Accounting Standards AS 16 Borrowing Costs prescribe the accounting treatment for borrowing costs. This Standard should be applied in accounting for borrowing costs. This Standard does not deal with the actual or imputed cost of owners’ equity, including preference share capital not classified as a liability.
Accounting Standards (AS) 15 Employee Benefits prescribe the accounting and disclosure for employee benefits. The Standard requires an enterprise to recognise: (a) a liability when an employee has provided service in exchange for employee benefits to be paid in the future; and (b) an expense when the enterprise consumes the economic benefit arising from service provided by an employee in exchange for employee benefits.
Accounting Standards (AS) 14 Accounting for Amalgamations deals with accounting for amalgamations and the treatment of any resultant goodwill or reserves. This Standard is directed principally to companies although some of its requirements also apply to financial statements of other enterprises.
Accounting Standards (AS) 13- Accounting for Investments deals with accounting for investments in the financial statements of enterprises and related disclosure requirements.
Accounting Standards (AS) 12 Accounting for Government Grants deals with accounting for government grants. Government grants are sometimes called by other names such as subsidies, cash incentives, duty drawbacks, etc.
Accounting Standards (AS) 11 The Effects of Changes in Foreign Exchange Rates should be applied (a) in accounting for transactions in foreign currencies; and (b) in translating the financial statements of foreign operations.
Accounting Standards (AS) 10 Property, Plant and Equipment is to prescribe the accounting treatment for property, plant and equipment so that users of the financial statements can discern information about investment made by an enterprise in its property, plant and equipment and the changes in such investment.
Accounting Standard (AS) 9 Revenue Recognition deals with the bases for recognition of revenue in the statement of profit and loss of an enterprise. The Standard is concerned with the recognition of revenue arising in the course of the ordinary activities of the enterprise from the sale of goods, the rendering of services, and the use by others of enterprise resources yielding interest, royalties and dividends.
Accounting Standard (AS) 7 Construction Contracts prescribe the accounting treatment of revenue and costs associated with construction contracts. Because of the nature of the activity undertaken in construction contracts, the date at which the contract activity is entered into and the date when the activity is completed usually fall into different accounting periods.
AS 5 – Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies prescribe the classification and disclosure of certain items in the statement of profit and loss so that all enterprises prepare and present such a statement on a uniform basis.
