Accounting Standards & Bookkeeping — Guides, Updates & Practical Insights
Indian Accounting Standards (AS 1-29), bookkeeping principles, GST accounting entries, and valuation rules
“Accounting Standards” in Accounting Standards & Bookkeeping
AS 11 Effects of Changes in Foreign Exchange Rates: Complete Guide
AS 11 (Accounting Standard 11) prescribes the accounting treatment for foreign currency transactions and foreign operations. This guide covers initial recognition, reporting at balance sheet date, exchange differences, forward contracts, integral and non-integral foreign operations, and disclosure requirements.
AS 18 Related Party Disclosures: Identification, Transactions and Disclosure Requirements
AS 18 (Accounting Standard 18) requires disclosure of related party relationships and transactions. This guide covers identification of related parties, types of related party transactions, key management personnel, control and significant influence, and disclosure requirements.
AS 13 Accounting for Investments: Classification, Valuation and Disclosure
AS 13 (Accounting Standard 13) prescribes the accounting treatment for investments. This guide covers classification into current and long-term investments, cost of acquisition, carrying amount, reclassification, disposal, and disclosure requirements with practical examples.
AS 16 Borrowing Costs: Capitalisation, Qualifying Assets and Disclosure
AS 16 (Accounting Standard 16) prescribes the accounting treatment for borrowing costs. This guide explains which borrowing costs to capitalise, what constitutes a qualifying asset, when capitalisation begins/suspends/ceases, and disclosure requirements with practical examples.
AS 10 Property, Plant and Equipment: Recognition, Depreciation and Disclosure
AS 10 (Accounting Standard 10) prescribes the accounting treatment for property, plant and equipment (PPE). This guide covers recognition criteria, measurement at cost, elements of cost, depreciation methods (SLM and WDV), subsequent expenditure, derecognition, and disclosure requirements.
AS 9 Revenue Recognition: Conditions, Methods and Disclosure Requirements
AS 9 (Accounting Standard 9) establishes the principles for revenue recognition from the sale of goods, rendering of services, and use of enterprise resources by others (interest, royalties, dividends). This guide explains the conditions for recognition, percentage of completion method, and disclosure requirements.
AS 26 Intangible Assets: Recognition, Amortisation and Disclosure
AS 26 (Accounting Standard 26) prescribes the accounting treatment for intangible assets. This guide covers recognition criteria, research vs development phase, internally generated intangibles, amortisation, and disclosure requirements with practical examples.
AS 29 Provisions, Contingent Liabilities and Contingent Assets: Complete Guide
AS 29 (Accounting Standard 29) prescribes accounting for provisions, contingent liabilities and contingent assets. This guide covers recognition criteria, measurement (best estimate, present value), the distinction between provisions and contingent liabilities, and disclosure requirements.
AS 3 Cash Flow Statements: Direct & Indirect Method with Format and Examples
AS 3 (Accounting Standard 3) requires enterprises to present a cash flow statement as part of their financial statements. This guide explains the classification of cash flows into operating, investing and financing activities, the direct and indirect methods, and disclosure requirements with a sample format.
AS 1 Disclosure of Accounting Policies: Meaning, Assumptions and Examples
AS 1 (Accounting Standard 1) issued by ICAI deals with disclosure of significant accounting policies adopted in the preparation and presentation of financial statements. This guide explains the three fundamental accounting assumptions — going concern, consistency and accrual — the nature and selection of accounting policies, and disclosure requirements under the Companies Act 2013.
AS 19 Leases: Finance Lease vs Operating Lease, Accounting and Disclosure
AS 19 (Accounting Standard 19) prescribes accounting policies and disclosure for finance and operating leases. This guide covers classification criteria, accounting by lessees and lessors, sale and leaseback transactions, and disclosure requirements with practical examples.
AS 5 Net Profit or Loss: Prior Period Items and Changes in Accounting Policies
AS 5 (Accounting Standard 5) prescribes the classification and disclosure of certain items in the profit and loss statement. This guide covers extraordinary items, prior period items, changes in accounting policies, and changes in accounting estimates with practical examples.
AS 17 Segment Reporting: Business Segments, Geographical Segments and Disclosure
AS 17 (Accounting Standard 17) establishes principles for reporting financial information by segments. This guide covers business segments, geographical segments, primary and secondary reporting formats, reportable segment thresholds, and disclosure requirements.
AS 28 Impairment of Assets: Recoverable Amount, Indicators and Cash-Generating Units
AS 28 (Accounting Standard 28) prescribes procedures for recognising impairment losses on assets. This guide covers identifying impaired assets, measuring recoverable amount (value in use and net selling price), cash-generating units, reversal of impairment, and disclosure requirements.
AS 2 Valuation of Inventories: Cost Formulas, NRV and Disclosure Requirements
AS 2 (Accounting Standard 2) prescribes the treatment for valuation of inventories. This guide explains the measurement of inventories at cost or net realisable value (whichever is lower), cost formulas (FIFO and Weighted Average), and disclosure requirements under Indian accounting standards.
AS 12 Accounting for Government Grants: Recognition, Presentation and Disclosure
AS 12 (Accounting Standard 12) deals with accounting for government grants. This guide covers recognition criteria, capital approach vs income approach, grants related to fixed assets, revenue grants, non-monetary grants, refund of grants, and disclosure requirements.
AS 24 Discontinuing Operations: Recognition, Disclosure and Presentation
AS 24 (Accounting Standard 24) establishes principles for reporting information about discontinuing operations. This guide covers the definition, initial disclosure event, recognition and measurement, required disclosures, and presentation with practical examples.
AS 4 Contingencies and Events After Balance Sheet Date: Complete Guide
AS 4 (Accounting Standard 4) deals with the treatment of contingencies and events occurring after the balance sheet date. This guide explains contingent losses, contingent gains, adjusting events, non-adjusting events, and disclosure requirements with practical examples.
AS 15 Employee Benefits: Defined Contribution, Defined Benefit and Disclosure
AS 15 (Accounting Standard 15) prescribes accounting and disclosure for employee benefits. This guide covers short-term benefits, post-employment benefits (defined contribution and defined benefit plans), other long-term benefits, termination benefits, actuarial assumptions, and disclosure requirements.
Ind AS 116 — Leases
Ind AS 116 requires lessees to recognise a right-of-use asset and lease liability for almost all leases, ending the operating/finance lease distinction for lessees.
Ind AS 115 — Revenue from Contracts with Customers
Ind AS 115 introduces a single five-step model for recognising revenue from contracts with customers, based on the transfer of control of goods or services.
Ind AS Applicability and Roadmap — Who Must Adopt Ind AS
The MCA roadmap sets out which companies must adopt Ind AS based on net worth and listing status, phased across financial years from 2016-17.
Stock Audit Process and Checklist
A stock audit verifies the physical existence, quantity and valuation of inventory. Here is the process and a checklist.
UDIN: What It Is and How to Generate
UDIN (Unique Document Identification Number) authenticates documents certified by chartered accountants. Here is what it is and how to generate it.