Amendments in Accounting Standards??

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Vishal G

Article Assistant

35 Points Posted on 29 January 2010

Hi ppl,

I've heard that the Accounting standards have been amended (especially AS 2,10,11,& 15) and are applicable for the forthcoming exams, but to my surprise there ain't any announcement with regards to the same anywhere in the insti's website nor in any social website.

I know that there is a proposal wrt., Sec. 211(3c) of the Companies Act,1956 and accounting standards(revised) are being referred to in such proposal. So can any1 please confirm whether there is an amendment to AS or it's jus a rumour!!!

Btw, In the students journal issued in Jan 2010, at the end of the journal(before the last article-cross connection). The institute has published various things applicable to May 2010 exam, in which under the head Financial reporting - it states Accounting standards 1 - 32 (including limited revisions).

Can some1 clarify what do they mean by limited revisions??

Thank you

Vishal.

Replies (2)

SSA JI

Ca Final

1833 Points Posted on 30 January 2010

Hello vishal

Now three extra AS 30 to 31 is applicable for fothecoming may 2010 exams

as they are only recomendatory nature from 01-04-09 and mandatory from 1-04-2011

From the date Accounting Standard 30 becomes recommendatory in nature, the
following Guidance Notes issued by the Institute of Chartered Accountants of India, stand
withdrawn:
(i) Guidance Note on Guarantees & Counter Guarantees Given by the Companies.
(ii) Guidance Note on Accounting for Investments in the Financial Statements of
Mutual Funds.
(iii) Guidance Note on Accounting for Securitisation.
(iv) Guidance Note on Accounting for Equity Index and Equity Stock Futures and
Options.

for limited revision and complete accounting standards you can visit

at WWW.CAALLEY.COM -------> LATEST FROM ICAI -------> ACCOUNTING STANDARDS

see CAREFULLY ALL WEBPAGE APPEARED AFTER ABOVE STEPS YOU CAN FIND U'R ANSWER

FINALLY AS-15 IS AMENDED THROUGH COMPANIES ( ACCOUNTING STANDARDS ) RULES 2009 APPPLIED ON CORPORATE VIDE NOTIFIACTION DATED 31.03.09 AVAILBLE ON WWW.MCA.GOV.IN

AND AS ASKED BY U I THINK ICAI ISSUED ONLY EXPOSURE DRAFT AND NOT FINALY REVISED THEM .

BEST OF LUCK