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                  46                                Corporate Finance                      BRILLIANT’S


                  Accounting Standards in India               ^maV _| AH$mC§qQ>J ñQ>¢S>S²>©g
                      On recognizing the need to synchronise      {d{^ÝZ AH$mC§qQ>J Zr{V`m| VWm H$m`m] H$m gm_§Oñ`
                  the various accounting policies and practices,  H$aZo H$s Amdí`H$Vm H$mo nhMmZH$a B§ñQ>rQ>²`yQ> Am°\$ MmQ>©S>©
                  the Institute of Chartered Accountants of India
                  (ICAI) constituted the Accounting Standards  AH$mC§Q>|Q²>g Am°\$ B§{S>`m (ICAI) Zo Aà¡b 1977 _|
                  Board (ASB) in April 1977.                  AH$mC§qQ>J ñQ>¢S>S²>©g ~moS>© (ASB) H$m JR>Z {H$`m&
                      Accounting standards in India are issued    ^maV _| AH$mC§qQ>J ñQ>¢S>S²>©g ICAI Ûmam Omar {H$`o
                  by the ICAI and notified by the Union Ministry  J`o h¢ VWm `y{Z`Z {_{ZñQ´>r Am°\$ H$m°nm}aoQ> A\o$`g© Ûmam
                  of Corporate Affairs.                       A{Ygy{MV {H$`o J`o h¢&
                      At present, "Indian Accounting Standards"   dV©_mZ _| 'B§{S>`Z AH$mC§qQ>J ñQ>¢S>S²>©g' (B§{S>`Z
                  (Indian AS), a set of standards evolved under  AS), H§$nZrO (AH$mC§qQ>J ñQ>¢S>S²>©g) ê$ëg, 2006 Ho$
                  the Companies (Accounting Standards) Rules,  A§VJ©V CËnÝZ hþE _mZH$m| H$m EH$ g_yh h¡ Omo dV©_mZ _|
                  2006, is in force.                          bmJy h¢&
                      The  new  accounting  standards  are        Z`o AH$mC§qQ>J ñQ>¢S>S²>©g go H$m°nm}aoQ> JdZ]g _| ^maV
                  expected to  improve India's  place in  global
                                                              H$s d¡pídH$ a¢qH$½g _| gwYma bmZo VWm \$m`Z|{e`b [anmo{Q>ªJ
                  rankings  in  corporate  governance  and
                                                              _§o nmaX{e©Vm bmZo H$s Anojm H$s J`r h¡&
                  transparency in financial reporting.
                      Following  are  the  standards  issued/     ^maV _| \$m`Z|{e`b ñQ>oQ>_|Q²>g H$mo V¡`ma H$aZo VWm
                  Amended by ASB of the ICAI from time to time,  `yOg© H$s AÀN>r g_P Ho$ {bE EH$ g_mZ _mZH$ V¡`ma
                  to establish uniform standards for preparation
                  of financial statements in India and for better  H$aZo Ho$ {bE g_`-g_` na ICAI  Ho$ ASB Ûmam Omar
                  understanding of the users. These standards  {H$`o/ g§emo{YV _mZH$ {ZåZ{b{IV h¢& `o _mZH$ 1 OwbmB©
                  are mandatory as on 1 July 2017 and onwards.  2017 VWm BgHo$ ~mX go Amdí`H$ h¢&
                                 Description                                    {ddaU
                  AS 1: Disclosure of Accounting Policies     AS 1: AH$mC§qQ>J nm°{bgrO H$m {S>ñŠbmoOa
                  AS 2: Valuation of Inventories (amended)*   AS 2: B§d|Q>arO H$m _yë`m§H$Z (g§emo{YV)*
                  AS 3: Cash Flow Statements                  AS 3: H¡$e âbmo ñQ>oQ>_|Q²>g
                  AS 4: Contingencies  and Events  Occurring  AS 4: ~¡b|g erQ> {XZm§H$ Ho$ níMmV²> hmoZo dmbr H§$qQ>§O|grO
                         after the Balance Sheet Date (amended)*     VWm KQ>ZmE± (g§emo{YV)*
                  AS 5: Net Profit or Loss for the period,Prior  AS 5: àmoS>ŠQ> Ho$ {bE Hw$b bm^ `m hm{Z VWm AH$mC§qQ>J
                         Period Items and Changes in Account-        Zr{V`m| _| n[adV©Z&
                         ing Policies
                  AS 6: Depreciation  Accounting  (withd-     AS 6: S>o{à{gEeZ AH$mC§qQ>J (dmng {b`m)*
                         rawn)*
                  AS 7: Construction Contracts (revised 2002)  AS 7: H§$ñQ´ŠeZ H$m°ÝQ´>¡³Q²>g (g§emo{YV 2002)
                  AS 8: Accounting  for  Research  and        AS 8: [agM© VWm S>odbn_|Q> Ho$ {bE AH$mC§qQ>J (AS
                         Development (withdrawn for AS 26)           26 Ho$ {bE dmng {b`m)
                  AS 9: Revenue Recognition                   AS 9: aodoÝ`y [aH$p½ZeZ>
                  AS10: Accounting for Fixed Assets (amended)*  AS 10: {\$ŠñS> AgoQ²>g Ho$ {bE AH$mC§qQ>J (g§emo{YV)
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