Accounting Standards are used as one of the main compulsory regulatory mechanisms for preparation of general-purpose financial reports and subsequent audit of the same, in almost all countries of the world. Accounting standards are concerned with the system of measurement and disclosure rules for preparation and presentation of financials statements.

Accounting Standards are the policy documents (authoritative statements of best accounting practice) issued by recognized expert accountancy bodies relating to various aspects of measurement, treatment and disclosure of accounting transactions and events!

Sub Section (3A) to section 211 of Companies Act, 1956 requires that every Profit/Loss Account and Balance Sheet shall comply with the Accounting Standards. The standard of accounting recommended by the ICAI and prescribed by the Central Government in consultation with the National Advisory Committee on Accounting Standards constituted under section 210(1) of companies Act, 1956.

According to Government of India, there are 31 accounting standards, but 32 are also included in 31st accounting standard (Financial Instrument: Presentation). So we can say that there are 32 accounting standards.

Accounting Standard 2 Valuation of Inventories

Accounting Standard 6 Depreciation Accounting

Accounting Standard 7 Construction Contracts

Accounting Standard 9 Revenue Recognition

Accounting Standard 10 Accounting for Fixed Assets

Accounting Standard 11 the Effects of Changes in Foreign Exchange Rates

Accounting Standard 12 Accounting for Government Grants

Accounting Standard 13 Accounting for Investments

Accounting Standard 14 Accounting for Amalgamations

Accounting Standard 15 Employee Benefits

Accounting Standard 16 Borrowing Costs

Accounting Standard 17 Segment Reporting

Accounting Standard 18 Related Party Disclosures

Accounting Standard 19 Leases

Accounting Standard 20 Earnings per Share 4

Accounting Standard 21 Consolidated Financial Statements

Accounting Standard 22 Accounting for Taxes on Income

Accounting Standard 23 Accounting for Investments in Associates in Consolidated Financial Statements

Accounting Standard 24 Discontinuing Operations

Accounting Standard 25 Interim Financial Reporting

Accounting Standard 26 Intangible Assets

Accounting Standard 29 Provisions, Contingent Liabilities and Contingent Assets

Accounting Standard 30 Financial Instruments: Recognition and Measurement

Accounting Standard 32 Financial Instruments: Disclosures and limited revision to AS 19