A common standard for accounting and reporting. Accounting
Standards contain the principles governing accounting
practices and determine the appropriate treatment of
financial transactions.
totally there are 29 accounting standards. accounting
standards are laid by the indian institute of chartered
accountants which should be followed strictly
it is a set of accounting principles dealing with a
particular subject matter.it is drafted by accounting
standard board and issued by institute of chartered
accountants of india.
Accounting Standards are the policy documents issued by the
recognised expert accounting body relating to various
aspects of measurment, treatments and disclosure of
accounting transaction and events.
A common standard for accounting and reporting. accounting
body relating to various
aspects of measurment, treatments and disclosure of
accounting transaction and events
a selected set of accounting policies or board guidelines
regarding the principal and method to be chosen out of
several alternatives this are laid by icai there are 29
accounting standards
Some accounting standards are:
1. Seperate entity
2. Dual entry
3. Going concern
4. Accounting period
5. monetary measurement
6. cost concept i.e. recording assets on purchase price not
on market value
7. Revenue recognition i.e. entry of a tranaction in books
at the time of accrual not at time of payment or receiving
8. matching methood, Bifurcation of items as direct on
indirect between trading & p&L a/c
9. Accrual concept
10. consistency in using the rules & methoods of accounting
Accounting standards are the principles through which we
represents our accounting in a uniform manner.it is a
proper means to represent our financial statements.so that
the users of financial statements can access and
understands the financial stements.
Calculate the profit/loss on sale of the following assets
as on 30th september 2000
cost of the asset on 01.05.95 50000/-
Salvage Value 5000/-
Method of depriciation & date WDV 15%
sales of asset on 30.09.2000 Rs 25000/-