Date:06/01/2005 URL: http://www.thehindubusinessline.com/2005/01/06/stories/2005010602590300.htm

Back ICAI council clears revised standard on employee benefits

K.R. Srivats

New Delhi , Jan. 5

THE Central Council of the Institute of Chartered Accountants of India (ICAI) on Tuesday cleared a revised accounting standard (AS) on `employee benefits'.

This revised AS 15, when issued, would replace the existing Accounting Standard on `Accounting for Retirement Benefits in the financial statement of Employers'.

Informed sources said that the revised AS 15 would be mandatory for "level 1 enterprises" in respect of accounting period beginning April 1, 2006.

The `Level 1' enterprises include listed entities or entities in the process of listing, banks, including co-operative banks, financial institutions, insurance companies, all other companies with turnover in excess of Rs 50 crore in a financial year and enterprises with public deposits in excess of Rs 10 crore.

As regards the applicability of the revised AS 15 for small and medium enterprises, sources said that a final decision has to be arrived at on this issue.

The Central Council has also given its nod for the revised version of the guidance note on `independence of auditors'.