List of Accounting Standards (AS) Preface to the Statements of Accounting Standards (Revised 2004) Applicability of Accounting Standards Differences

Between IND ASs and Existing ASs - (as on 26-08-2011) General Clarification (GC) - 12/2002 Applicability of Accounting Standards to Co-operative Societies Accounting Standards Specified By The Institute Of Chartered Accountants of India under Section 211 of The Companies Act, 1956 * * *01 ** * *** *03 *** * * *** *04 * * * *06 * *01 *01 *01 *01 *01 *01 AS 1 AS 2 AS 3 AS 4 AS 5 AS 6 AS 7 (Revised) AS 8 AS 9 AS 10 Disclosure of Accounting Principles Valuation of Inventories Cash Flow Statements Contingencies and Events Occurring After the Balance Sheet Date Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies Depreciation Accounting Construction Contracts Accounting for Research and Development Revenue Recognition Accounting for Fixed Assets See Note 3 See Note 38 See Note 10 See Note 19 See Note 2

AS 11 See The Effects Of Changes In Foreign Exchange Rates (Revised 2003) Notes 14, 21,24, 37, 41 AS 12 AS 13 AS 14 Accounting for Government Grants Accounting for Investments Accounting for Amalgamations See Note 11 See Notes 8, 15 See Notes 27, 28,29, 30 See Note 5 See Notes 7, 12 See Note 42 See Notes 6, 9,16 See Notes 23, 36 See Notes 1, 22,39

AS 15 Employee Benefits [click here for related (Revised 2005) announcement] AS 16 AS 17 AS 18 AS 19 AS 20 AS 21 AS 22 Borrowing Costs Segment Reporting Related Party Disclosures Leases Earnings Per Share Consolidated Financial Statements Accounting for taxes on income

*01 *04 *02 *03 *02 *04 *04 *09 *09 *11

AS 23 AS 24 AS 25 AS 26 AS 27 AS 28 AS 29 AS 30 AS 31 AS 32

Accounting for Investments in Associates in Consolidated Financial Statements Discontinuing Operations Interim Financial Reporting Intangible Assets Financial Reporting of Interests in Joint Ventures Impairment of Assets Provisions, Contingent Liabilities and Contingent Assets Financial Instruments: Recognition and Measurement Financial Instruments: Presentation Financial Instruments: Disclosures

See Notes 23, 35 See Note 4 See Note 17 See Notes 13, 20,34 See Notes 18, 23,33 See Notes 25, 32 See Notes 26, 31 See Note 40

See Note 43

** Some parts of this standard are withdrawn with the issuance of AS 29. *** These standards are withdrawn either in full or in part due to issuance of AS 26. * The compliance of these standards is mandatory. *01 The compliance of these standards are mandatory w.e.f 1-4-2001. *02 The compliance of these standards are mandatory w.e.f 1-4-2002 *03 The compliance of these standards is mandatory w.e.f. 1-4-2003 *04 The compliance of these standards is mandatory w.e.f. 1-4-2004 *05 The compliance of these standards is mandatory w.e.f. 1-4-2005 *06 The compliance of these standards is mandatory w.e.f. 7-12-2006 [click here] *09 The compliance of these standards is recommendatory w.e.f 1-4-2009 and mandatory w.e.f. 1-4-2011. *11 The compliance of these standards is mandatory w.e.f. 1-4-2011

Notes: 43. For Appendix D, see Guidance Notes section 42. Limited Revision to Accounting Standard (AS) 19 Leases 41. Announcements on 'Accounting for exchange differences arising on a forward exchange contract entered into to hedge the foreign currency risk of a firm commitment or a highly probable forecast transaction' withdrawn 40. Announcement - Accounting for Derivatives 39. Extracts of the Supreme Court Decision on Accounting Standard (AS) 22, Accounting for Taxes on Income 38. Limited Revision to AS 2 Valuation of Inventories

37. Limited Revision to AS 11 (revised 2003) The Effects of Changes in Foreign Exchange Rates 36. Limited Revision to AS 21 Consolidated Financial Statements 35. Limited Revision to AS 23 Accounting for Investments in Associates in Consolidated Financial Statements 34. Limited Revision to AS 26 Intangible Assets 33. Limited Revision to AS 27 Financial Reporting of Interests in Joint Ventures 32. Limited Revision to AS 28 Impairment of Assets 31. Limited Revision to AS 29 Provisions, Contingent Assets and Contingent Liabilities 30. Option to an entity to adopt alternative treatment allowed by way of amendment to the Transitional Provisions of AS 15, Employee Benefits (revised 2005) 29. Limited Revision to AS 15, Employee Benefits (revised 2005) 28. Deferment of Applicability of Accounting Standard (AS) 15, Employee Benefits (revised 2005) 27. ASB Guidance on Implementing AS 15, Employee Benefits (revised 2005) 26. Limited Revision to Accounting Standard (AS) 29, Provisions, Contingent Liabilities and Contingent Assets 25. Applicability of Accounting Standard (AS) 28, Impairment of Assets, to Small and Medium Sized Enterprises (SMEs) 24. Clarification on Applicability of AS 11 to Forward Exchange Contracts 23. Elimination of unrealised profits and losses under AS 21, AS 23 and AS 27 22. Deferment of the applicability of AS 22 to Non-Corporate Enterprises 21. Applicability of AS 11 (Revised 2003) 20. Limited Revision to AS 26 19. Applicability of AS 4 to impairment of assets not covered by present Indian Accounting Standards

18. Limited Revisions to AS 27 17. Limited Revisions to AS 25 16. Limited Revisions to AS 20 15. Limited Revisions to AS 14 14. Treatment of exchange differences under Accounting Standard (AS) 11 (revised 2003), The Effects of Changes in Foreign Exchange Rates vis--vis Schedule VI to the Companies Act, 1956 13. Applicability of Accounting Standard (AS) 26, Intangible Assets, to intangible items 12. Limited Revisions to Accounting Standard (AS) 18, Related Party Disclosures 11. Limited Revision to Accounting Standard (AS) 13, Accounting for Investments 10. Status of Accounting Standard (AS) 3, Cash Flow Statements, under Section 211 Of The Companies Act, 1956 9. General Clarification (GC) - 10/2002 Accounting Standard (AS) 20, Earnings Per Share Disclosure of Earnings Per Share figures in case of Extraordinary Items 8. General Clarification (GC) - 4/2002 Accounting Standard (AS) 14, Accounting for Amalgamations 7. General Clarification - 2/2002 Accounting Standard (AS) 18, Related Party Disclosures 6. General Clarification - 1/2002 Applicability of Accounting Standard (AS) 20, Earnings Per Share 5. Disclosure of corresponding previous year figures in the first year of application of Accounting Standard (AS) 17, Segment Reporting 4. Announcement Accounting Standard (AS) 24, Discontinuing Operations 3. Status of certain provisions of AS 10, Accounting for Fixed Assets, pursuant to the issuance of AS 19, Leases and AS 16, Borrowing Costs 2. Limited Revision to Accounting Standard (AS) 5, Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies 1. Clarification on Accounting Standard (AS) 22, Accounting for Taxes on Income

A partnership firm may decide to take a Joint Life Policy on the lives of all partners. The firm pays the premium and the amount of policy is payable to the firm on the death of any partner or on the maturity of policy whichever is earlier. The objective of taking such a policy is to minimise the financial hardships to the event of payment of a large sum to the legal representatives of a deceased partner or to the retiring partner. The accounting treatment for the premium paid and the joint life policy may be on any of the following ways: 1. When premium paid is treated as an expense:- When premium paid is treated as an expense the it is closed every year by transferring to profit and loss account. In this case complete amount received from the insurance company either on a surrender of policy or on the death of the partner becomes a gain. Accounting entries are: a. On payment of premium Joint Life Policy insurance premium a/c ...Dr To Bank A/c b. On Charging to profit and loss account Profit and Loss account ...Dr To Joint Life Policy insurance premium a/c c. On the maturity of the policy Insurance company/ bank a/c ...Dr To partner's capital a/c (individually) {including the a/c of representative of deceased partner} 2. When premium paid is treated as an asset:- In this case insurance premium paid is first debited to life policy a/c and credited to bank a/c. At the end of the year the amount in excess of surrender value is treated as a loss and is transferred to profit and loss a/c. In this case the amount received from the insurance company inn excess of the surrender value results in a gain at the time of receipt of such amount which is transferred to Capital accounts of the partners in the profit sharing ratio. 3. Creation of Joint Life Policy:- Under this method, premium paid is debited to policy account and credited to bank a/c. At the end of the year, amount equal to premium is transferred from Profit and Loss Appropriation account to Policy reserve account. After this, policy account is brought down to its surrender value by debiting the life policy reserve account with amount which exceeds the surrender value of the policy. Thus, in this method, policy account appears on the asset side and policy reserve account appears on the liabilities side of the balance sheet until it is realised. This method is different from the method discussed in 2 only in respect of reserve account. On the death of a partner Joint Life Policy Reserve Account is transferred to Joint Life Policy account and then the balance is transferred to Partner's capital accounts.