Accounting Standards Issued by ICAI

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To date, the Institute of Chartered Accountants of India has issued 32 Accounting Standards. These are numbered AS-1 to AS-7 and AS-9 to AS-32; AS-8 is no longer in force having been merged with AS-26. The compliance of Accounting standards issued by ICAI have become a statutory requirement with the notification of Companies (Accounting Standards) Rules, 2006 by the Government of India. ICAI has set an internal deadline of aligning its Accounting Standards with IFRS by April 2011.

Accounting Standards issued By ICAI

AS No.

Title of the Statement

Effective date

1

Disclosure of Accounting Policies

01/04/1993

2

Valuation of Inventories (Revised)

01/04/1999

3

Cash Flow Statement (Revised)

01/04/2001

4

Contingencies and Events Occurring after the Balance Sheet Date

01/04/1998

5

Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies (Revised)

01/04/1996

6

Depreciation Accounting (Revised)

01/04/1995

7

Construction Contracts (Revised)

01/04/2002

8

Research & Development

Withdrawn

9

Revenue Recognition

01/04/1993

10

Accounting for Fixed Assets

01/04/1993

11

The Effects of Changes in Foreign Exchange Rates (Revised)

01/04/2004

12

Accounting for Government Grants

01/04/1994

13

Accounting for Investments

01/04/1995

14

Accounting for Amalgamations

01/04/1995

15

Employee Benefits

01/04/2006

16

Borrowing Costs

01/04/2000

17

Segment Reporting

01/04/2001

18

Related Party Disclosures

01/04/2001

19

Leases

01/04/2001

20

Earning Per Shares

01/04/2001

21

Consolidated Financial Statement

01/04/2001

22

Accounting for Taxes on Income

01/04/2001

23

Accounting for Investment in Associates in Consolidated Financial Statement

01/04/2002

24

Discontinuing Operations

01/04/2004

25

Interim Financial Statement

01/04/2002

26

Intangible Assets

01/04/2003

27

Financial Reporting of Interests in Joint Ventures

01/04/2002

28

Impairment of Assets

01/04/2004

29

Provisions, Contingent Liabilities and Contingent Assets

01/04/2004

30

Financial INSTRUMENTS: Recognition and Measurement

31

Financial Instruments: Presentation

32

Financial Instruments: Disclosures