A policy statement or document framed by the Institute. Accounting Standards establish rules relating to recognition, measurement and disclosures thereby ensuring that all enterprises that follow them are comparable and that their financial statements are true, fair and transparent. Accounting Standards (AS) are based on a number of accounting principles. They seek to arrive at true accounting income. One such principles is the matching principle. The aim of the Institute is to go for paradigm shift from matching to fair value principle. J.K. Industries Ltd. v. Union of India, (2007) 13 SCC 673.