Contributed by CA Rahul Surya a well known faculty for Accounts for last many years. For more reading please click here
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Accounting Standard – 1
Disclosure of Accounting Policies
1. Applicability and Nature : This AS is applicable from 01-04-1993 onwards and Mandatory for SMC, NON-SMC and Level-I,II & III (It means mandatory for all)
2. Objective:- The main objective of this AS is to provide better understanding of the F/S by
disclosing the significant accounting policies used in preparation of F/S. This
also helps meaning full comparison between F/S s of different enterprises.