AS Timeline 📘 | History of Accounting Standards in India | CA Inter Starter | AS 1 - AS 29 Explained

History of Accounting Standards in India The process of issuing Accounting Standards in India began around the 1970s. A total of 29 Accounting Standards (AS 1 to AS 29) were issued. There was also a period when Accounting Standards 30, 31, and 32 were announced. However, these standards were later withdrawn because they were considered too advanced and difficult to implement at that time. As a result, they were never made mandatory or applicable in India. Therefore, if you come across AS 30, AS 31, or AS 32 in some books or on the internet, don't get confused. Although they were once announced, they were never made mandatory and were eventually withdrawn. Accounting Standards Withdrawn Out of the 29 Accounting Standards, AS 6 and AS 8 became obsolete and were withdrawn. AS 6 – Depreciation Accounting AS 6 dealt with Depreciation Accounting. You are already familiar with the concept of depreciation: It is charged against profit in the Profit and Loss Account. It reduces the carrying amount of an asset. When AS 10 (Property, Plant and Equipment) was revised and the new AS 10 was introduced, the entire content of AS 6 was incorporated into the revised AS 10. Therefore, AS 6 was withdrawn because it was no longer required. AS 8 – Accounting for Research and Development AS 8 dealt with Accounting for Research and Development (R&D) Expenses. Industries that spend heavily on research and development include: Pharmaceutical companies Information Technology (IT) companies Later, when AS 26 – Intangible Assets was introduced, all the provisions relating to R&D accounting from AS 8 were incorporated into AS 26. As a result, AS 8 was withdrawn. Start your FREE 2 Week Demo today. 📞 / 🌐 #CAInter #CAStudents #AccountingStandards #ASTimeline #CAExam #ICAI #CommerceStudents #Accounting #StudyReels #AccountingMadeEasy #FinanceEducation #AS1toAS29 #FutureCA #BCom #LearnAccounting