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harmonisation of accounting standards icai

 
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Accounting Standards notified by the Central Government under the Companies Act

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  • Companies (Accounting Standards) Amendment Rules, 2018
  • Companies (Accounting Standards) Amendment Rules, 2016
  • Companies (Accounting Standards) Amendment Rules, 2011. (Dated: December 29, 2011)
  • Companies (Accounting Standards) (Second Amendment) Rules, 2011. (Dated: December 29, 2011)
  • Companies (Accounting Standards) Rules, 2006
  • Companies (Accounting Standards) Amendment Rules, 2008
  • Companies (Accounting Standards) Amendment Rules, 2009
  • Companies (Accounting Standards) Amendment Rules, 2011
  • Announcement issued by the ICAI ‘Harmonisation of various differences between the Accounting Standards issued by the ICAI and the Accounting Standards notified by the Central Government’
     
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    Copyright 2018 All rights reserved to the ICAI. No part of the contents available in any ICAI publication may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior permission, in writing, from the Institute.
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    Home  |  e-Services   |  e-Sahaayataa   |  Feedback   |  Digital Learning Hub   |  CDS   |  Contact Us   |  Web Mail  
    • Overview
      • About ICAI
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      • Executive Members’ Profile
      • Annual Report
      • Secretary to the Committee
      • ICAI Profile
      • Network
      • Year Books – ICAI
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      • ICAI Internationally
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    • Departments
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      • All Forms
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      • Member Card (Trace a Member)
      • List of Firms as on 1st April 2017
      • List of Members as on 1st April 2018
      • Chartered Accountants – Entry to Civil Services
      • MoU/MRA/Joint Declarations signed with Foreign Bodies
      • List of Universities recognizing CA Qualification for Pursuing Ph.D.
    • Students
      • Cloud Campus
      • Chartered Accountancy Course
      • CA Regulations (1988)
      • Course Registration Forms
      • BoS Knowledge Portal
      • Board of Studies Announcements
      • Examination
      • Opportunities to acquire additional under graduate and post graduate qualification
      • List of Universities recognizing CA Qualification for Pursuing Ph.D.
      • Scholarships and Fee Concessions
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      • Hire CAs
      • Advertise with Us
      • List of Industries
    • Resources
      • Accounting Standards
      • Guidance Notes
      • List of Exposure Drafts
      • Auditing, Review and Other Standards – Complete Text
      • Advisory Service Rules
      • Insurance
      • Standards on Internal Audit
      • Recent Opinions of Expert Advisory Committee
      • Other Technical Literature on Auditing
      • Accounting Standards for Local Bodies
      • Other Technical Literature on Internal Audit
      • Free Download – Online Publications
    • Showcase
      • Photo Gallery
      • Speeches
    • Other Imp. Links
      • Examination
      • ICAI Internationally
      • IFACnet
      • Accountancy Profession Worldwide
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      • Vision Questionnaires 2021
      • Proposals invited for Liaison points abroad
      • Readers/Visitors View
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    About the Accounting Standards Board

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    Accounting Standards






















    OBJECTIVES AND FUNCTIONS OF THE ACCOUNTING STANDARDS BOARD














    1.The following are the objectives of the Accounting Standards Board:

    (i) To conceive of and suggest areas in which Accounting Standards need to be developed.

    (ii) To formulate Accounting Standards with a view to assisting the Council of the ICAI in evolving and establishing Accounting Standards in India.

    (iii) To examine how far the relevant International Accounting Standard/International Financial Reporting Standard (see paragraph 3 below) can be adapted while formulating the Accounting Standard and to adapt the same.

    (iv) To review, at regular intervals, the Accounting Standards from the point of view of acceptance or changed conditions, and, if necessary, revise the same.

    (v) To provide, from time to time, interpretations and guidance on Accounting Standards.

    (vi) To carry out such other functions relating to Accounting Standards.
    2.The main function of the ASB is to formulate Accounting Standards so that such standards may be established by the ICAI in India. While formulating the Accounting Standards, the ASB will take into consideration the applicable laws, customs, usages and business environment prevailing in India.
    3.The ICAI, being a full-fledged member of the International Federation of Accountants (IFAC), is expected, inter alia, to actively promote the International Accounting Standards Board�s (IASB) pronouncements in the country with a view to facilitate global harmonisation of accounting standards. Accordingly, while formulating the Accounting Standards, the ASB will give due consideration to International Accounting Standards (IASs) issued by the International Accounting Standards Committee (predecessor body to IASB) or International Financial Reporting Standards (IFRSs) issued by the IASB, as the case may be, and try to integrate them, to the extent possible, in the light of the conditions and practices prevailing in India.
    4.The Accounting Standards are issued under the authority of the Council of the ICAI. The ASB has also been entrusted with the responsibility of propagating the Accounting Standards and of persuading the concerned parties to adopt them in the preparation and presentation of financial statements. The ASB will provide interpretations and guidance on issues arising from Accounting Standards. The ASB will also review the Accounting Standards at periodical intervals and, if necessary, revise the same.
    COMPOSITION OF THE ACCOUNTING STANDARDS BOAR0
    (for the period from 05-2-2007 to 04-2-2008)








































































































    Elected Members of the Council of ICAI on the Accounting Standards Board:
    CA. Amarjit Chopra, ChairmanNew Delhi
    Shri Pankaj I. Jain, Vice-ChairmanMumbai
    CA. Sunil H. Talati, President
    (Ex-officio)
    Ahmedabad
    CA. Ved Kumar Jain, Vice-President
    (Ex-officio)
    New Delhi
    CA. Rajkumar S. AdukiaMumbai
    CA. Sanjeev K. MaheshwariMumbai
    CA. Mahesh P. SardaJamnagar
    CA. S. GopalakrishnanHyderabad
    CA. S. SanthanakrishnanChennai
    CA. Abhijit BandopadhyayKolkata
    CA. Manoj FadnisIndore
    CA. Harinderjit SinghNew Delhi
    Nominees of the Central Government on the Council of ICAI on the Accounting Standards Board:
    Shri Jitesh Khosla,
    Joint Secretary, New Delhi
    Ministry of Company Affairs
    Shri A.K. Awasthi, Director General (Commercial), New DelhiOffice of the Comptroller and Auditor General of India
    Shri R. Sekar, Joint Secretary (TRU-II), New Delhi Central Board of Excise and Customs
    Co-opted Members/Special Invitees
    CA. Rahul Roy, KolkataFederation of Indian ChambersOf Commerce & Industry (FICCI)
    CA. Manish Dawar, GurgaonAssociated Chambers of Commerce &Industry (ASSOCHAM)
    CA. Sanjay Grover, New DelhiInstitute of Company Secretaries of India (ICSI)
    CA. A.N. Raman, ChennaiInstitute of Cost and Works Accountants of India (ICWAI)
    CA. P.R. Ramesh, HyderabadCo-opted by the ICAI
    Shri P.R. Ravi Mohan, MumbaiReserve Bank of India (RBI)
    CA. Uday Phadke, MumbaiConfederation of Indian Industry (CII)
    CA. P. Sitaram, MumbaiIndustrial Development Bank of India (IDBI)
    Dr. Vijay Gupta, IndoreIndian Institute of Management (IIM), Indore
    Nomination AwaitedSecurities and Exchange Board of India (SEBI)
    Smt. Sonali Singh, New DelhiOffice of the Controller General of Accounts (CGA)
    Nomination Awaited. University Grants Commission
    Ms. Mamta Suri, HyderabadInsurance Regulatory and Development Authority (IRDA)
    Shi B.D. Vishnoi, New DelhiCentral Board of Direct Taxes
    CA. Atul Chunilal Bheda, MumbaiChairman, Expert Advisory Committee of ICAI
    CA. Shanti Lal Daga, HyderabadChairman, Research Committee of ICAI
    Dr. Avinash Chander, Technical Director Secretary to the Board
    RECENT SIGNIFICANT ACHIEVEMENTS












































    Released


    • Release of Compendium of Accounting Standards (ASs) as on July 1, 2006, covering ASs 1-29 and Accounting Standards Interpretations (ASIs) and Announcements on accounting aspects issued up to that date along with CD.
    • Revision of Accounting Standards Interpretation (ASI) 14, Disclosure of Revenue from Sales Transactions (Re.: AS 9, Revenue Recognition).
    • Issuance of Guidance Note on Recognition of Revenue by Real Estate Developers
    Announcements issued


    • Applicability Date of Announcement on �Accounting for exchange differences arising on a forward exchange contract entered into to hedge the foreign currency risk of a firm commitment or a highly probable forecast transaction� .
    • Deferment of Applicability of Announcement on �Accounting for exchange differences arising on a forward exchange contract entered into to hedge the foreign currency risk of a firm commitment or a highly probable forecast transaction�.
    Exposure Drafts Issued


    • Revised Accounting Standard (AS) 10, Tangible Fixed Assets.
    • Proposed Accounting Standard (AS) 30, Financial Instruments: Recognition and Measurement.
    • Proposed Accounting Standard (AS) 31, Financial Instruments: Presentation.
      Consequent to above proposed Accounting Standards, Exposure Drafts of the Limited Revisions to the following Accounting Standards have been issued.
    • Accounting Standard (AS) 2 (revised 1999), Valuation of Inventories.
    • Accounting Standard (AS) 11 (revised 2003), The Effects of Changes in Foreign Exchange Rates.
    • Accounting Standard (AS) 21 (issued 2001), Consolidated Financial Statements and Accounting for Investments in Subsidiaries in Separate Financial Statements.
    • Accounting Standard (AS) 23 (issued 2001), Accounting for Investments in Associates.
    • Accounting Standard (AS) 26 (issued 2002), Intangible Assets.
    • Accounting Standard (AS) 27 (issued 2002), Financial Reporting of Interests in Joint Ventures.
    • Accounting Standard (AS) 28 (issued 2002), Impairment of Assets.
    • Accounting Standard (AS) 29 (issued 2003), Provisions, Contingent Liabilities and Contingent Assets.
    Submission of comments to International Accounting Standards Board (IASB)


    • Exposure Draft of proposed IFRS on Operating Segments.
    • Discussion paper on Management Commentary
    • Exposure Draft of proposed amendments to IAS 32, Financial Instruments; Presentation
    • Exposure Draft of proposed amendments to IAS 1, Presentation of Financial Statements
    • Proposed amendments to IAS 16, Borrowing Costs.
    Submission of comments to the RBI


    • Draft revised Guidelines regarding �Classification and Valuation of Investments�.
    INITIATIVES
    Finalisation of the drafts of proposed/revised Accounting Standards for public exposure


    • Revised Accounting Standard (AS) 1, Presentation of Financial Statements.
    • Revised Accounting Standard (AS) 5, Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies.
      Consequent to above revised Accounting Standards, Limited Revisions to the following Accounting Standards are being proposed:

      • Accounting Standard (AS) 3 (revised 1997), Cash Flow Statements.
      • Accounting Standard (AS) 17 (Issued 2000), Segment Reporting.
      • Accounting Standard (AS) 20 (Issued 2001), Earnings Per Share.
      • Accounting Standard (AS) 23 (Issued 2001), Accounting for Investments in Associates.
      • Accounting Standard (AS) 25 (Issued 2002), Interim Financial Reporting.
    Finalisation of the drafts of proposed/revised Accounting Standards for circulation among the Institute�s Council Members and specified outside bodies (limited exposure)


    • Revised accounting Standard (AS) 12, Accounting for Government Grants and Disclosure of Government Assistance
    • Proposed Accounting Standard on Non-Current Assets Held for Sale and Discontinued Operations (corresponding to IFRS 5)
    Subjects on which new Accounting Standards are under preparation


    • Financial Instruments: Disclosures (corresponding to IFRS 7)
    • Share-based Payment (corresponding to IFRS 2)
    • Insurance Contracts (corresponding to IFRS 4)
    • Agriculture (corresponding to IAS 41)
    • Accounting and Reporting by Retirement Benefit Plans (corresponding to IAS 26)
    • Investment Property (corresponding to IAS 40)
    Accounting Standards under revision


    • Accounting Standard (AS) 4, Events After the Balance Sheet Date
    • Accounting Standard (AS) 9, Revenue Recognition
    • Accounting Standard (AS) 14, Accounting for Amalgamations
    Other project in pipeline


    • Revision of �Guidance Note on Terms Used in the Financial Statements�
    • Constitution of Task Force for preparation of a paper on accounting for entities subject to tariff fixation such as electricity companies, to be considered by the National Standards-Setters.
    • Constitution of Task Force for preparation of a Concept Paper on the issue of convergence with the International Accounting Standards (IASs)/ International Financial Reporting Standards (IFRSs).
    DETAILS OF PROJECTS IN PROGRESS ACCOUNTING STANDARDS BOARD











    I.

    Formulation of New Accounting Standards


    1. Financial Instruments: Disclosures (corresponding to IFRS 7)


    2. Share-based Payment (corresponding to IFRS 2)


    3. Insurance Contracts (corresponding to IFRS 4)


    4. Agriculture (corresponding to IAS 41)


    5. Accounting and Reporting by Retirement Benefit Plans (corresponding to IAS 26)


    6. Investment Property (corresponding to IAS 40)


    7. Non-Current Assets Held for Sale and Discontinued Operations (corresponding to IFRS 5)

    II.

    Accounting Standards under revision


    1. Accounting Standard (AS) 1, Disclosure of Accounting Policies (revised Standard to be titled as Presentation of Financial Statements)


    2. Accounting Standard (AS) 4, Contingencies and Events Occurring After the Balance Sheet Date (revised Standard to be titled as Events Occurring After the Balance Sheet Date)


    3. Accounting Standard (AS) 5, Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies (revised Standard to be titled as Accounting Policies, Changes in Accounting Estimates and Errors)


    4. Accounting Standard (AS) 9, Revenue Recognition


    5. Accounting Standard (AS) 14, Accounting for Amalgamations


    6. Accounting Standard (AS) 12, Accounting for Government Grants (revised Standard to be titled as Accounting for Government Grants and Disclosure of Government Assistance)


    7. Accounting Standard (AS) 10, Accounting for Fixed Assets (revised Standard to be titled as Property, Plant and Equipment)
    III.

    Other Projects


    1. Revision of Guidance Note on Terms used in Financial Statements


    2. Constitution of Task Force for preparation of an approach paper on Accounting for Tariff Regulated Entities such as electricity companies, to be considered by the National Standards-Setters, further to be considered by IASB.


    3. Constitution of Task Force for preparation of a Concept Paper on the issue of convergence with the International Accounting Standards (IASs)/ International Financial Reporting Standards (IFRSs).










       
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      Copyright 2018 All rights reserved to the ICAI. No part of the contents available in any ICAI publication may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior permission, in writing, from the Institute.
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