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01-12-2012, 04:29 PM
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ACCOUNTING STANDARDS report

ACCOUNTING STANDARDS



.pdf  accounting_standards_brief.pdf (Size: 445.45 KB / Downloads: 36)

Procedure for Issuing Accounting Standards

1. Accounting Standard Board (ASB) determines the broad areas in which Accounting Standards need to be formulated.
2. In the preparation of AS, ASB is assisted by Study Groups.
3. ASB also holds discussions with representative of Government, Public Sector Undertakings, Industry and other organizations (ICSI/ICWAI) for ascertaining their views.
4. An exposure draft of the proposed standard is prepared and issued for comments by members of ICAI and the public at large.
5. After taking into consideration the comments received, the draft of the proposed standard will be finalized by ASB and submitted to the council of the Institute.
6. The council of the Institute will consider the final draft of the proposed Standard and If found necessary, modify the same in consultation with ASB. The AS on the relevant subject will then be issued under the authority of the council.

Joint or by products:

In case of joint or by products, the costs incurred up to the stage of split off should be allocated on a rational and consistent basis. The basis of allocation may be sale value at split off point or sale value at the completion of production. In case of the by products of negligible value or wastes, valuation may be taken at net realizable value. The cost of main product is then joint cost minus net realizable value of by product or waste.
The other costs are also included in the cost of inventory to the extent they contribute in bringing the inventory to its present location and condition.
Interest and other borrowing costs are usually not included in cost of inventory. However, AS-16 recommends the areas where borrowing costs are taken as cost of inventory.
Certain costs are strictly not taken as cost of inventory.
(a) Abnormal amounts of wasted materials, labour, or other production costs;
(b) Storage costs, unless those costs are necessary in the production process prior to a further production stage;
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