the total number of accounting standards issued by icai is 32.
the total number of accounting standards issued by icai is 32.
total number of accounting standards issued by icai?
32
, the institute of chartered accountants of india has issued 32 accounting standards. these are numbered as-1 to as-7 and as-9 to as-32 (as-8 & as-6 is no longer in force since it was merged with as-26 and as-10). compliance with accounting standards issued by icai has become a statutory requirement with the notification of companies (accounting standards) rules, 2006 by the government of india. before the constitution of the national advisory committee on accounting standards (nacas), the institute was the sole accounting standard setter in india. however nacas is not an independent body. it can only consider accounting standards recommended by icai and advise the government of india to notify them under the companies act, 2013. further, the accounting standards so notified are applicable only to companies registered under the companies act, 2013. for all other entities, the accounting standards issued the icai continue to apply.
institute of chartered accountants of india
icai formulates and issues technical standards to be followed by chartered accountants and others. non-compliance of these standards by the members will lead to disciplinary action against them. the technical standards issued by icai include accounting standards, engagement, and quality control standards, standards on internal audit, corporate affairs standard, accounting standards for local bodies, etc.









































section::::technical standards.:accounting standards.
institute of chartered accountants of india