List of “Accounting Standards (AS)” of ICAI

Accounting Standards (AS) of ICAI

The ‘Accounting Standards’ are issued by the “Accounting Standards Board (ASB)” of the ICAI to establish uniform standards which have to be complied with to ensure that financial statements are prepared in accordance with generally accepted accounting standards. These standards are mandatory on the dates specified either in the respective document or by notification issued by the Council of the ICAI. Basically, the Accounting standards of the ICAI are to ensure that accounts are prepared uniformly and in line with the Indian GAAPs for better understanding of the users.

Mandatory Accounting Standards (AS)

Following are the mandatory Accounting Standards (AS) of the ICAI, w.e.f. 1st Sep. 2014 onwards:

List of Mandatory Accounting Standards
AS 1 Disclosure of Accounting Policies
AS 2 Valuation of Inventories
AS 3 Cash Flow Statements
AS 4 Contingencies and Events Occurring after the Balance Sheet Date
AS 5 Net Profit or Loss for the period,Prior Period Items and Changes in Accounting Policies
AS 6 Depreciation Accounting
AS 7 Construction Contracts (revised 2002)
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 Employee Benefits (revised 2005)
AS 16 Borrowing Costs
AS 17 Segment Reporting
AS 18 Related Party Disclosures
AS 19 Leases
AS 20 Earnings Per Share
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

Download PDF copies of Mandatory Accounting Standards of ICAI – Complete Text

Non Mandatory “Accounting Standards (AS)” 

Following are the non mandatory Accounting Standards (AS) of the ICAI, including certain related Revisions (as indicated against respective AS), w.e.f. 1st Sep. 2014 onwards:

List of Non Mandatory Accounting Standards
AS 30 Financial Instruments: Recognition and Measurement

– Limited Revision to AS 2

– Limited Revision to AS 11 (revised 2003)

– Limited Revision to AS 21

– Limited Revision to AS 23

– Limited Revision to AS 26

– Limited Revision to AS 27

– Limited Revision to AS 28

– Limited Revision to AS 29

AS 31, Financial Instruments: Presentation
AS 32 Financial Instruments: Disclosures

– Limited Revision to AS 19

Download PDF copies of Non-Mandatory Accounting Standards of ICAI – Complete Text

Withdrawal of Announcement on AS-11 by ICAI

The Council of the ICAI had issued an Announcement 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’, which was published in the November 2003 issue of ‘The Chartered Accountant’.

Subsequent to the issuance of the above Announcement, the Ministry of Company Affairs (now known as the Ministry of Corporate Affairs) issued the Companies (Accounting Standards) Rules, 2006, by way of Notification in the Official Gazette dated 7th December, 2006. As per Rule 3(2) of the said Rules, the Accounting Standards shall come into effect in respect of accounting periods commencing on or after the publication of these accounting standards under the said Notification.

AS 11, as published in the above Government Notification, carries a footnote that “it may be noted that the accounting treatment of exchange differences contained in this Standard is required to be followed irrespective of the relevant provisions of Schedule VI to the Companies Act, 1956”.

In view of the above footnote to AS 11, the Council of the Institute of Chartered Accountants of India has decided at its 269th meeting held on July 18, 2007, to withdraw the Announcement 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’, published in ‘The Chartered Accountant’ of November 2003. Accordingly, the accounting treatment of exchange differences contained in AS 11 notified as above is applicable and not the requirements of Schedule VI to the Act, in respect of accounting periods commencing on or after 7th December, 2006.

Withdrawal Announcement by ICAI on ‘Treatment of exchange differences under AS 11

ICAI Announcement on withdrawal of AS-30, AS-31, AS-32 dt. 15 Nov. 2016

ICAI has announced that ‘AS 30 – Financial Instruments: Recognition and Measurement’, ‘AS 31 – Financial Instruments: Presentation’, ‘AS 32 – Financial Instruments: Disclosures’ stands withdrawn. For details, please refer the link below:

AS-30, AS-31, AS-32 withdrawn by ICAI

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