AS — Accounting Standards
What it means
AS are the written policy documents issued by ICAI (and notified under the Companies Act for companies) covering recognition, measurement, presentation and disclosure of accounting transactions — AS 1 to AS 29 form the framework for non-Ind AS entities.
Where you meet it in the CA course
CA Foundation introduces the framework; CA Intermediate Paper 1 (Advanced Accounting) tests the applicable AS in depth — the single largest theory-plus-practical block of that paper.
Worked example
AS 2 requires inventory at lower of cost and NRV; AS 10 governs property, plant and equipment; AS 22 creates deferred tax on timing differences.
Related terms
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Talk to usWhich entities follow AS instead of Ind AS?
Companies below the Ind AS thresholds (broadly, unlisted companies with net worth under ₹250 crore) and non-corporate entities follow AS, with relaxations by level (Level I–IV) for non-corporates.
How many Accounting Standards are there?
AS 1 to AS 29 were issued, of which AS 6 and AS 8 stand withdrawn (merged into AS 10 and AS 26 respectively), leaving 27 effective standards.