<P> In early 2010, the ICAI placed three of its freshly qualified Associates, at a record annual salary of US $160,000 each, at Singapore - based agriculture supply chain major Olam International . </P> <P> ICAI formulates and issues technical standards to be followed by Chartered Accountants and others . Non-compliance of these standards by the members will lead to disciplinary action against them . The technical standards issued by ICAI includes, Accounting Standards, Engagement and Quality Control Standards, Standards on Internal Audit, Corporate Affairs Standard, Accounting Standards for Local Bodies, etc . </P> <P> As of 2010, the Institute of Chartered Accountants of India has issued 32 Accounting Standards . These are numbered AS - 1 to AS - 7 and AS - 9 to AS - 32 (AS - 8 is no longer in force since it was merged with AS - 26). Compliance with accounting standards issued by ICAI has become a statutory requirement with the notification of Companies (Accounting Standards) Rules, 2006 by the Government of India . Before the constitution of the National Advisory Committee on Accounting Standards (NACAS), the institute was the sole accounting standard setter in India . However NACAS is not an independent body . It can only consider accounting standards recommended by ICAI and advise the Government of India to notify them under the Companies Act, 2013 . Further the Accounting Standards so notified are applicable only to companies registered under the companies act, 2013 . For all other entities the accounting standards issued the ICAI continue to apply . </P> <P> The inception of the idea of convergence of Indian GAAP with IFRS was made by the Prime Minister of India Dr. Manmohan Singh by committing in G20 to align Indian accounting standards with IFRS . As per the original roadmap for implementation of IFRS - converged Ind AS issued by the Government of India, initially Ind AS were expected to be implemented from the year 2011 . However, keeping in view the fact that certain issues including tax issues were still to be addressed, the Ministry of Corporate Affairs decided to postpone the date of implementation of Ind AS . For smooth transition to IFRS, ICAI has taken up the matter of convergence with the National Advisory Committee on Accounting Standards and various regulators such as the RBI, SEBI and IRDA, CBDT . IASB, the issuer of IFRS, is also supporting the ICAI in its endeavours towards convergence . ICAI has revised / formulated Ind AS on the basis of the amendments and new IFRS issued by the IASB subsequent to February 2011 . IFRS - converged Indian Accounting Standards (Ind AS) has been implemented in India in a phased manner from 1 April 2015 being the voluntary date of adoption of Ind AS . The mandatory application of Ind AS has been restricted to listed and unlisted companies with a net worth of Rs. 500 crore and above from the accounting year beginning on or after 1 April 2016 . With effect on 1 April 2017, all listed companies and unlisted companies having net worth of Rs. 250 crore and above would be required to prepare their financial statements in accordance with the applicable Ind AS . Banks and NBFCs are also required to implement Ind AS on 1 April 2018 onwards based on the criteria of net worth . </P>

Total number of accounting standards issued by icai