Accounting Standards (AS) of ICAI
The ‘Accounting Standards’ issued and amended by the “Accounting Standards Board (ASB)” of the ICAI from time to time 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)
Download PDF copy of Mandatory Accounting Standards (w.e.f. 1st Sep. 2014 onwards) of ICAI, as under:
** 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.
Non Mandatory “Accounting Standards (AS)”
Download PDF copy of Non-Mandatory Accounting Standards of ICAI, including certain related Revisions (as indicated against respective AS), as under:
|List of Non Mandatory Accounting Standards|
|AS 30 Financial Instruments: Recognition and Measurement ***|
|AS 31, Financial Instruments: Presentation ***|
|AS 32 Financial Instruments: Disclosures ***|
*** 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: