Accounting Standards Issued by the ICAI : A compilation

February 28, 2015

Accounting Standards Issued by the ICAI or the Institute of Chartered Accountants of India are as below:

  • Disclosure of accounting policies.
  • Valuation Of Inventories.
  • Cash Flow Statements.
  • Contingencies and events Occurring after the Balance sheet Date.
  • Net Profit or loss for the period, Prior period items and Changes in accounting Policies.
  • Depreciation accounting.
  • Construction Contracts.
  • Revenue Recognition.
  • Accounting For Fixed Assets.
  • The Effect of Changes in Foreign Exchange Rates.
  • Accounting For Government Grants.
  • Accounting For Investments.
  • Accounting For Amalgamation.
  • Employee Benefits.
  • Borrowing Cost.
  • Segment Reporting.
  • Related Party Disclosures.
  • Accounting For Leases.
  • Earnings per Share.
  • Consolidated Financial Statement.
  • Accounting For Taxes on Income.
  • Accounting for Investment in associates in Consolidated Financial Statement.
  • Discontinuing Operation.
  • Interim Financial Reporting.
  • Intangible assets.
  • Financial Reporting on Interest in joint Ventures.
  • Impairment Of assets.
  • Provisions, Contingent, liabilities and Contingent assets.
  • Financial instrument.
  • Financial Instrument: presentation.
  • Financial Instruments, Disclosures and Limited revision to accounting standards.

The Accounting Standards Issued by the ICAI was brought into picture in the year 1977, by the Accounting standards board (ASB). 

The Accounting Standards Issued by the ICAI has brought a much needed structure to the financial reporting. The accounting policies being numerous, there used to be difference in the reports. This made it hard to compare and analyse them. 

 

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