Ind AS – List of Accounting Standards of ICAI
List of Accounting Standards : The ‘Accounting Standards’ are issued by the “Accounting Standards Board (ASB)” of the ICAI 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.
List of Accounting Standards
Mandatory list of Accounting Standards (AS)
Following are the mandatory Accounting Standards (AS) of the ICAI, w.e.f. 1st Sep. 2014 onwards:
| List of Accounting Standards(Mandatory ) |
| AS 1 Disclosure of Accounting Policies |
| AS 2 Valuation of Inventories |
| 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 |
| AS 7 Construction Contracts (revised 2002) |
| AS 9 Revenue Recognition |
| AS 10 Accounting for Fixed Assets |
| AS 11 The Effects of Changes in Foreign Exchange Rates (revised 2003) |
| AS 12 Accounting for Government Grants |
| AS 13 Accounting for Investments |
| AS 14 Accounting for Amalgamations |
| 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 |
| 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 |
Download PDF copies of Mandatory Accounting Standards of ICAI – Complete Text
Non Mandatory “Accounting Standards (AS)”
Following are the non mandatory Accounting Standards (AS) of the ICAI, including certain related Revisions (as indicated against respective AS), w.e.f. 1st Sep. 2014 onwards:
| List of Non Mandatory Accounting Standards |
AS 30 Financial Instruments: Recognition and Measurement– Limited Revision to AS 2
|
| AS 31, Financial Instruments: Presentation |
| AS 32 Financial Instruments: Disclosures– Limited Revision to AS 19 |
Download PDF copies of Non-Mandatory Accounting Standards of ICAI – Complete Text
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
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