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Section A Chapter 1 Unit – 3 
CA.S.S.Prathap 
Page 2


Section A Chapter 1 Unit – 3 
CA.S.S.Prathap 
They are laws of accounts. 
They are issued by ICAI. 
Till date 32 Standards have been  issued. 
AS is mandatory for companies. 
Page 3


Section A Chapter 1 Unit – 3 
CA.S.S.Prathap 
They are laws of accounts. 
They are issued by ICAI. 
Till date 32 Standards have been  issued. 
AS is mandatory for companies. 
They cover all important aspect of 
accounts. 
AS – 8 is withdrawn pursuant to AS 
26 becoming mandatory. 
Accounting standards cannot over ride 
the statute 
Page 4


Section A Chapter 1 Unit – 3 
CA.S.S.Prathap 
They are laws of accounts. 
They are issued by ICAI. 
Till date 32 Standards have been  issued. 
AS is mandatory for companies. 
They cover all important aspect of 
accounts. 
AS – 8 is withdrawn pursuant to AS 
26 becoming mandatory. 
Accounting standards cannot over ride 
the statute 
Page 5


Section A Chapter 1 Unit – 3 
CA.S.S.Prathap 
They are laws of accounts. 
They are issued by ICAI. 
Till date 32 Standards have been  issued. 
AS is mandatory for companies. 
They cover all important aspect of 
accounts. 
AS – 8 is withdrawn pursuant to AS 
26 becoming mandatory. 
Accounting standards cannot over ride 
the statute 
AS-1 
• Disclosure of Accounting 
Policies 
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FAQs on PPT : Accounting Standards - Accountancy Class 11 - Commerce

1. What are accounting standards?
Ans. Accounting standards are a set of guidelines and principles that govern how financial transactions and events should be recorded, reported, and presented in the financial statements. These standards ensure consistency, comparability, and transparency in financial reporting.
2. Why are accounting standards important?
Ans. Accounting standards are important because they provide a common framework for financial reporting, making it easier for investors, creditors, and other stakeholders to understand and compare financial statements of different companies. They also enhance the reliability and credibility of financial information.
3. What is the role of accounting standards in ensuring transparency?
Ans. Accounting standards play a crucial role in ensuring transparency by requiring companies to disclose relevant and reliable information in their financial statements. These standards provide specific guidelines on what information needs to be disclosed and how it should be presented, thereby enabling stakeholders to make informed decisions.
4. How do accounting standards impact financial reporting quality?
Ans. Accounting standards have a direct impact on the quality of financial reporting. By providing clear guidelines and principles, these standards help companies prepare accurate and reliable financial statements. This, in turn, improves the quality and usefulness of financial information for decision-making purposes.
5. Can accounting standards change over time?
Ans. Yes, accounting standards can change over time. They are regularly updated and revised by standard-setting bodies such as the International Financial Reporting Standards (IFRS) Foundation or the Financial Accounting Standards Board (FASB) to reflect changes in the business environment, advancements in accounting practices, and evolving stakeholder needs.
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