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By :

Kamlesh Dhole

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 are the subject of guidelines
issued by the Institute of Chartered Accountant of
India in respect of financial transactions

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

Accounting Standards provides the information
about companies weather the company has adopt
uniform accounting policies or disclose adequate

The accountability is largely mater of disclouser,
of transparency, of explaining companys
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.

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
AS 6 Depreciation Accounting

AS 7 Construction Contracts (revised
AS 8 Accounting for Research and
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
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

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