List of Accounting Standards of ICAI (AS 1~AS 32)

Accounting Standards (AS 1~ AS 32) have been issued by the Accounting Standards Board 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. These Accounting Standards are applicable to non-corporate entities including Small and Medium sized Enterprises (SMEs). These standards are mandatory on the dates specified either in the respective document or as may be notified by the Council of the ICAI. Also,¬†ICAI recommends to follow the Accounting Standards notified by MCA vide Companies (Accounting Standards) Rules, 2006 and related amendments, which … Continue reading List of Accounting Standards of ICAI (AS 1~AS 32)