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Accounting Standards - ICAI
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| Disclosure of Accounting Policies (AS-1) The Standard deals with the disclosure of significant accounting policies followed in preparing and presenting financial statements. Valuation of Inventories (AS-2) Inventories generally constitute the second largest item after fixed assets, in the financial statements, particularly of manufacturing organisations. The Value attached to inventories can materially affect operating results and financial position. The Standard deals with the principles of valuing inventories for financial statements. Changes in Financial Position (AS-3) The Standard deals with the financial statements of funds of an enterprise. Accounting Standard 4(Revised) Contingencies and Events Occuring after the Balance Sheet Date Deals with the treatment in financial statements of: contingencies, and events occurring after the balance sheet date. Prior Period and Extraordinary Items and Changes in Accounting Policies (AS-5) The Standard deals with the treatment in the financial statements of prior period and extraordinary items and changes in accounting policies. Acconting standard 6 (Revised) Depreciation Accounting This Statement deals with depreciation accounting and applies to all depreciable assets, except the items to which special considerations apply. Accounting for Construction Contracts (AS-7) The Standard deals with accounting for construction contracts in the financial statements of contractors. Accounting for Research and Development (AS-8) The Standard deals with the treatment of costs of research and development in financial statements. Revenue Recognition (AS-9) Deals with the bases for recognition of revenue in the statement of profit and loss of an enterprise. Accounting for Fixed Assets (AS-10) Deals with accounting for such fixed assets. Accounting Standard 11 (Revised) Accounting for the Effects of Changes in Foreign Exchange Rates This Statement should be applied by an enterprise : in accounting for transaction in foreign currencies; and in translating the financial statements of foreign branches for inclusion in the financial statements of the enterprise. Accounting for Government Grants (AS-12) Deals with accounting for government grants. Sometimes called by other names such as subsidies, cash incentives, duty drawbacks, etc. Accounting for Investments (AS-13) Deals with the text of Accounting for investments in the financial statements of enterprises and related disclosure requirements. Accounting for Amalgamations (AS-14) Accounting for amalgamations and the treatment of any resultant goodwill or reserves. This statement is directed principaly at companies although some of its requirements also apply to financial statements of other enterprises. Accounting for Retirement Benefits in the Financial Statement of Employers (AS-15) This Statement deals with accounting for retirement benefits in the financial statements of employers.
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Latest News !!!
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DCA hikes turnover cap for deemed public cos | Our New Delhi Bureau 19 FEBRUARY The Department of Company Affairs (DCA) has decided to raise the annual turnover threshold prescribed for deemed public limited companies from Rs 10 crore to Rs 25 crore. The proposal has been cleared by the DCA and has been sent to the law ministry for notification, which is expected next week. As a result of this move, a large number of mid-cap private limited companies, which are genuinely partnership firms, will fall out of the definition of deemed public limited companies. Hence, they would not be required to comply with the more stringent norms applicable to public limited companies, such as seeking the government�s clearances for managerial remuneration, balance sheet disclosures and other related norms applicable to public limited companies. Under company law, a company is classified as a deemed public company on the basis of the following criteria. nIf one or more public companies, including a deemed public company, hold 25 per cent or more of the paid-up share capital of a private company nIf the average annual turnover of a private company for the last three financial years is Rs 10 crore (now being raised to Rs 25 crore) or more nIf a private company invites or renews deposits from the public nA deemed public company can become a private company only with permission from the central government, subject to company law requirements According to law ministry sources, the DCA is proposing to effect changes only in the turnover criteria, though the paid-up equity criteria will continue unchanged. The need for regulating some private companies arises when they have access to public funds, either directly, through deposit raising, or indirectly, through cross holdings. Generally, private companies are subject to fewer regulations as compared to public limited companies. This is because the deployment of public funds is a matter of public concern.
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