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Important Accounting Standards
#1
Some important accounting standards which comes in exam

AS1-disclosure of accounting policies 

AS2 (revised)- valuation of inventories 

AS3 (revised)- cash flow statements

AS5 (revised)- net profit or loss for the period, prior period items and changes in accounting polocies

AS6 (revised)- depreciation accounting 

 AS9-revenue  recognition 

AS10- accounting for fixed assets

AS12- accounting for government grants

AS22-accounting for taxes on income

AS26-intangible assets  


* Accounting standard is mandatory for the following

1) Enterprises, whose equity or the debt securities are listed on a recognised stock exchange in india, and those enterprises , that are in the process of issuing equity or debt securities that will be listed on a recognised stock exchange of india.

2) All other commercial , industrial and business reporting enterprises , whose turnover for the accounting period exceeds Rs. 50 crore
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