Financial Accounting

Chapter 3

Accounting Standards

LEARNING OBJECTIVES

After studying this chapter, you will be able to understand

1. Meaning and the Definition of Accounting Standards

2. The Constitution of Accounting Standard Board in India

3. The Scope of Accounting Standards in India

4. Procedure of Issuing Accounting Standards

5. Applicability of Accounting Standards – 3 Levels

6. Status of Accounting Standards AS–1 to AS–29 and their Respective Related Area

7. Compliance with Accounting Standards

8. Implementation of Accounting Standards

9. Salient Features of General Purpose Financial Statements and Accounting Standards Role Relating to them

10. Benefits of Accounting Standards

11. AS–1 and Disclosure of Accounting Policies

12. Case Study – Significant Accounting Policies

13. AS–2 and Valuation ...