The Different Accounting Standards - Thesis Example

The accounting standard deals with the disclosure of important accounting rules followed in presenting and preparing financial statements. In the early years, this activity was recommendatory. Throughout this period, this was recommended for utilization by business firms listed on a familiar stock exchange, and other huge industrial, commercial, and business enterprises in the private and public sectors.
Accounting Standards-6(AS-6):
This deals with depreciation accounting, and relates to every depreciable asset, except the following things to which particular considerations apply:—
(i) Forests, plantations, and similar regenerative natural resources;
(ii) Wasting assets including expenditure on the exploration and extraction of minerals, oils, natural gas, and similar non-regenerative resources.
(iii) Expenditure on research and development.
(iv) Goodwill and other intangible assets.
(v) Live stock” (Accounting Standard (AS) 6: Depreciation Accounting 57).
Accounting Standards-10 (AS-10):
This accounting standard is accounting for fixed assets. In various enterprises, these assets are grouped into different groups, for instance, buildings, land, plant, machinery, furniture and fittings, vehicles, goodwill, patents, trademarks, and designs.
Accounting Standards-12 (AS-12):
“This Standard deals with accounting for government grants. Government grants are sometimes called by other names such as subsidies, cash incentives, duty drawbacks, etc” (Accounting Standard (AS) 12: Accounting for Government Grants 125). Read More