The generally accepted accounting principles gaap is a group of accounting. Icai the institute of chartered accountants of india. View test prep list of accounting standards as1 to as 32 from econ 201 at indian institute of technology, roorkee. Accounting standards serve the accountants as a guide in the accounting process. Noncorporate entities to whom as issued by icai is applicable. This standard deals with the disclosure of significant accounting policies which are followed in preparing and presenting financial statements. Icai is established under the chartered accountants act, 1949 act no. To increase the reliability of the financial statements. List of accounting standards as 2 of icai download. Accounting standards for local bodies aslb 36, investment in associates and joint ventures accounting standards for local bodies aslb 39, employee benefits accounting standards for local bodies aslb 42, social benefits accounting standards for local bodies aslb, financial reporting under cash basis of accounting. Icai the institute of chartered accountants of india set up by an act of parliament.
To provide a standard for the diverse accounting policies and principles. No part of the contents available in any icai publication may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior permission, in writing, from the institute. Amendment to as 2, 4, 6, 10, 14, 21 and 29 issued by icai pursuant to issuance of amendments to. List of icai s mandatory accounting standards as 129 list of mandatory accounting standards of icai as on 1 july 2017 and onwards, is as under. List of accounting standards as1 to as 32 accounting. Accounting standards standardize diverse accounting policies with a view to i eliminate the noncomparability of financial statements and thereby improving the reliability of financial statements, to the maximum possible extent, and ii provide a set of standard accounting policies, valuation norms and disclosure requirements. Accounting standards act as a dictator in the field of accounting. Accounting advisory guides on the key areas that need to be considered during these challenging times as given below. Companies to whom companies, accounting standards rules, 2006 is applicable and.