List of Accounting Standards of ICAI: AS-1 to AS-32 (updated 01/02/2022)

In India, the Accounting Standards for non-corporate entities including Small and Medium sized Enterprises (SMEs), are issued by the Accounting Standards Board (ASB) of ICAI, to establish uniform standards for preparation of financial statements, in accordance with  the Indian GAAP (Generally Accepted Accounting Practices), for better understanding of the users. However, in the case of Corporate entities, the Accounting Standards notified by the MCA are applicable.

These standards are mandatory on the dates specified either in the respective document or as may be notified by the ICAI/ MCA.

It may be noted that MCA also issues the Accounting Standards for companies, based on recommendations made by the ICAI. Accordingly MCA notifies such Accounting Standards vide Companies (Accounting Standards) Rules and amendments thereto, applicable for companies including Small and Medium sized Companies to whom Indian Accounting Standards (Ind AS) are not applicable.

The Accounting Standards issued by ICAI for non-corporate entities, are nearly 2 decades old and are now being reviewed, modified and upgraded, to match the financial reporting requirements of Ind AS, as far as possible in the case of SMEs.

Compendium of ICAI’s Accounting Standards as on 01/07/2019

ICAI has published a compendium of accounting standards as on 01/07/2019, which includes various relevant Announcements of ICAI on the subject.

ICAI’s Compendium of Accounting Standards 01/07/2019

ICAI’s Quick Referencer on Accounting Standards (as on 01/04/2019)

In order to provide a quick guide of the key provisions of the Accounting Standards, an initiative has been taken up by the Accounting Standards Board of ICAI to publish a booklet titled ‘Accounting Standards: Quick Referencer’. This booklet captures summary of Accounting Standards issued by the ICAI as well as Companies (Accounting Standards) Rules, 2006 notified by the Ministry of Corporate Affairs, Government of India, to take care of the interests of the preparers and auditors of financial statements along with other stakeholders.

ICAI’s Quick Referencer on Accounting Standards (as on 01/04/2019)

List of Accounting Standards of ICAI: AS-1 to AS-32 (updated as on 01/02/2022)

List of ICAI’s Mandatory Accounting Standards (AS-1 to AS-29) as on 01/02/2022

The first question for students/ learners is that ‘how many accounting standards are there’? For their information, so far a total of 32 Accounting Standards (AS-1 to AS-32) have been issued by the ICAI, out of which AS-1 to AS-29 are mandatory in nature whereas AS-6, AS-8, AS-30, AS-31 and AS-32 have been withdrawn by ICAI through different Announcements. Therefore now effectively there are only 27 Accounting Standards of ICAI as of 01/02/2022. All these accounting standards are mandatory in nature, as of 01/07/2017 and onwards:

ICAI’s AS-1: Disclosure of Accounting Policies (as on 01/02/2022)

AS-1 deals with the disclosure of significant accounting policies followed in preparing and presenting financial statements, by way of a separate statement/ notes forming part of such financial statements, to facilitate meaningful comparison of financial statements of different enterprises/ periods.

ICAI’s AS-2: Valuation of Inventories (as on 01/02/2022)

This Standard deals with the determination of value at which inventories are carried in the financial statements, including the ascertainment of cost of inventories and any write-down thereof to net realisable value.

ICAI’s AS-3: Cash Flow Statements (as on 01/02/2022)

This Standard deals with the provision of information about the historical changes in cash and cash equivalents of an enterprise by means of a Cash Flow Statement which classifies cash flows during the period from operating, investing and financing activities.

ICAI’s AS-4: Contingencies and Events Occurring After Balance Sheet Date (as on 01/02/2022)

This Standard deals with the treatment of contingencies and events occurring after the balance sheet date.

ICAI’s AS-5: Net profit or Loss for the period, Prior Period Items and Changes in Accounting Policies (as on 01/02/2022)

This Standard should be applied by an enterprise in presenting profit or loss from ordinary activities, extraordinary items and prior period items in the Statement of Profit and Loss, in accounting for changes in accounting estimates, and in disclosure of changes in accounting policies.

ICAI’s AS-7: Construction Contracts (as on 01/02/2022)

This Standard prescribes the accounting for construction contracts in the financial statements of contractors.

ICAI’s AS-9: Revenue Recognition (as on 01/02/2022)

This Standard deals with the bases for recognition of revenue in the Statement of Profit and Loss of an enterprise. The Standard is concerned with the recognition of revenue arising in the course of the ordinary activities of the enterprise from: a) Sale of goods; b) Rendering of services; and c) Interest, royalties and dividends.

ICAI’s AS-10: Property, Plant and Equipment (as on 01/02/2022)

The objective of this Standard is to prescribe the accounting treatment for property, plant and equipment (PPE).

ICAI’s AS-11: The Effects of Changes in Foreign Exchange Rates (as on 01/02/2022)

AS 11 lays down principles of accounting for foreign currency transactions and foreign operations, i.e., which exchange rate to use and how to recognise in the financial statements the financial effect of changes in exchange rates.

ICAI’s AS-12: Government Grants (as on 01/02/2022)

This Standard deals with accounting for government grants. Government grants are sometimes called by other names such as subsidies, cash incentives, duty drawbacks, etc.

ICAI’s AS-13: Accounting for Investments (as on 01/02/2022)

This Standard deals with accounting for investments in the financial statements of enterprises and related disclosure requirements.

ICAI’s AS-14: Accounting for Amalgamations (as on 01/02/2022)

This Standard deals with accounting for amalgamations and the treatment of any resultant goodwill or reserves.

ICAI’s AS-15: Employee Benefits (as on 01/02/2022)

The objective of this Standard is to prescribe the accounting treatment and disclosure for employee benefits in the books of employer except employee share-based payments. It does not deal with accounting and reporting by employee benefit plans.

ICAI’s AS-16: Borrowing Costs (as on 01/02/2022)

This Standard should be applied in accounting for borrowing costs. This Standard does not deal with the actual or imputed cost of owners’ equity, including preference share capital not classified as a liability.

ICAI’s AS-17: Segment Reporting (as on 01/02/2022)

The objective of this Standard is to establish principles for reporting financial information, about the different types of segments/ products and services an enterprise produces and the different geographical areas in which it operates.

ICAI’s AS-18: Related Party Disclosures (as on 01/02/2022)

This Standard should be applied in reporting related party relationships and transactions between a reporting enterprise and its related parties. The requirements of this Standard apply to the financial statements of each reporting enterprise and also to consolidated financial statements presented by a holding company.

ICAI’s AS-19: Leases (as on 01/02/2022)

The objective of this Standard is to prescribe, for lessees and lessors, the appropriate accounting policies and disclosures in relation to finance leases and operating leases.

ICAI’s AS-20: Earnings Per Share (as on 01/02/2022)

AS 20 prescribes principles for the determination and presentation of earnings per share which will improve comparison of performance among different enterprises for the same period and among different accounting periods for the same enterprise.

ICAI’s AS-21: Consolidated Financial Statements (as on 01/02/2022)

The objective of this Standard is to lay down principles and procedures for preparation and presentation of consolidated financial statements. These statements are intended to present financial information about a parent and its subsidiary(ies) as a single economic entity to show the economic resources controlled by the group, obligations of the group and results the group achieves with its resources.

ICAI’s AS-22: Accounting for Taxes on Income (as on 01/02/2022)

The objective of this Standard is to prescribe accounting treatment of taxes on income since the taxable income may be significantly different from the accounting income due to many reasons, posing problems in matching of taxes against revenue for a period.

ICAI’s AS-23: Accounting for Investments in Associates (as on 01/02/2022)

This Standard should be applied in accounting for investments in associates in the preparation and presentation of consolidated Financial Statements (CFS) by an investor.

ICAI’s AS-24: Discontinuing Operations (as on 01/02/2022)

The objective of AS 24 is to establish principles for reporting information about discontinuing operations, thereby enhancing the ability of users of financial statements to make projections of an enterprise’s cash flows, earnings generating capacity, and financial position by segregating information about discontinuing operations from information about continuing operations. AS 24 applies to all discontinuing operations of an enterprise.

ICAI’s AS-25: Interim Financial Reporting (as on 01/02/2022)

This Standard applies if an entity is required or elects to publish an interim financial report. The objective of AS 25 is to prescribe the minimum content of an interim financial report and to prescribe the principles for recognition and measurement in complete or condensed financial statements for an interim period.

ICAI’s AS-26: Intangible Assets (as on 01/02/2022)

AS 26 prescribes the accounting treatment for intangible assets (i.e. identifiable non-monetary asset, without physical substance, held for use in the production or supply of goods or services, for rental to others, or for administrative purposes).

ICAI’s AS-27: Financial Reporting of Interests in Joint Ventures (as on 01/02/2022)

The objective of AS 27 is to set out principles and procedures for accounting for interests in joint ventures and reporting of joint venture assets, liabilities, income and expenses in the financial statements of venturers and investors.

ICAI’s AS-28: Impairment of Assets (as on 01/02/2022)

The objective of AS 28 is to prescribe the procedures that an enterprise applies to ensure that its assets are carried at no more than their recoverable amount. The asset is described as impaired if its carrying amount exceeds the amount to be recovered through use or sale of the asset and AS 28 requires the enterprise to recognise an impairment loss in such cases. It should be noted that AS 28 deals with impairment of all assets unless specifically excluded from the scope of the Standard.

ICAI’s AS-29: Provisions, Contingent Liabilities and Contingent Assets (as on 01/02/2022)

The objective of AS 29 is to ensure that appropriate recognition criteria and measurement bases are applied to provisions and contingent liabilities and that sufficient information is disclosed in the notes to the financial statements to enable users to understand their nature, timing and amount. The objective of this Standard is also to lay down appropriate accounting for contingent assets.

1. ICAI has withdrawn the AS 8 on Accounting for Research and Development.
2. ICAI Amends AS 2, AS 4, AS 10, AS 13, AS 14, AS 21, AS 29 and withdraws AS 6.
3. ICAI withdraws its Announcement on Treatment of exchange differences under AS 11
4. Companies (Accounting Standards) Amendment Rules, 2018 notified by MCA: AS 11 amended

List of ICAI’s Non-Mandatory Accounting Standards (AS 30~32)

ICAI has announced on 15 Nov. 2016 that ‘AS 30- Financial Instruments: Recognition and Measurement’, ‘AS 31- Financial Instruments: Presentation’, ‘AS 32- Financial Instruments: Disclosures’ stands withdrawn. For details, please refer: AS-30, AS-31, AS-32 withdrawn by ICAI.

Revised Accounting Standards of ICAI

ICAI is in the process to revise all the Accounting Standards applicable to entities to which Ind AS are not applicable. Entire set of revised Accounting Standards will consist of 32 standards which are at various stages of revision/ formulation, which shall replace the existing standards, when implemented from a future date. Further, it’s worth noting that while formulating these revised Accounting Standards, the ICAI shall maintain consistency/ synchronization in the numbering of AS with numbering of Ind AS, i.e. existing Accounting Standards shall not only be revised but shall also be renumbered accordingly.

Exposure Drafts of Revised Accounting Standards of ICAI: AS-28, AS-103, AS-110, AS-111

Related Posts:

MCA’s amended Accounting Standards Rules, 2016 & their Applicability


  1. Rudra
    • KV Narayanan Namboodiri
  2. Aniketsagar
    • Vidhyadhar Kulkarni
  3. L c purohit
  4. Ganesh Sujay Desai
  5. Yin
  6. Ramya
  7. Dharumaraj
  8. Saran
  9. Preeti
  10. Ramesh
  11. Qurrathulain.s
  12. Samrudhi Vitthalrao Bote
  13. Jay Deepakbhai Chhatbar
  14. Dipali Suresh Suryawanshi

Leave a Reply