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. Note on Accounting for Oil and Gas Producing Activities (Ind AS)
2. Guidance Note on Combined and Carve–Out Financial Statements (September 2016)
4. Guidance Note on Accounting for Derivative contracts (Issued 2015)
6. Guidance Note on Accounting for Oil and Gas Producing Activities (revised 2013)
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 by Schools
13. Guidance Note on Accounting for Real Estate Transactions (Revised 2012)
14. Guidance Note on Measurement of Income Tax for Interim Financial Reporting in the context of AS 25.
15. Guidance Note on Accounting Treatment for MODVAT/CENVAT
16. Guidance Note on Applicability of AS 25 to Interim Financial Results
17. Guidance Note on Turnover in case of Contractors
18. Guidance Note on Accounting for Rate Regulated Activities
19. Guidance Note on Accounting for Self-generated Certified Emission Reductions (CERs) (Issued 2012)
20. Guidance Note on Accounting and Auditing of Political Parties
21. Guidance Note on Terms Used in Financial Statements
22. Guidance Note on Accrual Basis of Accounting
23. Guidance Note on Accounting by Dot-Com Companies
ICAI’s Guidance Notes on Auditing Aspects
1. Guidance Note on Audit of Consolidated Financial Statements (Revised 2016)
2. Guidance Note on Reports or Certificates for Special Purposes (Revised 2016)
3. Guidance Note on Reports in Company Prospectuses (Revised 2019)
8. Audit of Property, Plant and Equipment
9. Certification of XBRL Financial Statements
10. Audit of Accounts of Non-Corporate Entities (Bank Borrowers)
11. Audit of Cash and Bank Balances
12. Audit of Debtors, Loans and Advances
17. Audit of Miscellaneous Expenditure (Revised)
18. Audit of Payment of Dividend
19. Audit of Revenue
20. Auditing of Accounts of Liquidators
22. Certificate on Corporate Governance (Revised)
24. Certification of Documents for Registration of Charges
25. Computer Assisted Audit Techniques (CAATs)
26. Duty Cast on the Auditors under Section 45-MA of the Reserve Bank of India Act, 1934
27. Independence of Auditors (Revised)
28. Preparation of Financial Statements on Letterheads and Stationery of Auditors
29. Provision for Proposed Dividend
30. Section 227(3) (e) and (f) of the Companies Act, 1956 (Revised)
31. Section 293 A of the Companies Act and the Auditor
Industry Specific Guidance Notes
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
You may also like to refer the following guidance notes issued by the ICAI:
1. Revised Guidance Note on Tax Audit (2014 Edition)
2. Revised Guidance Note on Bank Audit 2019 Edition