Table Of Contents
It deals with specific accounting principles and the method of applying those principles adopted by the enterprise in preparation and presentation of financial statements.
The standard formulates the method of computation of cost of inventories, determine the value at which inventory is to be shown in the balance sheet till it is not sold and recognised as revenue.
It deals with the flow of incoming and outgoing cash. The standard assesses the ability of the enterprise to generate cash and to utilize cash.
The standard prescribes the accounting of contingencies and the events, which take place after the balance sheet date but before the approval of balance sheet by the Board of Directors.
The objective of this standard is to prescribe the criteria for certain items in the profit and loss account so that the comparability of the financial statements can be enhanced.
The AS deals with depreciation accounting & applies to all depreciable assets except some items to which special considerations apply.
The primary objective of this AS is the allocation of contract revenue and contract cost to the accounting period in which the construction work is performed.
The standard explains as to when the revenue should be recognized in profit & loss & also states the circumstances in which revenue can be postponed.
The AS deals with accounting of fixed assets except some items to which special considerations apply.
The standard deals with issues involved in accounting for foreign currency transactions and foreign operations & decide which exchange rate to use and how to recognize the financial effects of changes in FS.
The standard deals with accounting for Government Grants.
The AS deals with accounting of investment in the FS with respect to The classification, cost, carrying amount, disposal, reclassification & disclosure of investments in the FS.
The AS deals with accounting to be made in the books of Transferee Company in case of amalgamation.