Recent Significant Achievements

New Releases

 

�     Issuance of Guidance Notes consequent to withdrawal of Accounting Standards Interpretations

 

-            Applicability of Accounting Standard (AS) 20, Earnings Per Share

 

-            Remuneration paid to key management personnel - whether a related party transaction

 

-            Applicability of AS 25 to Interim Financial Results

 

-            Turnover in case of Contractors

�        Issuance of new Accounting Standards:

-       Accounting Standard (AS) 30, Financial Instruments: Recognition and Measurement

-      Accounting Standard (AS) 31, Financial Instruments: Presentation

�         Limited Revisions to Accounting Standards:

-      Consequent to the above new Accounting Standards, Limited Revisions have been made to the following Accounting Standards

*            Accounting Standard (AS) 2 (revised 1999), Valuation of Inventories

*            Accounting Standard (AS) 11 (revised 2003), The Effects of Changes in Foreign Exchange Rates

*            Accounting Standard (AS) 21 (issued 2001), Consolidated Financial Statements and Accounting for Investments in Subsidiaries in Separate Financial Statements

*            Accounting Standard (AS) 23 (issued 2001), Accounting for Investments in Associates

*            Accounting Standard (AS) 26 (issued 2002), Intangible Assets

*            Accounting Standard (AS) 27 (issued 2002), Financial Reporting of Interests in Joint Ventures

*            Accounting Standard (AS) 28 (issued 2002), Impairment of Assets

*            Accounting Standard (AS) 29 (issued 2003), Provisions, Contingent Liabilities and Contingent Assets

 

   -     Limited Revision to Accounting Standard (AS) 15, Employee Benefits        (revised 2005)

 

Announcements issued in respect of the following:

 -   Withdrawal of the Announcement issued by the Council on �Treatment of exchange differences under Accounting Standard (AS) 11 (revised 2003), The Effects of Changes in Foreign Exchange Rates vis-�-vis Schedule VI to the Companies Act, 1956�

-   Option to an entity to adopt alternative treatment allowed by way of amendment to the Transitional Provisions of Accounting Standard (AS) 15, Employee Benefits (revised 2005)

-      Announcement on �Accounting for exchange differences arising on a forward exchange contract entered into to hedge the foreign currency risk of a firm commitment or a highly probable forecast transaction� withdrawn

-       Harmonisation of various differences between the Accounting Standards issued by the ICAI and the Accounting Standards notified by the Central Government

          -            Accounting for Derivatives

 

Submission of comments on the following documents issued by the International Accounting Standards Board (IASB):

�         Exposure Draft of the proposed International Financial Reporting Standard for Small and Medium-Sized Entities (IFRS for SMEs)

• Exposure Draft of Joint Arrangements

 

• Exposure Drafts of Joint Arrangements and Proposed Amendments to IAS 39 Financial Instruments: Recognition and Measurement Exposures Qualifying for Hedge Accounting

 

Imminent Releases:

�        Accounting Standard (AS) 32, Financial Instruments: Disclosures

�        Revised Accounting Standard (AS) 10, Property, Plant and Equipment

�        Revised Accounting Standard (AS) 12, Accounting for Government Grants and Disclosure of Government Assistance

�        Limited Revision to Accounting Standard (AS) 29, Provisions, Contingent Liabilities and Contingent Assets

• Limited Revision to Accounting Standard (AS) 2, Valuation of Inventories, consequent to revised Accounting Standard (AS) 10, Property, Plant and Equipment

 

• Limited Revision to Accounting Standard (AS) 19, Leases, consequent to new Accounting Standard (AS) 32, Financial Instruments: Disclosures

 

Drafts of new/revised Accounting Standards being finalised for public exposure

�         Accounting Standard equivalent to IFRS-5, Non-Current Assets Held for Sale and Discontinued Operations      

Drafts of new/revised Accounting Standards circulated among the Institute�s Council Members, specified outside bodies (limited exposure) 

�         Accounting Standards being revised to make them Indian equivalents of corresponding IASs/IFRSs

-          Accounting Standard (AS) 2, Inventories (corresponding to IAS 2)

Drafts of new/revised Accounting Standards being finalised for circulation among the Institute�s Council Members, specified outside bodies (limited exposure)

�         Accounting Standards being revised to make them Indian equivalents of corresponding IASs/IFRSs

-          Accounting Standard (AS) 1, Disclosure of Accounting Policies (corresponding to IAS 1)

�         New Accounting Standard on Share Based Payment (corresponding to IFRS 2)

 

Preparation of revised Accounting Standards to issue Indian equivalent to IFRS/IAS

�         Accounting Standard (AS) 3, Cash Flow Statement ( corresponding to IAS 7)

�         Accounting Standard (AS) 4, Contingencies and Events Occurring After Balance Sheet Date (corresponding to IAS 10)

�         Accounting Standard (AS) 5, Net Profit and Loss for the Period, Prior Period Items and Changes in Accounting Policies (corresponding to IAS 8)

�         Accounting Standard (AS) 9, Revenue (corresponding to IAS 18)

�         Accounting Standard (AS) 22, Accounting for Taxes on Income (corresponding to IAS 12)

 

Preparation of new Accounting Standard

�         Investment Property (corresponding to IAS 40)

New Guidance Notes under preparation

�         Guidance Note on Service Concession Arrangements on the lines of IFRIC 12

Other project under progress

�         Revision to the Preface to the Statements of Accounting Standards

�         Implementation Guidance on

-          Accounting Standard (AS) 30, Financial Instruments: Recognition and Measurement

-          Accounting Standard (AS) 31, Financial Instruments: Presentation

-         Accounting Standard (AS) 32, Financial Instruments: Disclosures

�         Preparation of Formats for Abridged Financial Statements of Banks

�         Task Force on Accounting for Tariff Regulated Entities to address various accounting issues facing entities subject to tariff fixation such as electricity companies. 

�         Constitution of Task Force on Accounting for Emission Rights to prepare an accounting pronouncement on the same.

Constitution of Group on eXtensible Business Reporting Language (XBRL) to establish forum for promotion and adoption of XBRL in India. Development of general purpose XBRL taxonomy for commercial and industrial companies is underway.