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Accounting Standards International Accounting Standards Auditing and Assurance Standards International Standards on Auditing My Articles

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9.2 and paragraph 20 (except the first sentence) of Accounting Standard (AS) 10, �Accounting for Fixed Assets�, stand withdrawn from this date.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.



200 Objective and General Principles governing an Audit
210 Terms of Audit Engagements
220 Quality control for Audit Work
230 Documentation
240 The Auditor's Responsibility to Consider Fraud and Error in an Audit of Financial Statements
250 Consideration of Laws and Regulations in an Audit of Financial Statements
260 Communication of Audit Matters with those charged with Governance
300 Planning
310 Knowledge of the Business
320 Audit Materiality
400 Risk Assessments and Internal Control
401 Auditing in a Computer Information Systems Environment
402 Audit Considerations relating to entities using Service Organisations
500 Audit Evidence
505 External Confirmations
510 Initial Engagements - Opening Balances
520 Analytical Procedures
530 Audit Sampling and Other Selective Testing Procedures
540 Audit of Accounting Estimates
545 Auditing Fair Value Measurements and Disclosures
550 Related Parties
560 Susequent Events
570 Going Concern
580 Management Representations
600 Using the Work of Another Auditor
610 Considering the Work of Internal Auditing
620 Using the Work of an Expert
700 The Auditor's Report on financial Statements
710 Comparatives
720 Other Information in documents containing Audited Financial Statements
800 The Auditor's Report on Special Purpose Audit Engagements
810 Examination of Prospective financial Information
910 Engagements to Review Financial Statements
920 Engagements to Perform Agreed-Upon Procedures Regarding Financial Information
930 Engagements to compile Financial Information

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