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Accounting Standards and Their Importance

AS-1: DISCLOSURE OF ACCOUNTING POLICIES
The following is the text of the Accounting Standard (AS) 1 issued by the Accounting Standards Board, the Institute of Chartered Accountants of India on 'Disclosure of Accounting Policies'. The Standard deals with the disclosure of significant accounting policies followed in preparing and presenting financial statements.
AS-2: VALUATION OF INVENTORIES
A primary issue in accounting for inventories is the determination of the value at which inventories are carried in the financial statements until the related revenues are recognized. This Statement deals with the determination of such value, including the ascertainment of cost of inventories and any write-down thereof to net realizable value.
AS-3: CASH FLOW STATEMENTS
Information about the cash flows of an enterprise is useful in providing users of financial statements with a basis to assess the ability of the enterprise to generate cash and......

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Approximate Word Count: 2172
Approximate Pages: 9 (250 words per double-spaced page)

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