CA Material

The Council of ICAI has been issued 32 Accounting Standards so far. AS 8 which pertain to “Accounting for Research and Development” has been withdrawn consequent to the issue of AS 26 on “Intangible Assets”. Thus effectively, there are 31 Accounting Standards at present. The following are the mandatory Accounting Standards as on July 1, […]

Accounting Standards aims to disseminate the true information about financial position and profitability of an enterprise to the stakeholders for prudent management decisions, by preparing and presenting the financial information by applying the valuation techniques and methods of accounting principles, thereon. By setting the standards the accountant has following benefits. Reduce Alternative Accounting Treatments By […]

In the process of application of the Accounting Standards while drawing up the Financial Statements and its presentation, some practical questions would rise in the starting stage. To answer these issues Accounting Standard Interpretation(ASI) were issued. Earlier these were issued by the Accounting Standard Board. ASIs are issued after the AS issuance on the relevant […]

ICAI, the premier (most important) accounting body in India, has constituted the Accounting Standards Board(ASB) in 1977. Accounting Standard Setting and Issuing procedure is initiated by the ICAI and it is fully Consultative (Advising) and Transparent In the Standard Setting process ASB will consider the following International Standards while drafting the Standard. International Accounting Standards […]

Accounting Standards in short known as “ASs” are the Written Policy Documents issued by Expert Accounting Body(or), Government(or), Other Regulator Body And these Standards cover the aspects of recognition, measurement, presentation and disclosure of Accounting Transactions. The ostensible (clear) purpose of the Accounting Standards, set up by the Standards Setting Bodies, is to disseminate the […]