Accounting is considered as the language of business.

Each language has certain set of rules.similarly accounting has certain

rules to be observed by the accountants so that it is understood by all
in the same sense these set of rules become accounting standards.
Thus accounting standards are certain set of rules and guidance
based on the principles and methods of accounting to be followed to
have uninformity in terminology approach and presentation of results.
 ICAI
Accounting standards in India are issued by the
Institute of Chartered Accountants of India(ICAI).At
present there are 31 Accounting Standards issued by
ICAI.
Objectives of accounting standards
Standardize the diverse accounting policies.
Add the reliability to the financial statement
Eradicate baffling variation in treatment of accounting
aspects
Facilitate inter-firm and intra-firm comparison
 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.
AS 7. Construction Contracts.
 AS 8. Revenue Recognition.
AS 9. Accounting For Fixed Assets
AS 10. The Effect of Changes in FOREX Rates.
AS 11. Accounting For Government Grants..
AS 12. Accounting For Investment.
AS 13. Accounting For Amalgamation
AS 14. Employee Benefits
 AS 15. Borrowing cost.
AS 16. Segment Reporting.
AS 17. Related Party Disclosures.
AS 18. Accounting For Leases.
AS 19. Earning Per Share.
AS 20. Consolidated Financial Statement.
AS 21. Accounting For Taxes on Income.
AS 22. Accounting For Investment in Associates in
Consolidated Financial Statement.
 AS 23. Discounting Operation.
AS 24. Interim Financial Reporting.
AS 25. Intangible assets.
AS 26. Financial Reporting on Interest in Joint
Ventures.
AS 27. Impairment of Assets.
AS 28.Provisions,Contingent,Liabilities and Contingent
assets.
AS 29. Financial Instrument.
AS 30. Financial Instrument:Presentation.
AS 31. Financial Instrument,Disclosures and Limited
revision to Accounting Standards.
Evolution and Types of AS
Accounting Standards Initiation
1. AS 1 to 5 1979 to 1995
2. AS 16 to 29 2000 to 2007
3. AS 30 to 31 Later part of 2017
THANK YOU

Short notes by:-

AMAN KUMAR SINGH
MBA(International Business)
AMITY UNIVERSITY,NOIDA
(2017-2019)