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Dev Darshan

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Accounting Standards
Learning objectives
After studying this chapter, you will be able to:


Understand the provisions of the Accounting Standards specified in the syllabus.
Solve the practical problems based on application of Accounting Standards.


Accounting Standards (ASs) are written policy documents issued by expert accounting body or by government or other regulatory body covering the aspects of recognition, measurement, presentation and disclosure of accounting transactions in the financial statements. The accounting standards aim at improving the quality of financial reporting by promoting comparability, consistency and transparency, in the interests of users of financial statements.
Good financial reporting not only promotes healthy financial markets, it also helps to reduce the cost of capital because investors can have faith in financial reports and consequently perceive lesser risks. You must have already studied the concept, objectives, benefits and limitations, applicability and compliance of Accounting Standards, in detail, in Chapter 1 of
“Accounting” Intermediate (IPC) Course Study Material – Group I. We shall discuss the
Accounting Standards (specified in the syllabus) in this chapter taking individual standard in detail. 2.



AS 4: Contingencies and Events Occurring After the Balance Sheet Date

Accounting Standard 4 ‘Contingencies∗ and Events Occurring after the Balance Sheet Date’ covers accounting treatment of

Pursuant to AS 29, “Provisions, Contingent Liabilities and Contingent Assets’ becoming mandatory in respect of accounting periods commencing on or after 1.4.2004, all paragraphs of this standard that deal with contingencies stand withdrawn except to the extent they deal with impairment of assets not covered by other Indian Accounting Standards.
For example, impairment of receivables (i.e. provision…...

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