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Limited revision to AS 14 in paras 23 and 42 effective for accounting periods commencing on or after 1-4-2004.Įxemptions and Relaxations for AS 15 (Revised) Limited revision to AS 13 in para 2 effective for accounting periods commencing on or after 1-4-2002. The revised AS 11 (2003) would supersede AS 11 (1994) however, accounting for transactions in foreign currencies entered into before the date the revised AS 11 (2003) comes into effect, i.e., 1-4-2004, AS 11 (1994) would continue to be applicable.įrom the date of coming into operation of AS 16, the following stand withdrawn:ĪS 10 – Accounting for Fixed Assets – paragraphs 9.2, 29 (except the first sentence). The revised AS 7 (2002) is applicable in respect of all contracts entered into during the accounting periods commencing on or after 1-4-2003 however, for contracts entered into prior to this date, AS 7 (1983) would continue to be applicable.ī. Limited revision to AS 5 by adding para 33 effective for accounting periods commencing on or after 1-4-2001.įrom the date of coming into operation of AS 26, the following stand withdrawn:ĪS 8 –Ěccounting for Research and Development.ĪS 6 –ĝepreciation Accounting only with respect to amortisation of intangible assets.ĪS 10 –Ěccounting for Fixed Assets – paras 16.3 to 16.7, 37 and 38.Ī. For example, provision for bad and doubtful debts. Applicability of the proposed Accounting Standard on financial instruments, paragraphs which deal with contingencies would remain operational to the extent they cover impairment of assets not covered by other Accounting Standards. Relaxations for AS 29 are incorporated in the AS itself.ĪS 4 – Contingencies and Events Occurring after the Balance Sheet Date – paras 1(a), 2.3.1, 4(4.1 to 4.4), 5(5.1 to 5.6), 6, 7 (7.1 to 7.3), 9.1 (relevant portion), 9.2, 10, 11, 12 and 16) stand withdrawn. In view of the applicability of the accounting standards and exemptions/relaxations for SMEs, the necessary modifications have been made in AS 3, AS 17, AS 18, AS 19, AS 20, AS 24 and AS 28, coming into effect in respect of accounting periods commencing on or after 1-4-2004.

Provisions, Contingent Liabilities and Contingent Assetsįinancial Instruments: Recognition and Measurement The Effects of Changes in Foreign Exchange Ratesįor all assets leased for accounting periods commencing on or after 1-4-2001Īccounting for Investments in Associates in Consolidated Financial Statementsįinancial Reporting of Interests in Joint Ventures

Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policiesįor all contracts entered into during accounting periods on or after 1-4-2003 Levels of Enterprises to whom applicable,ġ-4-1991 for companies, 1-4-1993 for othersĬontingencies and Events Occurring After the Balance Sheet Date Mandatory for periods commencing on or after