MAY- 2010
Newsletter May 2010
INDEX
1. Accounting and Auditing ...........................................................................
1. Exposure Draft (ED) ..............................................................................
2. Publication of Technical Guide (TG) ......................................................
3. Amendment to Standard on Auditing (SA) 230......................................
Disclaimer:
The contents provided in this newsletter are for information purpose only and are
intended, but not promised or guaranteed, to be correct, complete and up-to-date.
The firm hereby disclaims any and all liability to any person for any loss or damage
caused by errors or omissions, whether such errors or omissions result from
negligence, accident or any other cause.
N. A. SHAH ASSOCIATES
For Private circulation only
2
Newsletter May 2010
1. Accounting and Auditing
1.
1.1.
Exposure Draft (ED)
Revision in Existing Standards
The ICAI has also issued ED revising the existing Accounting Standards (AS).
The details are mentioned below:
AS
Details
AS
AS
AS
AS
AS
–9
-15
– 14
– 22
- 24
AS
AS
AS
AS
– 26
– 27
- 28
– 30
AS – 31
AS - 32
Revenue
Employee Benefits
Business Combinations
Income Taxes
Non Current Assets held for Sale
Discontinued Operations
Intangible Assets
Interest in Joint Venture
Impairment of Assets
Financial Instruments: Recognition
Measurement
Financial Instruments: Presentation
Financial Instruments: Disclosures
and
Corresponding
IFRS
IAS 18
IAS 19
IFRS 3
IAS 12
IFRS 5
and
IAS
IAS
IAS
IAS
38
31
36
39
IAS 32
IFRS 7
These ED are in line with IFRS standards and are being introduced in line with
the convergence process. The comparison between the existing standards the
new ED is given in the ED as an appendix.
1.2.
Exposure Draft - New Accounting Standards
ICAI has issued an ED on proposed new Accounting Standards (AS). The
details are mentioned below:
AS
Details
AS – 33
AS – 36
Share-based Payment
Accounting and Reporting by Retirement
Benefit Plans
Agriculture
Insurance contracts
Financial Instruments
First-time Adoption of Indian Accounting
Standard
AS
AS
AS
AS
– 38
– 39
- 40
- 41
N. A. SHAH ASSOCIATES
For Private circulation only
Corresponding
IFRS
IFRS 2
IAS 26
IAS 41
IFRS 4
IFRS 9
IFRS 1
3
Newsletter May 2010
2.
Publication of Technical Guide (TG)
Sr.
No.
1.
2.
3.
3.
Technical Guide
Details
TG on Internal Audit
of
Construction
Industry
TG on Internal Audit
of
Educational
Institutions
It provides comprehensive reference material
on operational as well as internal audit
aspects relevant to the construction industry.
It provides comprehensive reference material
on operational as well as internal audit
aspects relevant for various types of
educational institutions.
 It has been prepared with a view to
explain, inter alia, the application of
relevant Accounting Standards in respect
of transactions entered into by the SEZ
Developers.
 It also explains the accounting treatment
for expenses incurred prior to and after
the SEZ notification as well as those on
rehabilitation and resettlement besides
providing guidance on expenses incurred
on land taken on lease for notification of
SEZ.
TG on accounting for
Special
Economic
Zones
(SEZs)
Development
Activities
Amendment to Standard on Auditing (SA) 230
The Council of the ICAI had in August 2009, had amended the audit
documentation retention period appearing as ten years in paragraph 83 of
Standard on Quality Control 1 to seven years.
As a consequence of the above decision of the Council, with the issuance of this
announcement by the Auditing and Assurance Standards Board, the audit
documentation retention period appearing as ten years in paragraph A23 of the
Standard on Auditing (SA) 230, Audit Documentation, issued in January 2009,
shall also stand amended to seven years.
From:
N.A. Shah Associates
Chartered Accountants
Address: 64, 65, & 84-C, Mittal Tower, Nariman Point, Mumbai – 400 021
Tel: 91-022-4073 3000, Fax: 91-022-4073 3090
E-mail Id: nashah@nashah.com
N. A. SHAH ASSOCIATES
For Private circulation only
4