Presentation on theme: "RTI, Jaipur1 Accounting Standards AS17 to AS 29. RTI, Jaipur2 Session overview –Every profession develops a body of knowledge consisting of principles,"— Presentation transcript:
RTI, Jaipur2 Session overview –Every profession develops a body of knowledge consisting of principles, which are considered as standard to be attained. Accounting is no exception. In India, the Institute of Chartered Accountants of India has developed Accounting Standards; based on the ‘generally accepted accounting standards’ to be used in preparation of financial statements.
RTI, Jaipur3 Accountig Standards 17 to 29 Brief description of accounting Standards 17 to 29 Company and their application in. preparing final accounts may be discussed.
RTI, Jaipur4 Session coverage During this session, we will learn: the importance of the accounting standards in preparation of financial statements; and application of AS 1 relating to ‘Disclosure of Accounting Policies’, and application of AS 4 relating to ‘Events Occurring After the Balance Sheet Date’ for preparation of financial statements.
RTI, Jaipur5 Learning Objective At the end of the session, the learner will be able to state the importance of Accounting Standards in the preparation of financial statements and application of AS 1 relating to ‘Disclosure of Accounting Policies’ and AS 4 relating to ‘Events Occurring After the Balance Sheet Date’ in the preparation of Financial Statements.
RTI, Jaipur6 Importance of Accounting Standards The users of the financial statements need an assurance that the entities preparing their financial statements follow the accepted standards while presenting their financial information in the financial statements.
RTI, Jaipur7 LIST OF ACCOUNTING STANDARDS ISSUED SO FAR Institute of Chartered Accountants of India has so far issued 29 Accounting Standards on the advise of the accounting Standards Board
RTI, Jaipur8 LIST OF ACCOUNTING STANDARDS ISSUED SO FAR 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
RTI, Jaipur9 LIST OF ACCOUNTING STANDARDS ISSUED SO FAR 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 Effects of Changes in Foreign Exchange Rates AS 12-Accounting for Government Grants
RTI, Jaipur10 LIST OF ACCOUNTING STANDARDS ISSUED SO FAR AS 13-Accounting for Investments AS 14-Accounting for Amalgamations AS 15-Accounting for Retirement Benefits in the financial Statements of Employers AS 16-Borrowing Costs AS 17-Segment Reporting AS 18-Related Party Disclosures AS 19-Leases
RTI, Jaipur11 LIST OF ACCOUNTING STANDARDS ISSUED SO FAR 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
RTI, Jaipur12 LIST OF ACCOUNTING STANDARDS ISSUED SO FAR 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