Page 70 - IC26 LIFE INSURANCE FINANCE

AS 22. Accounting for Taxes on Income

AS 23. Accounting for Investments in Associates in Consolidated Financial Statements

AS 24. Discontinuing Operations

AS 25. Interim Financial Reporting

AS 26. Intangible Assets

AS 27. Financial Reporting of Interests in Joint Ventures

AS 28. Impairment of Assets

AS 29. Provisions, Contingent Liabilities & Contingent Assets

Procedure for Issuing Accounting Standards

Accounting Standard Board (ASB) determines the broad areas in which Accounting Standards need

to be formulated.

In the preparation of AS, ASB is assisted by Study Groups.

ASB also holds discussions with representative of Government, Public Sector Undertakings, Industry

and other organizations (ICSI/ICWAI) for ascertaining their views.

An exposure draft of the proposed standard is prepared and issued for comments by members of

ICAI and the public at large.

After taking into consideration the comments received, the draft of the proposed standard will be

finalized by ASB and submitted to the council of the Institute.

The council of the Institute will consider the final draft of the proposed Standard and If found

necessary, modify the same in consultation with ASB. The AS on the relevant subject will then be

issued under the authority of the council.

Sashi Publications Pvt Ltd Call 8443808873/ 8232083010