Accounting Standards Interpretations – ICAI

The ICAI has issued ‘Accounting Standards Interpretations (ASI)’ from time to time in connection with  it’s different accounting standards. These interpretations are intended to apply only to material items. The authority of a particular ASI is the same as that of the ICAI’s Accounting Standard to which it relates and the contents of any specific ASI are intended for the limited purpose of the Accounting Standard to which it relates.

List of Accounting Standards Interpretations (ASI) issued by ICAI

  1. ASI 1: Substantial Period of Time (AS 16)
  2. ASI 3 Revised: Accounting for Taxes on Income in the situations of Tax Holiday under sections 80-IA and 80-IB of the Income-tax Act, 1961 (Re.: AS 22)
  3. ASI 4: Losses under the head Capital Gains (Re.: AS 22)
  4. ASI 5: Accounting for Taxes on Income in the situation of Tax Holiday under Sections 10A and 10B of the Income-tax Act, 1961 (Re.: AS 22)
  5. ASI 6: Accounting for Taxes on Income in the context of Section 115JB of the Income-tax Act, 1961 (Re.: AS 22)
  6. ASI 7: Disclosure of deferred tax assets and deferred tax liabilities in the balance sheet of a company (Re.: AS 22)
  7. ASI 8: Interpretation of the term ‘Near Future’ (Re.: AS 21, AS 23 and AS 27)
  8. ASI 9: Virtual certainty supported by convincing evidence (Re.: AS 22)
  9. ASI 10: Interpretation of paragraph 4(e) of AS 16 (Re.: AS 16)
  10. ASI 12: Applicability of AS 20 (Re.: AS 20)
  11. ASI 13: Interpretation of paragraphs 26 and 27 of AS 18 (Re.: AS 18)
  12. ASI 14: Disclosure of Revenue from Sales Transactions (Re.: AS 9)
  13. ASI 15: Notes to the Consolidated Financial Statements (Re.: AS 21)
  14. ASI 16: – Treatment of Proposed Dividend under AS 23 (Re.: AS 23)
  15. ASI 17: Adjustments to the Carrying Amount of Investment arising from Changes in Equity not Included in the Statement of Profit and Loss of the Associate (Re.: AS 23)
  16. ASI 18: Consideration of Potential Equity Shares for Determining whether an Investee is an Associate under AS 23 (Re.: AS 23)
  17. ASI 19: Interpretation of the term ‘intermediaries’ (Re.: AS 18)
  18. ASI 20 Revised: Disclosure of Segment Information (Re.: AS 17)
  19. ASI 21: Non-Executive Directors on the Board – whether related parties (Re.: AS 18)
  20. ASI 22: Treatment of Interest for determining Segment Expense (Re.: AS 17)
  21. ASI 23: Remuneration paid to key management personnel – whether a related party transaction (Re.: AS 18)
  22. ASI 24: Definition of ‘Control’ (Re.: AS 21)
  23. ASI 25: Exclusion of a subsidiary from consolidation (Re.: AS 21)
  24. ASI 26: Accounting for taxes on income in the consolidated financial statements (Re.: AS 21)
  25. ASI 27: Applicability of AS 25 to Interim Financial Results (Re.: AS 25)
  26. ASI 28: Disclosure of parent’s/ venturer’s shares in post-acquisition reserves of a subsidiary/jointly controlled entity (Re.: AS 21 and AS 27)
  27. ASI 29: Turnover in case of Contractors’ (Re.: AS 7 (revised 2002)

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