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Acc Bodies Comp State Ias

Acc Bodies Comp State Ias

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761
Comparative Statement of International
Accounting Standards/International Financial
Reporting Standards and Indian Accounting
Standards (As on July 1, 2006)
I.

Indian Accounting Standards already issued by the Institute of Chartered Accountants of India (ICAI) corresponding to the International Accounting Standards/International Financial Reporting Standards

International Accounting
Indian Accounting Standards
Sl.
Standards (IASs)/International
(ASs)
No. Financial Reporting Standards
(IFRSs)1
Title of the Standard
Presentation of Financial
Statements
Inventories

Corresponding IAS has been withdrawn since the matter is now covered by IAS 16 and IAS 38

Cash Flow Statements

Accounting Policies, Changes in Accounting Estimates and Errors

Events After the Balance
Sheet Date
Construction Contracts
Income Taxes
Segment Reporting
Property, Plant and Equipment
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
IANo.S/
IAS 1
IAS 2
IAS 7
IAS 8
IAS 10
IAS 11
IAS 12
IAS 14
IAS 16
AS
No.
AS 1
AS 2
AS 6
AS 3
AS 5
AS 4
AS 7
AS 22
AS 17
AS 10
Title of the Standard
Disclosure of Accounting
Policies
Valuation of Inventories
Depreciation Accounting
Cash Flow Statements

Net Profit or Loss for the Period, Prior Period Items and Changes in Account- ing Policies

Contingencies and Events Occurring after the Balance Sheet Date

Construction Contracts
Accounting for Taxes on
Income
Segment Reporting
Accounting for Fixed
Assets
1It may be noted that International Accounting Standards nos. 3, 4, 5, 6, 9, 13, 15, 22,
25, 30 and 35 have already been withdrawn by the International Accounting Standards
Board (IASB).
762
2IASB has issued IFRS 5 and withdrew IAS 35, Discontinuing Operations, on which
AS 24 is based. An Indian Accounting Standard corresponding to IFRS 5 is under pre-
paration. After the issuance of this Indian AS, AS 24 is proposed to be withdrawn.

11. 12. 13. 14.

15.

16. 17. 18.

19.
20.

21. 22. 23. 24.

25.
26.
27.
28.
Leases
Revenue
Employee Benefits

Accounting for Government Grants and Disclosure of Government Assistance

The Effects of Changes in
Foreign Exchange Rates
Borrowing Costs
Related Party Disclosures
Consolidated and Separate
Financial Statements
Investments in Associates
Interests in Joint Ventures
Earnings Per Share
Interim Financial Reporting
Impairment of Assets
Provisions,

Contingent Liabilities and Contingent Assets

Intangible Assets

Corresponding IAS has been withdrawn since the matter is now covered by IAS 32, 39 and 40 and IFRS 7

Business Combinations
Non-current Assets Held for
Sale
and
Discontinued
Operations

IAS 17 IAS 18 IAS 19 IAS 20

IAS 21

IAS 23 IAS 24 IAS 27

IAS 28
IAS 31

IAS 33 IAS 34 IAS 36 IAS 37

IAS 38
IFRS 3
IFRS 5
AS 19
AS 9
AS 15
AS 12
AS 11

AS 16 AS 18 AS 21

AS 23
AS 27

AS 20 AS 25 AS 28 AS 29

AS 26
AS 13
AS 14
AS 24
Leases
Revenue Recognition
Employee Benefits
Accounting for Govern-
ment Grants
The Effects of Changes in
Foreign Exchange Rates
Borrowing Costs
Related Party Disclosures
Consolidated Financial
Statements

Accounting for Invest- ments in Associates in Consolidated Financial Statements

Financial Reporting of
Interests in Joint Ventures
Earnings Per Share
Interim Financial Reporting
Impairment of Assets

Provisions, Contingent Liabilities and Contingent Assets

Intangible Assets
Accounting for Invest-
ments
Accounting for Amal-
gamations

Discontinuing Operations2. Further, AS 10 deals with accounting for fixed assets retired from active use.

763

II. International Accounting Standard/International Financial Reporting Standard not considered relevant for issuance of Accounting Standards by the ICAI for the reasons indicated.

Reasons

The Institute notes that the hyper-inflationary conditions do not

prevail
in

India. Accordingly, the subject is not considered relevant in the Indian context.

In India, Indian ASs are being adopted since last many years and IFRSs are not being adopted for the first time. Therefore, the IFRS 1 is not relevant to India at present.

Title of the Standard

Financial Reporting in Hyper-inflationary Eco- nomies

First-time Adoption of
International
Financial
Reporting Standards
No.
IAS 29
IFRS 1
International Accounting
Standards/International Financial
Reporting Standards
Sl.
No.
1.
2.

III. Accounting Standards Presently under preparation corresponding to the International Accounting Standards/ International Financial Reporting Standards

Status
Under Preparation.
Title of the Standard
Accounting and Reporting
by Retirement Benefit Plans
No.
IAS 26
International Accounting
Standards/ International Financial
Reporting Standards
Sl.
No.
1.

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