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)

3. Guidance Note on Accounting for Depreciation in companies in the context of Schedule II to the Companies Act, 2013

4. Guidance Note on Accounting for Derivative contracts (Issued 2015)

5. Guidance Note on Accounting for Expenditure on Corporate Social Responsibility Activities (Issued May 15, 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

12. Guidance Note on Accounting for Credit Available in Respect of Minimum Alternative Tax under the Income-tax Act, 1961

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)

4. Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by Auditing and Assurance Standards Board.

5. Revised Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013 released by Auditing and Assurance Standards Board

6. AASB releases Guidance Note on Reporting under Section 143 (3)(f) and (h) of the Companies Act, 2013.

7. Guidance Note on the Companies (Auditor’s Report) Order, 2016 issued by Auditing and Assurance Standards Board

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

13. Audit of Expenses

14. Audit of Inventories

15. Audit of Investments

16. Audit of Liabilities

17. Audit of Miscellaneous Expenditure (Revised)

18. Audit of Payment of Dividend

19. Audit of Revenue

20. Auditing of Accounts of Liquidators

21. Capital and Reserves

22. Certificate on Corporate Governance (Revised)

23. Certificate to be Issued by the Auditor of a Company Pursuant to Companies (Acceptance of Deposits) Rules, 1975

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