Guidance Notes issued by ICAI on Accounting/ Auditing Aspects
Guidance Notes issued by the ICAI on accounting/ auditing aspects are designed to provide guidance to members on matters which may arise in the course of their professional work and on which they may desire assistance in resolving issues which may pose difficulty. Guidance Notes are generally recommendatory in nature. A member should ordinarily follow recommendations in a guidance note relating to an auditing matter except where he is satisfied that in the circumstances of the case, it may not be necessary to do so. Similarly, while discharging his attest function, a member should examine whether the recommendations in a guidance note relating to an accounting matter have been followed or not. If the same have not been followed, the member should consider whether keeping in view the circumstances of the case, a disclosure in his report is necessary. There are however a few guidance notes in case of which the Council has specifically stated that they should be considered as mandatory on members while discharging their attest function.
ICAI’s Guidance Notes on Accounting Aspects
1. Guidance Note on Accounting for Real Estate Transactions (for entities to whom Ind AS is applicable)
2. Guidance Note on Accounting for Depreciation in companies in the context of Schedule II to the Companies Act, 2013
3. Guidance Note on Accounting for Derivative contracts (Issued 2015)
4. Guidance Note on Accounting for Expenditure on Corporate Social Responsibility Activities (Issued May 15, 2015)
5. Guidance Note on Accounting for Oil and Gas Producing Activities (revised 2013)
6. Guidance Note on Availability of Revaluation Reserve for Issue of Bonus Shares
7. Guidance Note on Accounting for Corporate Dividend Tax
8. Guidance Note on Accounting Treatment for Excise Duty
9. Guidance Note on Accounting for Employee Share-based Payments
10. Guidance Note on Accounting for State-level Value Added Tax
11. Guidance Note on Accounting for Fringe Benefits Tax
12. Guidance Note on Accounting by Schools
13. Guidance Note on Accounting for Credit Available in Respect of Minimum Alternative Tax under the Income-tax Act, 1961
14. Guidance Note on Accounting for Real Estate Transactions (Revised 2012)
15. Guidance Note on Measurement of Income Tax for Interim Financial Reporting in the context of AS 25.
16. Guidance Note on Accounting Treatment for MODVAT/CENVAT
17. Guidance Note on Applicability of AS 25 to Interim Financial Results
18. Guidance Note on Turnover in case of Contractors
19. Guidance Note on Accounting for Rate Regulated Activities
20. Guidance Note on Accounting for Self-generated Certified Emission Reductions (CERs) (Issued 2012)
21. Guidance Note on Accounting and Auditing of Political Parties
22. Guidance Note on Terms Used in Financial Statements
23. Guidance Note on Accrual Basis of Accounting
24. Guidance Note on Accounting by Dot-Com Companies
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ICAI’s Guidance Notes on Auditing Aspects
1. Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by Auditing and Assurance Standards Board.
2. Revised Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013 released by Auditing and Assurance Standards Board
3. AASB releases Guidance Note on Reporting under Section 143 (3)(f) and (h) of the Companies Act, 2013.
4. Guidance Note on the Companies (Auditor’s Report) Order, 2016 issued by Auditing and Assurance Standards Board
5. Audit of Accounts of Non-Corporate Entities (Bank Borrowers)
6. Audit of Cash and Bank Balances
7. Audit of Consolidated Financial Statements
8. Audit of Debtors, Loans and Advances
9. Audit of Expenses
10. Audit of Inventories
11. Audit of Investments
12. Audit of Liabilities
13. Audit of Miscellaneous Expenditure (Revised)
14. Audit of Payment of Dividend
15. Audit of Revenue
16. Audit Reports and Certificates for Special Purposes
17. Auditing of Accounts of Liquidators
18. Capital and Reserves
19. Certificate on Corporate Governance (Revised)
20. Certificate to be Issued by the Auditor of a Company Pursuant to Companies (Acceptance of Deposits) Rules, 1975
21. Certification of Documents for Registration of Charges
22. Computer Assisted Audit Techniques (CAATs)
23. Duty Cast on the Auditors under Section 45-MA of the Reserve Bank of India Act, 1934
24. Independence of Auditors (Revised)
25. Preparation of Financial Statements on Letterheads and Stationery of Auditors
26. Provision for Proposed Dividend
27. Reports in Company Prospectuses (Revised)
28. Section 227(3) (e) and (f) of the Companies Act, 1956 (Revised)
29. Section 293 A of the Companies Act and the Auditor
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Industry Specific Guidance Notes of ICAI
1. Audit of Accounts of Members of Stock Exchanges (Revised)
2. Audit of Companies Carrying on General Insurance Business
3. Audit of Companies Carrying on Life Insurance Business
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You may also like to refer the following guidance notes issued by the ICAI: