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Accounting Standards issued by I.C.A.I.

1. Disclosure of Accounting Policies
   Mandatory
2. Valuation of Inventories
   Mandatory
3. Cash Flow Statements
   Mandatory for listed Companies otherwise Recommendatory
4. Contingencies and Events Occuring after the Balance Sheet Date
   Mandatory
5. Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
   Mandatory
6. Depreciation Accounting
   Mandatory
7. Accounting for Construction Contracts
   Mandatory
8. Accounting for Research and Development
   Replaced by AS 26: Intangible Assets
9. Revenue Recognition
   Mandatory
10. Accounting for Fixed Assets
    Mandatory
11. (Revised 2003)The Effects of Changes in Foreign Exchange Rates
    Mandatory from 1.4. 2004. Till then the previous standard would remain in effect
12. Accounting for Government Grants
    Mandatory
13. Accounting for Investments
    Mandatory
14. Accounting for Amalgamations
    Mandatory
15. Accounting for Retirement Benefits in the Financial Statements of Employers
    Mandatory
16. Borrowing Costs
    Mandatory from accounting periods commencing on or after 1-4-2000
    Note:Paragraph 9.2 and paragraph 20 (except the first sentence) of Accounting Standard (AS) 10, �Accounting for Fixed Assets�, stand withdrawn from this date.
17. Segmental Reporting
    Mandatory from 1.04.2001
18. Related Party Disclosures
    Mandatory from 1.04.2001
19. Leases
    Mandatory from 01.04.2001
20. Earnings per Share
    Mandatory from 01.04.2001
21. Consolidated Financial Statements
    Mandatory from 01.04.2001
22. Accounting for Taxes on Income
    Mandatory form 01.04.2001
23. Accounting for Investments in Associates in Consolidated Statements
    Mandatory from 01.04.2002
24. Discontinuing Operations
    Mandatory from 01.04.2004 for listed cos. and those wishing to get listed and for all other commercial industrial and business reporting enterprises, whose turnover for the accounting period exceeds Rs.50 crores.
    For enterprises other than those mentioned above, from 01.04.2005
25. Interim Financial Reporting
    Mandatory for companies preparing and presenting interim financial reports
26. Intangible Assets
    Mandatory from 01.04.2003 for listed cos. and those wishing to get listed and for all other commercial industrial and business reporting enterprises, whose turnover for the accounting period exceeds Rs.50 crores.
    For enterprises other than those mentioned above, from 01.04.2004.
    The folowing stands withdrawn form the above mentioned dates:
    a)AS 8 : Accounting for Research and Development
    b)AS 6 : Depreciation Accounting in respect of amortisation of Intangible Assets
    c)AS 10: Accounting for fixed assets - Paras 16.3 to 16.7, 37 and 38
27. Financial Reporting of Interests in Joint Ventures
    Mandatory from 01.04.2002
28. Impairment of Assets
    Mandatory from 01.04.2004 for listed cos. and those wishing to get listed and for all other commercial industrial and business reporting enterprises, whose turnover for the accounting period exceeds Rs.50 crores.
    For enterprises other than those mentioned above, from 01.04.2005

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International Accounting Standards issued By I.A.S.C.

1. Presentation of Financial Statements
2. Inventories
3. Replaced by IAS 27 and IAS 28
4. Replaced by IAS 16, 22 and 38
5. Replaced by IAS 1
6. Replaced by IAS 15
7. Cash Flow Statements
8. Profit or Loss for the period, Fundamental Errors and Changes in Accounting Policies
9. Superseded by IAS 38 w.e.f. 01/07/1999
10. Events after the Balance Sheet Date
11. Construction Contracts
12. Income Taxes
13. Replaced by IAS 1
14. Segment Reporting
15. Information reflecting the effects of changing prices
16. Property, plant and equipment
17. Leases
18. Revenue
19. Employee Benefits
20. Accounting for Government Grants and Disclosure of Government Assistance
21. The effects of changes in foriegn exchange rates
22. Business Combinations
23. Borrowing Costs
24. Related Party Disclosures
25. Accounting for Investments
26. Accounting and Reporting by Retirement Benfit Plans
27. Consolidate financial statements and accounting for Investments in subsidiaries
28. Accounting for Investments in associates
29. Financial Reporting in Hyperinflationary economies
30. Disclosure in the financial statements of banks and similar financial institutions
31. Financial reporting of interests in joint ventures
32. Financial Instruments: Disclosures and Presentations
33. Earnings per share
34. Interim Financial Reporting
35. Discontinuing Operations
36. Impairment of Assests
37. Provisions, Contingent Liabilities and Contingent Assets
38. Intangible Assets
39. Financial Instruments: Recognition and Measurement
40. Investment Property
41. Agriculture

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Auditing and Assurance Standards (AAS)Issued By I.C.A.I.

1. Basic Principles Governing an Audit
2. Objective and Scope of the Audit of Financial Statements
3. Documentation
4. Auditor's Responsibility to consider Fraud and Error in an Audit of Financial Statement
5. Audit Evidence
6. (Revised)Risk Assessments and Internal Control
7. Relying upon the work of an Internal Auditor
8. Audit Planning
9. Using the work of an expert
10. Using the work of another auditor
11. Representations by Management
12. Responsibility of Joint Auditors
13. Audit Materiality
14. Analytical Procedures
15. Audit Sampling
16. Going Concern
17. Quality Control for Audit Work
18. Audit of Accounting Estimates
19. Subsequent Events
20. Knowledge of the Business
21. Consideration of Laws and Regulations in an audit of Financial Statements
22. Initial Engagements - Opening Balances
23. Related Parties
24. Audit Considerations Relating to Entities Using Service Organisations
25. Comparatives
26. Terms of Audit Engagements
27. Communication of Audit Matters with those charged with Governance
28. The Auditor's Report on Financial Statements
29. Auditing in a Computer Information Systems Environment

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International Standards on Auditing issued By I.A.A.S.B.

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