List of “Accounting Standards (AS)” of ICAI with Revisions (Download PDF Copy)

Accounting Standards (AS) of ICAI

The ‘Accounting Standards’ are 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 to ensure that financial statements are prepared uniformly, in accordance with generally accepted accounting practices in India (Indian GAAP) and for better understanding of the users.

These standards are mandatory on the dates specified either in the respective document or by notification issued by the Council of the ICAI.

Mandatory Accounting Standards (AS)

Download PDF copy of Mandatory Accounting Standards of ICAI (as on 1 July 2017 and onwards), as under:

List of Mandatory Accounting Standards
AS 1 Disclosure of Accounting Policies
AS 2 Valuation of Inventories (amended) *
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AS 6 Depreciation Accounting (withdrawn) *
AS 7 Construction Contracts (revised 2002)
AS 8 Accounting for Research and Development (withdrawn for AS 26)
AS 9 Revenue Recognition
AS 10 Accounting for Fixed Assets (amended) *
AS 11 The Effects of Changes in Foreign Exchange Rates (revised 2003) **
AS 12 Accounting for Government Grants
AS 13 Accounting for Investments (amended) *
AS 14 Accounting for Amalgamations (amended) *
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 (amended) *
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 (amended) *

ICAI Amends AS 2, AS 4, AS 10, AS 13, AS 14, AS 21, AS 29 and withdraws AS 6

** 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

Non Mandatory “Accounting Standards (AS)” AS 30, AS 31 and AS 32 withdrawn by ICAI

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 the link below:

AS-30, AS-31, AS-32 withdrawn by ICAI

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