{"id":1258,"date":"2021-08-04T05:22:24","date_gmt":"2021-08-04T05:22:24","guid":{"rendered":"https:\/\/www.wikitechy.com\/interview-questions\/?p=1258"},"modified":"2021-09-08T07:07:43","modified_gmt":"2021-09-08T07:07:43","slug":"what-is-accounting-standard","status":"publish","type":"post","link":"https:\/\/www.wikitechy.com\/interview-questions\/accounting\/what-is-accounting-standard\/","title":{"rendered":"What is Accounting standard ?"},"content":{"rendered":"
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  • An accounting standard is a common set of principles,standards and procedures that are used for financial reporting.Accounting standards specify how transactions and other events are to be recognized, measured, presented and disclosed in financial statements.<\/li>\n
  • List of Accounting Standards (AS 1 to AS 32)\n
      \n
    • AS 1 \u2013 Disclosure of Accounting Policies<\/li>\n
    • AS 2 \u2013 Valuation of Inventories (amended) *<\/li>\n
    • AS 3 \u2013 Cash Flow Statements<\/li>\n
    • AS 4 \u2013 Contingencies and Events Occurring after the Balance Sheet Date *<\/li>\n
    • AS 5 \u2013 Net Profit or Loss for the period,Prior Period Items and Changes in Accounting Policies<\/li>\n
    • AS 6 \u2013 Depreciation Accounting (withdrawn) *<\/li>\n
    • AS 7 \u2013 Construction Contracts (revised 2002)<\/li>\n
    • AS 8 \u2013 Accounting for Research and Development (withdrawn for AS 26)<\/li>\n
    • AS 9 \u2013 Revenue Recognition<\/li>\n
    • AS 10 \u2013 Accounting for Fixed Assets (amended) *<\/li>\n
    • AS 11 \u2013 The Effects of Changes in Foreign Exchange Rates (revised 2003) ** \/ ***<\/li>\n
    • AS 12 \u2013 Accounting for Government Grants<\/li>\n
    • AS 13 \u2013 Accounting for Investments (amended) *<\/li>\n
    • AS 14 \u2013 Accounting for Amalgamations (amended) *<\/li>\n
    • AS 15 \u2013 Employee Benefits (revised 2005)<\/li>\n
    • AS 16 \u2013 Borrowing Costs<\/li>\n
    • AS 17 \u2013 Segment Reporting<\/li>\n
    • AS 18 \u2013 Related Party Disclosures<\/li>\n
    • AS 19 \u2013 Leases<\/li>\n
    • AS 20 \u2013 Earnings Per Share<\/li>\n
    • AS 21 \u2013 Consolidated Financial Statements (amended) *<\/li>\n
    • AS 22 \u2013 Accounting for Taxes on Income<\/li>\n
    • AS 23 \u2013 Accounting for Investments in Associates in Consolidated Financial Statements<\/li>\n
    • AS 24 \u2013 Discontinuing Operations<\/li>\n
    • AS 25 \u2013 Interim Financial Reporting<\/li>\n
    • AS 26 \u2013 Intangible Assets<\/li>\n
    • AS 27 \u2013 Financial Reporting of Interests in Joint Ventures<\/li>\n
    • AS 28 \u2013 Impairment of Assets<\/li>\n
    • AS 29 \u2013 Provisions,Contingent Liabilities and Contingent Assets (amended) *<\/li>\n
    • AS 30 \u2013 Financial Instruments: Recognition and Measurement<\/li>\n
    • AS 31 \u2013 Financial Instruments: Presentation<\/li>\n
    • AS 32 \u2013 Financial Instruments: Disclosures\u2019stands withdrawn<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

      Answer : An accounting standard is a common set of principles…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8950],"tags":[8985,195,9004,8989,9012,9017,8986,8987,8988,8990,1740,5937,203,9006,9014,8949,7386,205,7379,8991,8992,9010,222,8993,484,362,7412,196,9011,8994,9016,9018,9008,9009,8405,8408,9013,8983,9015,8982,207,8981,8996,8997,8998,366,8995,8999,204,8977,483,8980,9000,9001,8979,7495,200,9002,8984,9007,9003,15888,8978],"class_list":["post-1258","post","type-post","status-publish","format-standard","hentry","category-accounting","tag-32-accounting-standards-with-explanation","tag-accenture-interview-questions-and-answers","tag-accountant","tag-accounting-standards","tag-accounting-standards-board","tag-accounting-standards-codification","tag-accounting-standards-definition","tag-accounting-standards-india","tag-accounting-standards-list","tag-advantages-of-accounting-standards","tag-asian-paints-ltd-interview-questions-and-answers","tag-aveva-software-interview-questions-and-answers","tag-capgemini-interview-questions-and-answers","tag-chartered-accountant","tag-cost-accounting-standards","tag-csc-interview-questions-and-answers","tag-cts-interview-questions-and-answers","tag-dell-international-services-india-pvt-ltd-interview-questions-and-answers","tag-deloitte-interview-questions-and-answers","tag-features-of-accounting-standard-1","tag-features-of-accounting-standards","tag-financial-accounting-standards-board","tag-flipkart-interview-questions-and-answers","tag-functions-of-accounting-standards","tag-genpact-interview-questions-and-answers","tag-hcl-technologies-interview-questions-and-answers","tag-hdfc-bank-interview-questions-and-answers","tag-ibm-interview-questions-and-answers","tag-ifrs-accounting-standards","tag-importance-of-accounting-standards","tag-indian-accounting-standards","tag-indian-accounting-standards-list","tag-international-accounting-standards","tag-international-accounting-standards-board","tag-invesco-interview-questions-and-answers","tag-kpmg-global-services-private-limited-interview-questions-and-answers","tag-list-of-international-accounting-standards","tag-lodha-group-interview-questions-and-answers","tag-meaning-of-accounting-standards","tag-motilal-oswal-financial-services-interview-questions-and-answers","tag-mphasis-interview-questions-and-answers","tag-muthoot-finance-interview-questions-and-answers","tag-need-for-accounting-standard","tag-need-of-accounting-standard","tag-needs-of-accounting-standards-in-points","tag-netapp-interview-questions-and-answers","tag-objectives-of-accounting-standards","tag-objectives-of-accounting-standards-slideshare","tag-oracle-corporation-interview-questions-and-answers","tag-randstad-india-pvt-ltd-interview-questions-and-answers","tag-reliance-industries-ltd-interview-questions-and-answers","tag-sbi-life-insurance-interview-questions-and-answers","tag-scope-of-accounting-standards","tag-significance-of-accounting-standards","tag-skp-group-interview-questions-and-answers","tag-sutherland-global-services-interview-questions-and-answers","tag-tech-mahindra-interview-questions-and-answers","tag-types-of-accounting-standards","tag-unitedhealth-interview-questions-and-answers","tag-what-is-accounting-standards","tag-why-we-need-accounting-standards","tag-ych-interview-questions-and-answers","tag-yes-bank-interview-questions-and-answers"],"yoast_head":"\nWhat 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