Indian Financial Accounting Standards (Updated: 24th March, 2006)

T.N. Manoharan who took over as President of ICAI (Institute of Chartered Accountants of India) quotes that ICAI is in the midst of getting out the following new accounting standards:

• on a more immediate concern to get out the accounting standards on presentation of financial statements (equivalent to IAS 32),
• followed next on recognition and measurement of financial statements(IAS 39) and disclosures in financial statements (IFRS 7),
• the standard on financial statement on financial instruments are expected to become applicable in the next 4 – 5 months
• going to prepare accounting standards to deal with insurance contracts, agriculture business, investment property and share-based payment which will take about a year in order for these new standards to be applicable,

Appended below are the existing Accounting Standards (ASs):

AS1 Disclosure of Acounting Policies
AS2 Valuation of Inventories
AS3 Cash Flow Statements
AS4 Contingencies and Events Occurring After the Balance Sheet Date
AS5 Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
AS6 Depreciation Accounting
AS7 Construction Contracts (revised 2002)
AS7 Accounting for Construction Contracts
AS8 Accounting for Research and Development
AS9 Revenue Recognition
AS10 Accounting for Fixed Assets
AS11 The Effects of Changes in Foreign Exchange Rates (revised 2003)
AS12 Accounting for Government Grants
AS13 Accounting for Investments
AS14 Accounting for Amalgamations
AS15 Accounting for Retirement Benefits in the Financial Statement of Employers
AS16 Borrowing Costs
AS17 Segment Reporting
AS18 Related Party Disclosures
AS19 Leases
AS20 Earnings Per Share
AS21 Consolidated Financial Statements
AS22 Accounting for Taxes on Income
AS23 Accounting for Investments in Associates in Consolidated Financial Statements
AS24 Discontinuing Operations
AS25 Interim Financial Reporting
AS26 Intangible Assets
AS27 Financial Reporting of Interests in Joint Ventures
AS28 Impairment of Assets
AS29 Provisions, Contingent Liabilities and Contingent Assets

(Source: www.business-standard.com)

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