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		IFRS & IAS
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In India the Institute of Chartered Accountants of India (ICAI) has formed Accounting Standards Board (ASB) in 1977, upon which the responsibility was set to develop accounting standards to be issued and revised in the country from time to time. Though ASB is shaped by ICAI, it is independent in the formulation of accounting standards. ASB comprises members from various fields and organization and it also takes in to consideration customs, usages and business environment prevailing in the country while formulating the standards. ASB also provides explanation and guidance on issues arising from standards. Discussion on Indian GAAP

Accounting Standards in India

AS 1	Disclosure of Accounting Policies
AS 2	Valuation of Inventories
AS 3	Cash Flow Statements
AS 4	Contingencies and Events Occurring After the Balance Sheet Date
AS 5	Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
AS 6	Depreciation Accounting
AS 7	Construction Contracts
AS 8	Accounting for Research and Development
AS 9	Revenue Recognition
AS 10	Accounting for Fixed Assets
AS 11	The Effects of Changes in Foreign Exchange Rates
AS 12	Accounting for Government Grants
AS 13	Accounting for Investments
AS 14	Accounting for Amalgamations
AS 15	Employee Benefits
AS 16	Borrowing Costs
AS 17	Segment Reporting
AS 18	Related Party Disclosures
AS 19	Leases
AS 20	Earnings Per Share
AS 21	Consolidated Financial Statements
AS 22	Accounting for Taxes on Income
AS 23	Accounting for Investments in Associates in Consolidated Financial Statements
AS 24	Discontinuing Operations
AS 25	Interim Financial Reporting
AS 26	Intangible Assets
AS 27	Financial Reporting of Interests in Joint Ventures
AS 28	Impairment of Assets
AS 29	Provisions, Contingent Liabilities and Contingent Assets
AS 30	AS 30 Financial Instruments: Recognition and Measurement
AS 31	Financial Instruments: Presentation