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    Introduction

    Financial statements are prepared to summarize the end-result of all the business activities by anenterprise during an accounting period in monetary terms. These business activities vary from oneenterprise to other. To compare the financial statements of various reporting enterprises poses somedifficulties because of the divergence in the methods and principles adopted by these enterprises inpreparing their financial statements. In order to make these methods and principles uniform andcomparable to the extent possible standards are evolved.What are Accounting Standards?

    Accounting Standards are the statements of code of practice of the regulatory accounting bodies thatare to be observed in the preparation and presentation of financial statements. In layman terms,accounting standards are the written documents issued by the expert institutes or other regulatorybodies covering various aspects of measurement, treatment, presentation and disclosure of accountingtransactions.

    What are the objectives of Accounting Standards?

    The basic objective of Accounting Standards is to remove variations in the treatment of severalaccounting aspects and to bring about standardization in presentation. They intent to harmonize thediverse accounting policies followed in the preparation and presentation of financial statements bydifferent reporting enterprises so as to facilitate intra-firm and inter-firm comparison.Who issues Accounting Standards in India?

    The Institute of Chartered Accountants of India (ICAI) recognizing the need to harmonize the diverseaccounting policies and practices at present in use in India constituted Accounting Standards Board(ASB) on April 21, 1977. The main role of ASB is to formulate Accounting Standards from time totime.What is the duty of Statutory Auditor for Compliance with Accounting Standards?

    Section 211(3A) of Companies Act, 1956 provides that every profit and loss account and balancesheet of the company shall comply with the accounting standards.The statutory auditors are required to make qualification in their report in case any item is treateddifferently from the prescribed Accounting Standard. However, while qualifying, they should considerthe materiality of the relevant item. In addition to this Section 227(3)(d) of Companies Act, 1956

    requires an auditor to report whether, in his opinion, the profit and loss account and balance sheet arecomplied with the accounting standards referred to in Section 211(3C) of Companies Act, 1956.

    How many Accounting Standards have been prescribed? Are these applicable to all

    companies irrespective of its size?

    In all 29 Accounting Standards have been prescribed. However their applicability is dependent on itssize Level I / II / III company. The following table lists out the Accounting Standards and itsapplicability.

    http://joshiapte.com/Accounting%20Standards.aspxhttp://joshiapte.com/Accounting%20Standards.aspxhttp://joshiapte.com/Accounting%20Standards.aspxhttp://joshiapte.com/Accounting%20Standards.aspx

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    Level I Company:

    Enterprises, which fall in any one or more of the following categories, at any time during theaccounting period, are classified as Level I enterprises:

    i) Enterprises whose equity or debt securities are listed whether in India or outside India.

    ii) Enterprises, which are in the process of listing their equity or debt securities as evidenced by theboard of directors resolution in this regard.

    iii) Banks including co-operative banks.

    iv) Financial Institutions

    v) Enterprises carrying on insurance business.

    vi) All commercial, industrial and business reporting enterprises, whose turnover for the immediatelypreceding accounting period on the basis of audited financial statements exceeds Rs. 500 million.Turnover does not include other income.

    vii) All commercial, industrial and business reporting enterprises having borrowings, including publicdeposits, in excess of Rs. 100 million at any time during the accounting period.

    viii) Holding and subsidiary enterprises of any one of the above at any time during the accountingperiod.

    Level II Company:

    Enterprises, which are, not Level I enterprises but fall in any one or more of the following categoriesare classified as Level II enterprises;i) All commercial, industrial and business reporting enterprises, whose turnover for the immediatelypreceding accounting period on the basis of audited financial statements exceeds Rs. 4 million, butdoes not exceed Rs. 500 million. Turnover does not include other income.

    ii) All commercial, industrial and business reporting enterprises having borrowing, including publicdeposits, in excess of Rs. 10 million but not in excess of Rs. 100 million at any time during theaccounting period.

    iii) Holding and subsidiary enterprises of any one of the above at any time during the accountingperiod.

    Level III Company:

    Enterprises, which are not covered under Level I and Level II are considered as Level III enterprises.Applicability

    Level II and Level III enterprises are considered as SMEs

    Level I enterprises are required to comply fully with all the accounting standards.

    http://joshiapte.com/Accounting%20Standards.aspx

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    No relaxation is given to Level II and Level III enterprises in respect of recognition and measurementprinciples. Relaxations are provided with regard to disclosure requirements. Accordingly, Level II andLevel III enterprises are fully exempted from certain accounting standards, which mainly lay downdisclosure requirements. In respect of certain other accounting standards, which lay down recognition,measurement and disclosure requirements, relaxations from certain disclosure requirements aregiven.

    Sr. No. Particulars Applicability

    1 Disclosure of Accounting Policies I, II, III

    2 Valuation of Inventories I, II, III

    3 Cash Flow Statements I

    4Contingencies and Events Occurring Afterthe Balance Sheet Date

    I, II, III

    5Net Profit or Loss for the period, Prior periodItems and Changes in Accounting Policies.

    I, II, III

    6 Depreciation Accounting I, II, III

    7 Construction Contracts I, II, III

    8

    Accounting for Research and Development(This standard has been withdrawn w.e.f.01.04.2004 for all levels of enterprises andAS 26 is applicable)

    As withdrawn

    9 Revenue recognition I, II, III

    10 Accounting for Fixed Assets I, II, III

    11The Effect of Changes in Foreign ExchangeRates

    I, II, III

    12 Accounting for Government Grants I, II, III

    13 Accounting for Investments I, II, III

    14 Accounting for Amalgamations I, II, III

    15Accounting for Retirement Benefits in theFinancial Statements of Employers

    I, II, III

    16 Borrowing Costs I, II, III

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    17 Segment ReportingIII-with modificationIII- with modification

    18 Related Party Disclosures

    I

    II-with modificationIII- with modification

    19 Leases

    I

    II-with modificationIII- with modification

    20 Earning Per ShareIII-with modificationIII- with modification

    21 Consolidated Financial Statements I

    22 Accounting for Taxes on Income I,II,III

    23Accounting for Investments in Associates inConsolidated Financial Statements

    I

    24 Discontinuing Operations I

    25 Interim Financial Reporting I

    26 Intangible Assets I,II,III

    27Financial Reporting of Interests in JointVentures

    I-with clarificationII-with clarificationIII-with clarification

    28 Impairment of AssetsIII-with modificationIII-with modification

    29Provisions, Contingent Liabilities andContingent Asset

    I


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