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During the period under report, with the issuance of five new accounting standards (AS 24 TO AS 28) corresponding to the International Accounting Standards, the Indian Accounting Standards have almost come at par with the International Accounting Standards. The new accounting standards would result in more meaningful and transparent financial stantements.

Supporting the effors of the ICAI towards better financial reporting in the country, the Securities and Exchange Board of India (SEBI) has amended the listing agreement to require listed enterprises to comply with the accounting standards issued by the ICAI from time to time

The endeavour of the Accounting Standards Board is not only to bridge the gap between Indian Accounting Standards and International Accounting Standards by issuance of new accounting standards but also to ensure that the existing Indian accounting practices are in line with changed International thinking on various accounting issues. Towards this end, the Board has taken various existing Indian accounting standards for revision. While revised Accounting Standard (AS) 7, Construction Contracts, has already been issued, five existing Indian accounting standards are under revisions.

The Board, with a view to ensure effective implementation of the accounting standards,has decided to issue interpretations and general clarification on accounting standards. During the period, the Board has constituted a Sub-Committee, i.e. Accounting Standards Interpretaion Sub-committee, to draft interpretations on accounting standards. The first Accounting Standards Interpretation has already been issued. The Board has also issued eight general clarifications on various matters arising out of accounting standards.

Besides the above work on some other proposed accounting standards and other projects is in progress.

The Sub-Committee of the Board on Accounting Standards for Governmental Bodies is also engaged in developing conceptual Framework and Accounting Standards for Governmental Bodies.

An exhaustive and impressive edition of the Compendium of Accounting Standards containing all the accounting standards, interpretations general clarifications and other related announcements issued till 1st July 2002 had been brought out on the occasions of the Chartered Accountants' Day celebrated on 1st July 2002. ACD containing the same will be supplied free of cost along with a copy of the said Compendium
The National Advisory Committee on Accounting Standards (NACAS) set up by the Central Government took up for consideration Accounting Standards so far issued by the Council of the ICAI, and had decided to recommend to the Central Government to prescribe Accounting Standards No.1 to No 23 out of the 28 Accounting Standards so far issued by the Council of the ICAI, and had decidede to recommend to the Central Government to prescribe Accounting Standards No.1 to No. 23. A report to this effect had been submitted by the NACAS to the Central Government on 26th August 2002.
 
 
 

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