Table of Contents
What is the purpose of as1?
The purpose of this standard is to promote a better understanding of financial statements by establishing the practice of disclosure of significant accounting policies followed and the manner in which they are disclosed in the financial statements.
What is in as 1?
1. This Standard deals with the disclosure of significant accounting policies followed in preparing and presenting financial statements. The disclosure of some of the accounting policies followed in the preparation and presentation of the financial statements is required by law in some cases.
Who deals with disclosure of accounting policies?
AS 1 issued by the ICAI is mandatory in nature and deals with the disclosure of significant accounting policies followed in preparing and presenting the financial statements.
Which of the following is the meaning of revenue as per as1?
4.1 Revenue is the gross inflow of cash, receivables or other consideration arising in the course of the ordinary activities of an enterprise from the sale of goods, from the rendering of services, and from the use by others of enterprise resources yielding interest, royalties and dividends.
What is the manufacturer’s as 1 line?
The AS1 means that it is the clearest form of glass to use in cars. AS2 or 3 would mean that it is tinted. Only AS1 glass can be used as windshields. The E means that it was also manufactured to European safety spec.
How many accounting standards are currently published?
Accounting Standards (AS 1~ AS 32) have been issued by the Accounting Standards Board of ICAI, to establish uniform standards for preparation of financial statements, in accordance with the Indian GAAP (Generally Accepted Accounting Practices), for better understanding of the users.
What is the main difference between Ind AS and AS?
Accounting Standard 1 (AS-1)
| S. No. | IND AS 1 | AS 1 |
|---|---|---|
| 2 | The Indian accounting standard is wider when compared with AS-1. | Comparatively scope is narrower. |
| 3 | An explicit statement of compliance is required. | There is no such requirement in AS-1 to provide explicit compliance statement. |
What is as3 in accounting?
Accounting Standard 3 deals with cash flow statement. Such information is disclosed in the cash flow statement indicating cash flows from operating, investing and financing activities during an accounting period.
Why does Accounting Standard 1 fundamental accounting assumptions should?
As per AS 1 of the ICAI, certain fundamental accounting assumptions underlie the preparation and presentation of financial statements. They are usually not specifically stated because their acceptance and use are assumed. Disclosure is necessary only if they are not followed.
How many accounting policies are there?
What is revenue as per as 9?
As per the AS 9 Revenue Recognition issued by ICAI “Revenue is the gross inflow of cash, receivables or other consideration arising in the course of the ordinary activities of an enterprise from the sale of goods, rendering of services & from various other sources like interest, royalties & dividends”.
Which of the following is not considered as revenue as per as 9?
However, this accounting standard does not deal with revenues resulting from: construction contracts. hire purchase or lease agreements. government grants and other such subsidies.