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  Accounting Standards  BACKGROUND  Need For Standards  Business activities are varied.  Strenuous task to present the facts intelligibly, in a summarized form.  Methods & Principles adopted by various reporting enterprise are cohernt, not misleading.  Information to the extent possible Uniform & Comparable –  Standards are evolved .  It   Provides  Discipline  Guidelines [i.e Uniform practices & Common techniques].  Yardsticks for evaluation [i.e Comparative   analysis].  Objective  It greatly enhances the users of FS like ã Investor {AS 13},Employees, Lenders, Creditors, Suppliers, Governments.  To eliminate confusing variations in the treatment of several accounting aspects.  To bring Feasibility & Uniformity in presentation.  Other Factors  AS is an authoritative pronouncement of code of practice.  It intend to apply only to material items.        Compilation with Companies Act 1956  As per section 211 of Co’s Act 1956    Sub sec (3A) Every P&L a/c, and Balance Sheet should comply with AS.  Sub sec (3B) if not complied then following should be disclosed:  Deviation from AS  Reason for such deviation {AS1}  Financial effect, if any arising.  Sub sec (3C) AS means as recommended by ICAI  As per section 217 of Co’s Act 1956 sub sec (2AA)    Board’s report shall also include a Directors Responsibility Statement, indicating :  The preparation of Annual Accounts are in compilation of applicable AS’s    As per section 227(3) Powers & Duties Of Auditors  Auditors report shall also state that in his opinion, P&L and Balance Sheet are complied.
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