ICAI has decided to revise the Accounting Standards applicable to entities to which Ind AS are not applicable and has accordingly issued the Exposure Drafts of various Revised Accounting Standards for comments from time to time.
The Indian Accounting Standards (Ind AS) notified by MCA in 2015, as amended from time to time, are applicable to the specified class of companies, as per Ind AS Roadmap, whereas Accounting Standards issued by ICAI and notified under Companies (Accounting Standards) Rules, 2021 are applicable to entities to which Ind AS are not applicable.
ICAI has stated in the Announcement that the entire set of revised Accounting Standards will consist of 32 standards which are at various stages of formulation. So far, the Exposure Drafts of 24 revised standards have been issued. The entire set of revised standards, replacing the existing standards, will be implemented together from a future date.
Further, the ICAI shall maintain consistency/ synchronization in the numbering of AS with numbering of Ind AS, while formulating these revised Accounting Standards.
Accordingly, ICAI has recently issued Exposure Drafts of four revised Accounting Standards on 04/01/2022:
1. Exposure Draft of AS 103, Accounting for Amalgamations;
2. Exposure Draft of AS 110, Consolidated and Separate Financial Statements;
3. Exposure Draft of AS 111, Financial Reporting of Interest in Joint Ventures; and
4. Exposure Draft of AS 28, Accounting for Associates and Jointly Controlled Entities.
Earlier also, ICAI has issued Exposure Drafts of various revised Accounting Standards, as under:
1. Exposure Draft of AS 36, Impairment of Assets;
2. Exposure Draft of AS 105, Non-current Assets Held for Sale and Discontinued Operations;
3. Exposure Draft of AS 12, Income Taxes
4. Exposure Draft of AS 21, The Effects of Changes in Foreign Exchange Rates
5. Exposure Draft of AS 34, Interim Financial Reporting
6. Exposure Draft of AS 17, Leases
7. Exposure Draft of AS 41, Agriculture
8. Exposure Draft of AS 11, Construction Contracts
9. Exposure Draft of AS 18, Revenue
10. Exposure Draft of AS 1, Presentation of Financial Statements
11. Exposure Draft of AS 37, Provisions, Contingent Liabilities and Contingent Assets
18. Exposure Draft of AS 40, Investment Property
19. Exposure Draft of AS 19, Employee Benefits
20. Exposure Draft of AS 109, Financial Instruments
21. Exposure Draft of AS 16, Property, Plant and Equipment
22. Exposure Draft of AS 23, Borrowing Costs
23. Exposure Draft of AS 24, Related Party Disclosures
24. Exposure Draft of AS 7, Statement of Cash Flows
25. Exposure Draft of AS 8, Accounting Policies, Changes in Accounting Estimates and Errors
26. Exposure Draft of AS 2, Inventories
27. Exposure Draft of AS 10, Events After the Reporting Period
28. Exposure Draft of AS 20, Accounting for Government Grants
29. Exposure Draft of AS 10 (Revised), Property Plant and Equipment
30. Exposure Draft of AS 1 (Revised) Presentation of Financial Statements
31. Exposure Draft of AS 5 (Revised) Accounting Policies, Changes in Accounting Estimates and Errors
32. Exposure Draft of AS 20 (Limited Revisions), Earnings per Share
33. Exposure Draft of AS 4 (Limited Revisions), Contingencies and Events Occuring After the Balance Sheet Date
34. Exposure Draft of AS 12 (Limited Revisions), Accounting for Government Grants
35. Exposure Draft of AS 22 (Limited Revision), Accounting for Taxes on Income
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