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

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

The Council of the Institute of Chartered Accountants of India has decided to make limited revision to Accounting Standard (AS) 15, Employee Benefits (revised 2005), with a view to
provide the following:
(i) Under the Transitional Provisions, an option has been given to charge additional liability arising upon the first application of the Standard as an expense over a period upto 5 years. On the lines of IAS 19, the Transitional Provisions of revised AS 15 require disclosure of un-recognised amount.
(ii) An entity may disclose the amounts required by paragraph 120(n) as the amount determined for each accounting period prospectively from the transitional date.

For further details with Examples use the following path:


http://icai.org/icairoot/announcements/announ1185.pdf

Audit : AS 30 & 31 Approved by ICAI w.e.f 01.04.2009

The Council of the Institute of Chartered Accountants of India, at its 273rd meeting held on October 10-12, 2007, approved the Accounting Standard (AS) 30, Financial Instruments: Recognition and Measurement and Accounting Standard (AS) 31, Financial Instruments: Presentation. These Accounting Standards will come into effect in respect of accounting periods commencing on or after 1-4-2009 and will be recommendatory in nature for a period of two years. As a consequence of issuance of AS 30, limited revisions to eight Accounting Standards, viz., AS 2, AS 11 (revised 2003), AS 21, AS 23, AS 26, AS 27, AS 28 and AS 29 have also been made. The approved Standards and the consequential limited revisions will be issued shortly.
AS 30 establishes principles for recognition, derecognition and measurement of financial instruments. For the purpose of the Standard, financial instruments are classified into financial assets or financial liabilities at fair value through profit or loss, held-to-maturity investments, loans and receivables, available-for-sale financial assets and other financial liability. AS 30 also establishes principles for hedge accounting. AS 31 primarily establishes principles for presenting financial instruments as liabilities or equity and related principles of interest, dividends, losses and gains. The principles in this Standard complement the principles established in AS 30. As 30 and AS 31 are based on the corresponding International Accounting Standards, viz., IAS 39, Financial Instruments: Recognition and Measurement and IAS 32, Financial Instruments: Presentation, respectively. There are no material differences between AS 30 and IAS 39, and AS 31 and IAS 32. Accounting Standard corresponding to IFRS 7, Financial Instruments: Disclosures, is under preparation and will also be issued in near future

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