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List of Accounting Standards (AS 1–29)

Your complete cheat sheet to Indian Accounting Standards! Bookmark this page.

AS 1 to AS 10

AS No.	Title	Key Point	Example
AS 1	Disclosure of Accounting Policies	Disclose methods used	"We use Straight Line Method for depreciation"
AS 2	Valuation of Inventories	Value at Cost or NRV, whichever is lower	Stock worth ₹1L (cost) but market price ₹80K → Show ₹80K
AS 3	Cash Flow Statement	Show cash inflows/outflows	Operating, Investing, Financing activities
AS 4	Contingencies & Events After Balance Sheet	Report uncertain events	Pending lawsuit disclosed in notes
AS 5	Net Profit/Loss, Prior Period & Changes	How to show extraordinary items	One-time gain from land sale shown separately
AS 6	Depreciation Accounting	Systematic allocation of cost	Building ₹10L, Life 10 years → ₹1L/year depreciation
AS 7	Construction Contracts	Long-term project accounting	Highway construction over 3 years
AS 9	Revenue Recognition	When to record revenue	Sales recognized when goods delivered, not when order placed
AS 10	Property, Plant & Equipment	Fixed assets accounting	Land, buildings, machinery valuation & depreciation

AS 11 to AS 20

AS No.	Title	Key Point	Example
AS 11	Effects of Changes in Foreign Exchange Rates	Forex gain/loss treatment	USD loan, rupee depreciates → Loss
AS 12	Government Grants	How to show subsidies	₹10L subsidy for solar panel → Reduce asset cost or show as income
AS 13	Investments	Current vs Long-term investments	FDs, shares, bonds classification
AS 14	Amalgamations	Merger accounting	When Company A + B merge
AS 15	Employee Benefits	Salary, PF, gratuity accounting	Provision for gratuity ₹5L
AS 16	Borrowing Costs	Interest capitalization	Loan interest during construction added to asset cost
AS 17	Segment Reporting	Division-wise reporting	Electronics division profit vs Fashion division
AS 18	Related Party Disclosures	Transactions with directors, relatives	Loan to director's company must be disclosed
AS 19	Leases	Operating vs Finance lease	Car on lease - is it our asset?
AS 20	Earnings Per Share	Profit available to each shareholder	Net Profit ₹10Cr, 1Cr shares → EPS = ₹10

AS 21 to AS 29

AS No.	Title	Key Point	Example
AS 21	Consolidated Financial Statements	Parent + Subsidiary combined	Reliance + Jio combined accounts
AS 22	Accounting for Taxes on Income	Income tax treatment	Deferred tax assets/liabilities
AS 23	Accounting for Investments in Associates	Joint ventures, associates	30% stake in another company
AS 24	Discontinuing Operations	Closing a division	Shutting down loss-making unit - how to report
AS 25	Interim Financial Reporting	Quarterly reports	Q1, Q2, Q3 results
AS 26	Intangible Assets	Goodwill, patents, trademarks	Brand value, software
AS 27	Joint Ventures	50-50 partnerships	Maruti Suzuki (Maruti + Suzuki)
AS 28	Impairment of Assets	Asset value decreased	Machine bought at ₹10L now worth ₹4L
AS 29	Provisions, Contingent Liabilities & Assets	Uncertain obligations	Warranty claims provision

Most Important AS for B.Com Students

Top 5 to Master:

AS 1 - Accounting Policies (Foundation)
AS 6 - Depreciation (Used everywhere)
AS 9 - Revenue Recognition (Core concept)
AS 10 - Fixed Assets (Common in problems)
AS 22 - Income Tax (Practical relevance)

How to Remember

Memory Trick:

AS 1-10: Basics (Policies, Inventory, Cash Flow, Depreciation)
AS 11-20: Advanced (Forex, Mergers, Leases, EPS)
AS 21-29: Specialized (Consolidated, Taxes, Intangibles)

Real Company Application

Reliance Industries Annual Report mentions:

AS 1: "We follow accrual basis"
AS 10: "Property depreciated over 30 years"
AS 11: "Forex loss of ₹2000 Cr"
AS 22: "Deferred tax liability ₹5000 Cr"

Withdrawn/Updated AS

Some AS have been withdrawn or replaced by Ind AS for large companies:

AS 8 (Withdrawn) - Merged with AS 5
AS 30 onwards don't exist (Ind AS numbering different)

7-Day Action Plan

Day 1: Memorize AS 1, 6, 9, 10 titles.
Day 2: Read AS 1 full text from ICAI website (just 5 pages!).
Day 3: Pick any company annual report - find "Significant Accounting Policies" section. See which AS they mention.
Day 4: Understand difference: AS vs Ind AS (covered in your course).
Day 5: Make flashcards: AS number on one side, title on other. Test yourself!
Day 6: Focus on AS related to your weak chapters (e.g., AS 6 if you struggle with depreciation).
Day 7: Remember: You don't need to memorize all details, just know what each AS covers!

Quiz

Test Your Knowledge

Question 1 of 5

1. AS 6 deals with

Revenue Recognition

Depreciation Accounting

Inventory Valuation

Cash Flow Statement

💡 Final Wisdom: "Don't try to memorize all 29 AS! Understand the top 10 deeply. The rest you can refer to when needed. Even practicing CAs keep this list handy!"