Presentation & Disclosure Standards
AS No. Title Summary
AS 1 Disclosure of Accounting Requires disclosure of
Policies significant accounting policies
(e.g., method of depreciation,
valuation of inventories) used in
preparing financial statements,
especially where different
methods are permissible.
AS 3 Cash Flow Statements Mandates the presentation of a
Cash Flow Statement
classifying cash flows into
Operating, Investing, and
Financing activities. It can be
prepared using the Direct or
Indirect method (for Operating
activities).
AS 17 Segment Reporting Requires an enterprise to
disclose financial information
about its different business
segments and geographical
segments to help users better
understand the enterprise's
performance and risks.
AS 18 Related Party Disclosures Requires disclosure of related
party relationships (e.g.,
directors, key managerial
personnel, their relatives, and
entities they control) and
transactions between the
enterprise and its related
parties.
AS 20 Earnings Per Share (EPS) Prescribes the computation and
presentation of Basic EPS and
Diluted EPS. Diluted EPS
considers the effect of all
potential equity shares (e.g.,
convertible debentures,
options).
AS 24 Discontinuing Operations Specifies the accounting and
disclosure requirements for
discontinuing operations,
ensuring separate presentation
of related revenues, expenses,
and gains/losses.
AS 25 Interim Financial Reporting Prescribes the minimum
AS No. Title Summary
content and principles for
interim financial reports (e.g.,
quarterly reports), emphasizing
the use of the same accounting
policies as in annual reports.
AS 29 Provisions, Contingent Deals with the recognition and
Liabilities and Contingent measurement of Provisions
Assets (present obligation arising from
a past event, probable outflow,
reliable estimate), Contingent
Liabilities (possible obligation),
and Contingent Assets
(possible asset).
Assets Based Accounting Standards
AS No. Title Summary
AS 2 Valuation of Inventories Deals with determining the
value at which inventories
should be carried in the
financial statements.
Inventories should be valued at
the lower of Cost and Net
Realisable Value (NRV).
AS 10 Property, Plant and Prescribes the accounting
Equipment (PPE) treatment for PPE (Fixed
Assets). Key aspects include
recognition criteria,
determination of cost (including
borrowing costs as per AS 16),
subsequent expenditure, and
depreciation.
AS 13 Accounting for Investments Governs the accounting for
investments in the financial
statements of the investor. It
classifies investments as
Current or Long-Term and
prescribes valuation methods
for each.
AS 26 Intangible Assets Specifies the accounting for
Intangible Assets (e.g.,
goodwill, patents). Requires an
asset to be recognised only if it
is probable that future
economic benefits will flow to
the enterprise and the cost can
be measured reliably. Internally
generated goodwill is not to be
recognised as an asset.
AS 28 Impairment of Assets Ensures that assets are not
carried at more than their
recoverable amount (the
higher of net selling price and
value in use). Requires a
write-down of the asset's
carrying value if it exceeds the
recoverable amount.
Liabilities & Revenue Based Standards
AS No. Title Summary
AS 4 Contingencies and Events Deals with treatment of
Occurring After the BalanceContingencies (uncertain
Sheet Date outcomes) and Events
occurring after the balance
sheet date (adjusting and
non-adjusting events).
AS 5 Net Profit or Loss for the Establishes classification and
Period, Prior Period Items disclosure for extraordinary
and Changes in Accounting items, prior period items
Policies (errors/omissions from prior
periods), and the effects of
changes in accounting
estimates and policies.
AS 7 Construction Contracts Prescribes the accounting for
construction contracts, primarily
using the Percentage of
Completion Method or the
Completed Contract Method
(for short-duration or uncertain
outcomes).
AS 9 Revenue Recognition Governs the timing of Revenue
Recognition for sales of
goods, rendering of services,
and interest, royalties, and
dividends. Revenue is
recognised when the significant
risks and rewards of ownership
are transferred.
AS 11 The Effects of Changes in Deals with the accounting for
Foreign Exchange Rates foreign currency transactions
and foreign operations. It
specifies which exchange rate
to use for initial recognition and
for reporting at the balance
sheet date.
AS 12 Accounting for Government Prescribes the accounting
Grants treatment for Government
Grants. Grants related to
assets are generally treated as
deferred income or deducted
from the asset cost. Revenue
grants are recognised
systematically over the periods
they relate to.
AS No. Title Summary
AS 15 Employee Benefits Deals with all forms of
consideration given by an
enterprise in exchange for
services rendered by
employees, classifying them
into Short-term,
Post-employment (e.g.,
pensions, gratuity), Other
Long-term, and Termination
benefits.
AS 16 Borrowing Costs Requires Borrowing Costs
(interest and other costs) that
are directly attributable to the
acquisition, construction, or
production of a qualifying
asset (one that takes a
substantial period of time to get
ready for its intended use or
sale) to be capitalised as part
of the cost of that asset.
AS 19 Leases Prescribes accounting policies
for Finance Leases (transfer of
substantially all risks and
rewards of ownership) and
Operating Leases from the
perspective of both the lessee
and the lessor.
AS 22 Accounting for Taxes on Requires the recognition of
Income Deferred Tax Assets (DTA)
and Deferred Tax Liabilities
(DTL) arising from timing
differences (differences
between taxable income and
accounting income).
Group Accounting Standards
AS No. Title Summary
AS 14 Accounting for Prescribes the accounting
Amalgamations treatment for amalgamations
using either the Pooling of
Interests Method or the
Purchase Method.
AS 21 Consolidated Financial Mandates the preparation and
Statements (CFS) presentation of CFS for a group
under the control of a parent
enterprise, treating the parent
and its subsidiary(ies) as a
single economic entity.
AS 23 Accounting for Investments Prescribes the use of the
in Associates in CFS Equity Method to account for
investments in Associate
companies (where the investor
has significant influence but not
control) in the consolidated
financial statements.
AS 27 Financial Reporting of Prescribes the reporting of
Interests in Joint Ventures assets, liabilities, income, and
expenses of a Joint Venture in
the financial statements of
venturers using Proportionate
Consolidation or the Equity
Method.