List of “Accounting Standards (AS)” of ICAI along with Revisions (Download PDF Copy)
Accounting standards of ICAI are issued to ensure that accounts are prepared uniformly and in line with the Indian GAAPs for better understanding of the users.
Tag: Accounting Standards (AS)
AS-30, AS-31, AS-32 withdrawn by ICAI
ICAI announces withdrawal of 'AS 30 - Financial Instruments: Recognition and Measurement', 'AS 31 - Financial Instruments: Presentation', 'AS 32 - Financial Instruments: Disclosures'.
National Advisory Committee on Accounting Standards (NACAS) Re-constituted by MCA
MCA has re-constituted the 'National Advisory Committee on Accounting Standards (NACA)', consisting of 13 Members, to advise the Central Government on the formulation and laying down of accounting policies …
ICAI Amends AS 2, AS 4, AS 10, AS 13, AS 14, AS 21, AS 29 and withdraws AS 6
ICAI makes Amendments to AS 2, AS 4, AS 10, AS 13, AS 14, AS 21, AS 29 and withdraws AS 6; pursuant to MCA's Companies Accounting Standards Amendment …
MCA’s amended Accounting Standards Rules, 2016 & their Applicability
The Ministry of Corporate Affairs (MCA) has notified Companies Accounting Standards (AS) Amendment Rules, 2016 vide Notification dt 30th March 2016, applicable from financial year 2016-17.
ICAI Guidance Note- Depreciation Accounting in Companies (Sch. II Companies Act)
To solve issues arising out of Schedule II to the Companies Act, 2013, the ICAI has formulated Guidance Note on Accounting for Depreciation in Companies in the context of …
AS-1 of ICAI : Disclosure of Accounting Policies
AS 1 issued by the ICAI is mandatory in nature and deals with the disclosure of significant accounting policies followed in preparing and presenting the financial statements.
Areas where different Accounting Policies may be adopted
As per AS-1 of the ICAI on disclosure of accounting policies, the following are examples of the areas in which different accounting policies may be adopted by different enterprises.
Selection of Accounting Policies
Primary considerations in selection of accounting policies of an enterprise should be that the financial statements should represent a true and fair view of the state of affairs and …
Fundamental Accounting Assumptions as per AS-1 of ICAI
Certain fundamental accounting assumptions underlie the preparation and presentation of financial statements. They are usually not disclosed specifically because their acceptance and use are assumed.