Accounting Standards formulated by the ICAI do not override the statute/ law that govern the preparation and presentation of general purpose financial statements of a particular Local Body. This Revised ‘Accounting Standard (AS) 13- Accounting for Investments’ is applicable for the accounting periods commencing on or after April 1, 2017 after considering Companies (Accounting Standards) Amendment Rules, 2016 (G.S.R. The accounting standards formulated by the ASB have come a long way and got legal recognition as well. These are numbered AS-1 to AS-7 and AS-9 to AS-32 (AS-8 & AS-6 is no longer in force since it was merged with AS-26 and AS-10). This Revised ‘Accounting Standard (AS) 2- Valuation of Inventories’ as applicable for the accounting periods commencing on or after April 1, 2017 after considering Companies (Accounting Standards) Amendment Rules, 2016 (G.S.R. Candidates can also download the Accounting Standards 3 PPT ( PowerPoint Presentations). Notification of Companies (Accounting Standards) Rules,2006 as per Notification dt. Dec 16, 2020 - ICAI Notes 1.2, Accounting Concepts, Principles & Conventions (Part - 1) CA Foundation Notes | EduRev is made by best teachers of CA Foundation. Today we are providing the complete details of Accounting Standard – 12 accounting for government grants I;e definitions, accounting treatment, Presentation of Grants Related to Revenue, Presentation of Grants of the nature of Promoters … Price: Inclusive of all applicable taxes For further details or any assistance, kindly drop a mail to fafp@icai.in Have a great learning! CA. Auditing and Assurance Standards Board. 1. are of minor nature, which have been harmonized by the Institute in line with Govt. Accounting Standards means the standard of accounting recommended by the ICAI and prescribed by the Central Government in consultation with the National Advisory Committee on Accounting … For example, AS 19, Leases, requires an enterprise to evaluate its recognition of an item of leased property, plant and equipment on the basis of the transfer of risks and rewards. Thank you for your interest in Lectures on Accounting Standards. Under the going concern basis of accounting… ACCOUNTING FOR CONSTRUCTION CONTRACT – AS7 (Revised-2002) 1) Applicability of the Standard Applied in accounting for construction contracts in the financial statements of contractors. [This Accounting Standard includes paragraphs set in bold italic type and plain type, which have equal authority. The amended Accounting Standards are likely to be published in the Compendium of Accounting Standards. This Standard on Auditing (SA) deals with the auditor’s responsibilities in the audit of financial statements relating to going concern and the implications for the auditor’s report. In other words, Accounting Standard which is continuously adopted by an assessee can be superseded or modified by legislative intervention. Accounting Standard 3 PDF Download For Cash Receipts from Royalties, Fees, Commissions, and Other Revenues is Covered under the AS 3 Cash Flow Statement ICAI. Other Accounting Standards may require recognition of an item of property, plant and equipment based on an approach different from that in this Standard. Accounting Standards (ASs) already issued by ICAI apply to those enterprises as stated in paragraph 3.3 of the ‘Preface to the Statements of Accounting Standards’. Indian Accounting Standard (Ind AS) 41 Agriculture CONTENTS from paragraph INTRODUCTION IN1 INDIAN ACCOUNTING STANDARD 41 AGRICULTURE OBJECTIVE SCOPE 1 DEFINITIONS 5 Agriculture-related … G. Sekar Chairman Auditing and Assurance Standards Board. Indian Accounting Standard (Ind AS) 41, Agriculture (Last date for Comments: October 15, 2014) Issued by Accounting Standards Board The Institute of Chartered Accountants of India . This document is highly rated by CA Foundation students and has been viewed 3693 times. The differences between AS issued by ICAI & AS notified by Govt. ASB, ICAI CHANGES IN ACCOUNTING POLICY 30 A change in an accounting policy should be made only if : • the adoption of a different accounting policy is required by statute; or • for compliance with an Accounting Standard; or • if it is considered that the change would result in a more appropriate presentation of the financial statements of the enterprise. Accounting under Maharashtra Public Trusts Act Applicable Provisions – Maharashtra Public Trusts Act, 1950 S. 31 – Submission of Budget to Charity Commissioner S. 32 – Maintenance … Sub Section(3A) to section 211 of Companies Act, 1956 requires that every Profit/Loss Account and Balance Sheet shall comply with the Accounting Standards. However, but for such intervention or in cases falling under s. 145(3), the method of accounting undertaken by the assessee continuously is supreme. (Ref: Para. Accounting standards are a set of principles which entities follows while preparing the financial statements providing a standardised way of describing the entity’s financial position and financial performance. I propose for adoption of the new Indian Accounting Standards (Ind AS) by the Indian companies from the financial year 2015-16 voluntarily and from the financial year 2016-17 on a mandatory basis. 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