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K.R. Srivats

New Delhi , July 4

THE Central Council of the Institute of Chartered Accountants of India (ICAI) is to meet from July 6-8 in which it may take up for discussion and approval two new accounting standard interpretations (ASIs).

According to sources, they are the draft ASIs on `Turnover in the case of construction' and `Recognition of revenue by real estate developers'.

As far as the institute is concerned, an ASI enjoys the same status as that of an accounting standard and is therefore binding on its members.

The Central Council may also take up for approval the revision of two existing ASIs - `Accounting for taxes on income in situation of tax holidays' and `disclosure on segmental information'.

The institute may also revise its Statement on Companies (Auditor's Report) order 2003 (CARO).

The Statement provides detailed guidance to auditors of companies on compliance with the reporting requirements laid down by CARO.

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