Saturday, 28 September 2013

Procedure for Issuing Accounting Standards

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.

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.

Thursday, 8 December 2011


Tuesday, 28 June 2011


As8 Research & Development-REMOVED( Now included in AS – 26)
As10 Accounting for Fixed Assets 01/04/1993 All Level
As11 The Effects of Changes in Foreign Exchange Rates (Revised) 01/04/2004 All Level
AS13 Accounting for Investments 01/04/1995 All Level
AS14 Accounting for Amalgamations 01/04/1995 All Level
As15 Employee Benefits 01/04/2006 All Level
As16 Borrowing Costs 01/04/2000 All Level
As17 Segment Reporting 01/04/2001 Level I
As18 Related Party Disclosures 01/04/2001 Level I
As19 Leases 01/04/2001 All Level
As20 Earning Per Shares 01/04/2001 Level I
As21 Consolidated Financial Statement 01/04/2001 Enterprises preparing CFS
As22 Accounting for Taxes on Income 01/04/2001 Listed Companies{ 01/04/2002  Other Companies}
As23 Accounting for Investment in Associates in Consolidated Financial Statement 01/04/2002 Enterprises preparing CFS
As24 Discontinuing Operations 01/04/2004 Level I
As25 Interim Financial Statement 01/04/2002 Level I
As26 Intangible Assets 01/04/2003 All Level
As 27 Financial Reporting of Interests in Joint Ventures 01/04/2002 Enterprises Preparing CFS
As28 Impairment of Assets 01/04/2004 Level I {01/04/2006 Level II} {01/04/2008 Level III}
As29 Provisions, Contingent Liabilities and Contingent Assets 01/04/2004 All Level
As 30 Financial Instruments: Recognition and Measurement 01/04/2011 Level I
As31 Financial Instruments: Presentation 01/04/2011 Level I
As32 Financial Instruments: Disclosures 01/04/2011 Level I

Saturday, 18 June 2011

Accounting Standards PDF Download

Accounting Standards issued by the ICAI

Withdrawal of the Announcement issued by the Council on ‘Treatment of exchange differences under Accounting Standard (AS) 11 (revised 2003), The Effects of Changes in Foreign Exchange Rates vis-à-vis Schedule VI to the Companies Act, 1956’
Accounting Standards (ASs)
AS 1 Disclosure of Accounting Policies
AS 2 Valuation of Inventories
AS 3 Cash Flow Statements
AS 4 Contingencies and Events Occuring after the Balance Sheet Date
AS 6 Depreciation Accounting
AS 7 Construction Contracts (revised 2002)
AS 8 Accounting for Research and Development
AS 9 Revenue Recognition
AS 10 Accounting for Fixed Assets
AS 11 The Effects of Changes in Foreign Exchange Rates (revised 2003),
AS 12 Accounting for Government Grants
AS 13 Accounting for Investments
AS 14 Accounting for Amalgamations
AS 15 (revised 2005) Employee Benefits
Limited Revision to Accounting Standard (AS) 15, Employee Benefits (revised 2005)
AS 15 (issued 1995)Accounting for Retirement Benefits in the Financial Statement of Employers
AS 16 Borrowing Costs
AS 18, Related Party Disclosures
AS 19 Leases
AS 21 Consolidated Financial Statements
AS 22 Accounting for Taxes on Income.
AS 23 Accounting for Investments in Associates in Consolidated Financial Statements
AS 24 Discontinuing Operations
AS 25 Interim Financial Reporting
AS 26 Intangible Assets
AS 27 Financial Reporting of Interests in Joint Ventures
AS 28 Impairment of Assets
AS 29 Provisions,Contingent` Liabilities and Contingent Assets
AS 30 Financial Instruments: Recognition and Measurement and Limited Revisions to AS 2, AS 11 (revised 2003), AS 21, AS 23, AS 26, AS 27, AS 28 and AS 29
AS 31, Financial Instruments: Presentation
Accounting Standard (AS) 32, Financial Instruments: Disclosures, and limited revision to Accounting Standard (AS) 19, Leases