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Indian Accounting Standards ICAI – Ind -PDF
Indian Accounting Standards ICAI – Ind -PDF Read our previous article to learn about the meaning, concept, nature and objectives of accounting standards. Now we’ve provided the answer for “what are the Indian accounting standards for listed companies in India”. Indian Accounting Standard (abbreviated as Ind-AS) in India accounting standards were issued under the supervision and control of Accounting Standards Board. ASB is a committee under Institute of Chartered Accountants of India (ICAI) which consists of representatives from government department, academicians, other professional bodies.
The objective of setting standards is to bring about uniformity in financial reporting and to ensure consistency in the data published by enterprises. For accounting standards, to be useful tool to enhance the corporate governance and responsibility, two criteria must be satisfied, i.e.
(i) A standard must provide a generally understood and accepted measure of the phenomena of concern.
(ii) A standard should significantly reduce the amount of manipulation of the reported numbers and is likely to occur in the absence of the standards.
Meaning of Accounting Standard
An accounting standard is a principle that guides and standardizes the practice of accounting. Accounting standards ensure the financial statements from multiple companies are comparable. The Generally Accepted Accounting Principles (GAAP) is a group of accounting standards widely accepted as appropriate to the field of accounting necessary so financial statements are meaningful across a wide variety of businesses and industries.
An accounting standard is a guideline for financial accounting, such as how a firm prepares and presents its business income, expenses, assets and liabilities, and may be in accordance to standards set by the International Accounting Standards Board (IASB).
List of Indian Accounting Standards – Revised
Ind As No. Name of Indian Accounting Standard (Updated List) Ind AS 101 First-time Ind AS 102 Share Based Ind AS 103 Business Combination Ind AS 104 Insurance Contracts Ind AS 105 Non-Current Assets Held for Sale and Discontinued Operations Ind AS 106 Exploration for and Evaluation of Mineral Resources Ind AS 107 Financial Instruments: Disclosures Ind AS 108 Operating Segments Ind AS 109 Financial Instruments Ind AS 110 Consolidated Financial Statements Ind AS 111 Joint Arrangements Ind AS 112 Disclosure of Interests in Other Entities Ind AS 113 Fair Value Measurement Ind AS 114 Regulatory Deferral Accounts Ind AS 115 Revenue from Contracts with Customers Ind AS 1 Presentation of Financial Statements Ind AS 2 Inventories Ind AS 7 Statement of Cash Flows Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors Ind AS 10 Events after Reporting Period Ind AS 11 Construction Contracts Ind AS 12 Income Taxes Ind AS 16 Property, Plant and Equipment Ind AS 17 Leases Ind AS 18 Revenue Ind AS 19 Employee Benefits Ind AS 20 Accounting for Government Grants and Disclosure of Government Assistance Ind AS 21 The Effects of Changes in Foreign Exchange Rates Ind AS 23 Borrowing Costs Ind AS 24 Related Party Disclosures Ind AS 27 Separate Financial Statements Ind AS 28 Investments in Associates and Joint Ventures Ind AS 29 Financial Reporting in Hyper inflationary Economies Ind AS 32 Financial Instruments: Presentation Ind AS 33 Earnings Per Share Ind AS 34 Interim Financial Reporting Ind AS 36 Impairment of Assets Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets Ind AS 38 Intangible Assets Ind AS 40 Investment Property Ind AS 41 Agriculture
Applicability of Indian Accounting Standards
Indian Companies shall follow Ind AS either Voluntarily or Mandatorily. Once a Indian company follows Ind AS, either mandatorily or voluntarily, it can’t revert to old method of Accounting.
Mandatory Applicability from Accounting Period beginning on or after 1st April 2016
- Every Company with Net worth of not less than ₹5 billion ($73.4 million).
Mandatory Applicability from Accounting Period beginning on or after 1st April 2017
- Every Listed Company.
- Unlisted Companies with Net Worth of not less than ₹ 2.5 billion ($36.7 million) and not more than ₹ 5 billion ($73.4 million).
These are the converged Indian Accounting Standards (Ind ASs) hosted by MCA on its website. The date on which these will come into force is yet to be notified. Any changes in the Ind AS vis. a vis. corresponding IAS/IFRS are given in Appendix 1 appearing at the end of each Ind AS.
Converged Ind AS List
Mandatory Accounting Standards
- Amendment to AS 2, 4, 6, 10, 13, 14, 21 and 29 issued by the Institute of Chartered Accountants of India, pursuant to issuance of amendments to Accounting Standards by the MCA (September 2016)
- AS 1 Disclosure of Accounting Policies
- AS 2 Valuation of Inventories
- AS 3 Cash Flow Statements
- AS 4 Contingencies and Events Occuring after the Balance Sheet Date
- AS 5 Net Profit or Loss for the period,Prior Period Items and Changes in Accounting Policies
- AS 6 Depreciation Accounting
- AS 7 Construction Contracts (revised 2002)
- AS 9 Revenue Recognition
- AS 10 Accounting for Fixed Assets
- AS 11 The Effects of Changes in Foreign Exchange Rates (revised 2003),
- AS 12 Accounting for Government Grants
- AS 13 Accounting for Investments
- AS 14 Accounting for Amalgamations
- AS 15 Employee Benefits (revised 2005)
- AS 16 Borrowing Costs
- AS 17 Segment Reporting
- AS 18 Related Party Disclosures
- AS 19 Leases
- AS 20 Earnings Per Share
- AS 21 Consolidated Financial Statements
- AS 22 Accounting for Taxes on Income.
- AS 23 Accounting for Investments in Associates in Consolidated Financial Statements
- AS 24 Discontinuing Operations
- AS 25 Interim Financial Reporting
- AS 26 Intangible Assets
- AS 27 Financial Reporting of Interests in Joint Ventures
- AS 28 Impairment of Assets
- AS 29 Provisions,Contingent` Liabilities and Contingent Assets
Accounting Standards notified by the Central Government under the Companies Act
- 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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