Accounting Standards and IFRS

Accounting Standards are simple principles which should be followed by accountants when they maintain the accounts. In every profession, there are lots of code of conduct. In accounting, there are also lots of code of conducts, these code of conducts in accounting are called accounting standards.


If accountant will not follow these rules, financial statement will not show the correct financial position. Every country has own accounting standards. Indian accounting standards are called India GAAP. Following are its list

List of Indian Accounting Standards

1.  AS 1 to AS 4

2. AS 5 to AS 8 

3. AS 9 to AS 12

4. AS 13

5. AS 14

6.  AS 15

7.  AS 16 

8.  AS 17 

9.  AS 18

10. AS 19

11. AS 20

12. AS 21

13. AS 22

14. AS 23

15. AS 24

16. AS 25 

17. AS 26

18. AS 27

19. AS 28


IFRS 

Large number of accounting professionals suggest to follow same type of accounting standards. There are different type of accounting standards in different countries. Due to this, there is difficult to compare the financial statements of different countries. So, for making unique accounting standards, IFRSs are created by internal accounting standard committee. Its full name international financial reporting standards. Following are its list.

List of IFRSs 

IFRS 1

IFRS 2

IFRS 3

IFRS 4

IFRS 5

IFRS 6