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					Accounting Standards

 Comparative Statement of Indian Accounting Standards and
 International Accounting Standards/International Financial
 Reporting Standards (As on October 25, 2005)

 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
 Sl.No    International Accounting       Indian Accounting Standards
                 Standards                          (ASs)
            (IASs)/International
             Financial Reporting
             Standards (IFRSs)1
         IAS/    Title of the Standard   AS      Title of the Standard
         IFRS                            No.
          No.
 1.      IAS 1 Presentation of Financial AS    Disclosure   of   Accounting
               Statements                1     Policies
 2.      IAS 2 Inventories               AS    Valuation of Inventories
                                         2
 3.             Corresponding IAS has AS       Depreciation Accounting
                been withdrawn since 6
                the   matter  is  now
                covered by IAS 16 and
                IAS 38
 4.      IAS 7 Cash Flow Statements      AS    Cash Flow Statements
                                         3
 5.      IAS 8 Accounting      Policies, AS    Net Profit or Loss for the
               Changes in Accounting 5         Period, Prior Period Items
               Estimates and Errors            and Changes in Accounting
                                               Policies
 6.      IAS    Events After the Balance AS    Contingencies and Events
         10     Sheet Date               4     Occurring after the Balance
                                               Sheet Date
 7.      IAS    Construction Contracts   AS    Construction Contracts
         11                              7
 8.      IAS    Income Taxes             AS    Accounting for Taxes on
         12                              22    Income
 9.      IAS    Segment Reporting        AS    Segment Reporting
         14                              17
10.   IAS   Property,      Plant    and AS     Accounting     for      Fixed
      16    Equipment                   10     Assets
11.   IAS   Leases                       AS    Leases
      17                                 19
12.   IAS   Revenue                      AS    Revenue Recognition
      18                                 9
13.   IAS   Employee Benefits            AS    Accounting for Retirement
      19                                 15    Benefits in the Financial
                                               Statements of Employers
                                               (recently revised and titled
                                               as 'Employee Benefits')
14.   IAS   Accounting          for AS         Accounting                 for
      20    Government Grants and 12           Government Grants
            Disclosure           of
            Government Assistance
15.   IAS   The Effects of Changes AS          The Effects of Changes in
      21    in  Foreign   Exchange 11          Foreign Exchange Rates
            Rates
16.   IAS   Borrowing Costs              AS    Borrowing Costs
      23                                 16
17.   IAS   Related                Party AS    Related Party Disclosures
      24    Disclosures                  18
18.   IAS   Consolidated             and AS    Consolidated         Financial
      27    Separate            Financial 21   Statements
            Statements
19.   IAS   Investments               in AS    Accounting            for
      28    Associates                   23    Investments in Associates
                                               in Consolidated Financial
                                               Statements
20.   IAS   Interests      in      Joint AS    Financial    Reporting    of
      31    Ventures                     27    Interests in Joint Ventures
21.   IAS   Earnings Per Share           AS    Earnings Per Share
      33                                 20
22.   IAS   Interim             Financial AS   Interim Financial Reporting
      34    Reporting                     25
23.   IAS   Impairment of Assets         AS    Impairment of Assets
      36                                 28
24.   IAS   Provisions,  Contingent AS         Provisions,     Contingent
      37    Liabilities         and 29         Liabilities and Contingent
            Contingent Assets                  Assets
25.   IAS   Intangible Assets            AS    Intangible Assets
         38                               26
26.             Corresponding IAS has AS       Accounting               for
                been withdrawn since 13        Investments
                the   matter  is  now
                covered by IAS 32, 39
                and 40
27.      IAS    Investment Property       -    Dealt with by Accounting
         40                                    Standard 13
28.      IFRS   Business Combinations     AS   Accounting               for
         3                                14   Amalgamations
29.      IFRS   Non-current Assets Held AS     Discontinuing Operations2
         5      for       Sale       and 24    Further, As 10 deals with
                Discontinued Operations        accounting for fixed assets
                                               retired from active use.

II. International Accounting Standard/International Financial
Reporting Standard not considered relevant for issuance of
either Accounting Standards or the Guidance Notes by the ICAI
for the reasons indicated.
Sl.No.     International Financial
             Reporting Standard
         IAS/        Title of the                   Reasons
         IFRS         Standard
          No.
1.       IAS    Financial Reporting in The Institute notes that the hyper-
         29     Hyper-inflationary     inflationary conditions do not
                Economies              prevail in India. Accordingly, the
                                       subject is not considered relevant
                                       in the Indian context.
2.       IFRS1 First-time Adoption of   In India, Indian ASs are being
               International            adopted since last many years and
               Financial   Reporting    IFRSs are not being adopted for
               Standards                the first time. Therefore, the IFRS
                                        1 is not relevant to India at
                                        present.
III.  Accounting   Standards    presently   under  preparation
corresponding     to      the      International    Accounting
Standards/International Financial Reporting Standards
Sl.No      International Financial
            Reporting Standards
        IAS/        Title of the                      Status
        IFRS         Standard
         No.
1.      IAS    Accounting        and Under Preparation
        26     Reporting          by
               Retirement     Benefit
               Plans
2.      IAS    Financial                 Under Preparation
        32     Instruments:
               Disclosure          and
               Presentation
3.      IAS    Financial                 Under Preparation
        39     Instruments:
               Recognition         and
               Measurement*
4.      IAS    Agriculture               Under preparation
        41
5.      IFRS   Share-based Payment Under preparation. At present,
        2                          Employee-share based Payments,
                                   are covered by a Guidance Note
                                   issued by the Institute. Further,
                                   some other pronouncements deal
                                   with other share-based payments,
                                   e.g., AS 10, Accounting for Fixed
                                   Assets
6.      IFRS   Insurance Contracts       Under preparation
        4
7.      IFRS   Financial Instruments Under Preparation.
        7      : Disclosure

 RECONCILIATION OF INDIAN ACCOUNTING STANDARDS WITH
            THE INTERNATIONAL ACCOUNTING
    STANDARDS/INTERNATIONAL FINANCIAL REPORTING
           STANDARDS (As on October 25, 2005)
A) International Financial Reporting Standards issued by the
   International Accounting Standards Board
     Number of International Accounting Standards (IASs) issued 41
     by the International Accounting Standards Committee (IASC)
     (now International Accounting Standards Board)
     Number of International Financial Reporting Standards issued 7
     by IASB
     Less: Number of IASs since withdrawn                        (11)
    Add: IAS 4 which has been withdrawn, however, included here 1
    for reconciliation purposes because corresponding Accounting
    Standards of the ICAI (i.e. AS 6) is still in force
                                                                     38
B) Accounting Standards (ASs) and other documents issued by
   the Institute of Chartered Accountants of India
1. Number of Indian Accounting Standards issued (except AS 8 28
   which is withdrawn pursuant to AS 26 becoming mandatory)
2. IAS/IFRS not relevant in the Indian context                       2
3. Guidance Note issued by the ICAI3                                 1
4. Number of Accounting Standards under preparation                  7
                                                                     38
1
  It 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).
2
  IASB recently 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 preparation. After the issuance of this
Indian     AS,     AS    24     is    proposed    to     be    withdrawn.
*
  Pending the issuance of a comprehensive Accounting Standard on
Financial Instruments, the following pronouncements deal with the
accounting for certain types of financial instruments: (1) AS 13,
Accounting for Investments (2) Guidance Note on Equity Index and
Equity Stock Futures and Options (3) Guidance Note on Investments by
Mutual      Funds.     (4)     Guidance     Note      on     Securitisation
3
  Corresponding to IFRS 6 (effective 2006), Exploration for and Evaluation
of Mineral Resources, Guidance Note of the ICAI titled ‘Accounting for Oil
and Gas Producing Activities’, has been issued.

				
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