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{"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":"<div class=\"TextHeading\" style=\"text-align: justify;\"><\/div>\n<div class=\"TextHeading\">\n<div class=\"hddn\">\n<ul>\n<li style=\"text-align: justify;\">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<li>List of Accounting Standards (AS 1 to AS 32)\n<ul type=\"justify\">\n<li style=\"text-align: justify;\">AS 1 &#8211; Disclosure of Accounting Policies<\/li>\n<li style=\"text-align: justify;\">AS 2 &#8211; Valuation of Inventories (amended) *<\/li>\n<li style=\"text-align: justify;\">AS 3 &#8211; Cash Flow Statements<\/li>\n<li style=\"text-align: justify;\">AS 4 &#8211; Contingencies and Events Occurring after the Balance Sheet Date *<\/li>\n<li style=\"text-align: justify;\">AS 5 &#8211; Net Profit or Loss for the period,Prior Period Items and Changes in Accounting Policies<\/li>\n<li style=\"text-align: justify;\">AS 6 &#8211; Depreciation Accounting (withdrawn) *<\/li>\n<li style=\"text-align: justify;\">AS 7 &#8211; Construction Contracts (revised 2002)<\/li>\n<li style=\"text-align: justify;\">AS 8 &#8211; Accounting for Research and Development (withdrawn for AS 26)<\/li>\n<li style=\"text-align: justify;\">AS 9 &#8211; Revenue Recognition<\/li>\n<li style=\"text-align: justify;\">AS 10 &#8211; Accounting for Fixed Assets (amended) *<\/li>\n<li style=\"text-align: justify;\">AS 11 &#8211; The Effects of Changes in Foreign Exchange Rates (revised 2003) ** \/ ***<\/li>\n<li style=\"text-align: justify;\">AS 12 &#8211; Accounting for Government Grants<\/li>\n<li style=\"text-align: justify;\">AS 13 &#8211; Accounting for Investments (amended) *<\/li>\n<li style=\"text-align: justify;\">AS 14 &#8211; Accounting for Amalgamations (amended) *<\/li>\n<li style=\"text-align: justify;\">AS 15 &#8211; Employee Benefits (revised 2005)<\/li>\n<li style=\"text-align: justify;\">AS 16 &#8211; Borrowing Costs<\/li>\n<li style=\"text-align: justify;\">AS 17 &#8211; Segment Reporting<\/li>\n<li style=\"text-align: justify;\">AS 18 &#8211; Related Party Disclosures<\/li>\n<li style=\"text-align: justify;\">AS 19 &#8211; Leases<\/li>\n<li style=\"text-align: justify;\">AS 20 &#8211; Earnings Per Share<\/li>\n<li style=\"text-align: justify;\">AS 21 &#8211; Consolidated Financial Statements (amended) *<\/li>\n<li style=\"text-align: justify;\">AS 22 &#8211; Accounting for Taxes on Income<\/li>\n<li style=\"text-align: justify;\">AS 23 &#8211; Accounting for Investments in Associates in Consolidated Financial Statements<\/li>\n<li style=\"text-align: justify;\">AS 24 &#8211; Discontinuing Operations<\/li>\n<li style=\"text-align: justify;\">AS 25 &#8211; Interim Financial Reporting<\/li>\n<li style=\"text-align: justify;\">AS 26 &#8211; Intangible Assets<\/li>\n<li style=\"text-align: justify;\">AS 27 &#8211; Financial Reporting of Interests in Joint Ventures<\/li>\n<li style=\"text-align: justify;\">AS 28 &#8211; Impairment of Assets<\/li>\n<li style=\"text-align: justify;\">AS 29 &#8211; Provisions,Contingent Liabilities and Contingent Assets (amended) *<\/li>\n<li style=\"text-align: justify;\">AS 30 &#8211; Financial Instruments: Recognition and Measurement<\/li>\n<li style=\"text-align: justify;\">AS 31 &#8211; Financial Instruments: Presentation<\/li>\n<li style=\"text-align: justify;\">AS 32 &#8211; Financial Instruments: Disclosures\u2019stands withdrawn<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Answer : An accounting standard is a common set of 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