Accounting Standards are opinion of a recognised professional boday like accounting standard board. It provides guidlines for preparing and presenting financial statements.
Need of Accounting Standard
Accounting Standards are important because they provide a framework for preparing and presenting financial information in a consistent and comparable manner. They establish a common set of principles and guidelines that companies can use to ensure that their financial statements are reliable, transparent, and relevant to users.
Accounting Standards help to:
- Promote transparency: They provide a common language for financial reporting, enabling investors and other stakeholders to make informed decisions.
- Enhance comparability: They ensure that financial information is presented in a consistent manner, allowing stakeholders to compare the financial performance of different companies.
- Improve reliability: They help to ensure that financial statements are prepared in a consistent and accurate manner, reducing the likelihood of errors or misstatements.
- Facilitate regulatory compliance: They assist companies in complying with the legal and regulatory requirements related to financial reporting.
Indian Accounting Standards List
| Ind AS 101 | First time adoption of Ind AS | Ind AS 10 | Events occurring after Reporting Period |
| Ind AS 102 | Share Based Payment | Ind AS 11 | Construction Contracts (Omitted by the Companies (Indian Accounting Standards) Amendment Rules, 2018) |
| Ind AS 103 | Business Combination | Ind AS 12 | Income Taxes |
| Ind AS 104 | Insurance Contracts | Ind AS 16 | Property, Plant and Equipment |
| Ind AS 105 | Non-Current Assets Held for Sale and Discontinued Operations | Ind AS 19 | Employee Benefits |
| Ind AS 106 | Exploration for and Evaluation of Mineral Resources | Ind AS 20 | Accounting for Government Grants and Disclosure of Government Assistance |
| Ind AS 107 | Financial Instruments: Disclosures | Ind AS 21 | The Effects of Changes in Foreign Exchange Rates |
| Ind AS 108 | Operating Segments | Ind AS 23 | Borrowing Costs |
| Ind AS 109 | Financial Instruments | Ind AS 24 | Related Party Disclosures |
| Ind AS 110 | Consolidated Financial Statements | Ind AS 27 | Separate Financial Statements |
| Ind AS 111 | Joint Arrangements | Ind AS 28 | Investments in Associates and Joint Ventures |
| Ind AS 112 | Disclosure of Interests in Other Entities | Ind AS 29 | Financial Reporting in Hyper inflationary Economies |
| Ind AS 113 | Fair Value Measurement | Ind AS 32 | Financial Instruments: Presentation |
| Ind AS 114 | Regulatory Deferral Accounts | Ind AS 33 | Earnings per Share |
| Ind AS 115 | Revenue from Contracts with Customers(Applicable from April 2018) | Ind AS 34 | Interim Financial Reporting |
| Ind AS 116 | Leases (Applicable from April 2019) | Ind AS 36 | Impairment of Assets |
| Ind AS 1 | Presentation of Financial Statements | Ind AS 37 | Provisions, Contingent Liabilities and Contingent Assets |
| Ind AS 2 | Inventories | Ind AS 38 | Intangible Assets |
| Ind AS 7 | Statement of Cash Flows | Ind AS 40 | Investment Property |
| Ind AS 8 | Accounting Policies, Changes in Accounting Estimates and Errors | Ind AS 41 | Agriculture |
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