5 Guidance Notes on Accounting withdrawn by ICAI

Withdrawal of five Guidance Notes on Accounting by ICAI

ICAI has announced to withdraw five guidance notes on accounting as the same are no longer relevant in the present day context in view of the requirements of the Companies Act, 2013, as under:

ICAI Announcement dt. 21-10-2015

The ICAI, in terms of its Council’s Special (347th) meeting, held on October 14, 2015, has decided to withdraw the following five Guidance Notes on Accounting as the same are no longer relevant in the present day context in view of the requirements of the Companies Act, 2013:

i) GN(A) 3 (Issued 1982) – Guidance Note on Treatment of Reserve Created on Revaluation of Fixed Assets

ii) GN(A) 7 (Issued 1989) – Guidance Note on Accounting for Depreciation in Companies

iii) GN (A) 8 (Issued 1994) Guidance Note on Some Important Issues Arising from the Amendments to Schedule XIV to the Companies Act, 1956

iv) GN (A) 26 (Issued 2008) Guidance Note on Applicability of Accounting Standard (AS) 20, Earnings Per Share

v) GN (A) 27 (Issued 2008) Guidance Note on Remuneration Paid to Key Management Personnel-Whether a Related Party Transaction.

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