of Changes in Foreign Exchange Rates AS 12— Accounting for Government Grants AS 13— Accounting for Investments AS 14— Accounting for Amalgamation AS 15— Accounting for Retirement Benefits in the Financial Statements of Employees AS 16— Borrowing Costs AS 17— Segment Reporting

AS 18— Related Party Disclosures AS 19— Accounting for 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 28— Impairment of Assets As 29— Provisions, Contingents Liabilities and Contingent Assets.

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