Accounting Standards
Compendium of
Accounting Standards
(including Interpretations as on July 1, 2006)
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
NEW DELHI
COPYRIGHT © THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
All rights reserved. No part of this publication may be translated, reprinted or reproduced or utilised in any form either in whole or in part or by any electronic, mechanical or other means, including photocopying and recording, or in any information storage and retrieval system, without prior permission in writing from the publisher.
Year of Publication: 2006
Price: Rs. 500.00 (with CD)
ISBN: 81-88437-90-5
Published by Dr. Avinash Chander, Technical Director, The Institute of Chartered Accountants of India, Indraprastha Marg, New Delhi-110002. Web-site: www.icai.org.
Typeset by B.K. Bhatt at ELITE-ART, Pataudi House, Daryaganj, New Delhi and
Printed by Arvind Kumar Gupta at PRINT-LAND, Kashmere Gate, Delhi.
Foreword
In the present day era, the role of accounting and financial reporting does not need any explanation or justification. Now-a-days, more and more enterprises are being managed by the professionals. The persons who provide risk capital to the enterprise do not participate in the day-to-day affairs of the enterprise and their major source of information about the enterprise is the financial reporting made by it. Apart from the providers of risk capital, there are other stakeholders also which include prospective shareholders, bankers, creditors, etc., who use the financial reporting made by the enterprise to make their economic and financial decisions. In such a scenario, it is absolutely essential that financial reporting of an enterprise is unbiased, comparable, transparent and free from bias. This necessitates the existence of a sound financial reporting system in country which is based on the Accounting Standards. Realising the need for establishment of sound Accounting Standards in the country, the Institute of
Accounting Standards
(including Interpretations as on July 1, 2006)
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
NEW DELHI
COPYRIGHT © THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
All rights reserved. No part of this publication may be translated, reprinted or reproduced or utilised in any form either in whole or in part or by any electronic, mechanical or other means, including photocopying and recording, or in any information storage and retrieval system, without prior permission in writing from the publisher.
Year of Publication: 2006
Price: Rs. 500.00 (with CD)
ISBN: 81-88437-90-5
Published by Dr. Avinash Chander, Technical Director, The Institute of Chartered Accountants of India, Indraprastha Marg, New Delhi-110002. Web-site: www.icai.org.
Typeset by B.K. Bhatt at ELITE-ART, Pataudi House, Daryaganj, New Delhi and
Printed by Arvind Kumar Gupta at PRINT-LAND, Kashmere Gate, Delhi.
Foreword
In the present day era, the role of accounting and financial reporting does not need any explanation or justification. Now-a-days, more and more enterprises are being managed by the professionals. The persons who provide risk capital to the enterprise do not participate in the day-to-day affairs of the enterprise and their major source of information about the enterprise is the financial reporting made by it. Apart from the providers of risk capital, there are other stakeholders also which include prospective shareholders, bankers, creditors, etc., who use the financial reporting made by the enterprise to make their economic and financial decisions. In such a scenario, it is absolutely essential that financial reporting of an enterprise is unbiased, comparable, transparent and free from bias. This necessitates the existence of a sound financial reporting system in country which is based on the Accounting Standards. Realising the need for establishment of sound Accounting Standards in the country, the Institute of
References: Framework (issued 2000) 13 Standards Board with information about its approach to the formulation of Accounting Standards