Indian Government Accounting Standards awaiting notification - Updated

The Indian Government Accounting Standards, proposed by the Board and approved by the Comptroller and Auditor General of India are under consideration by the President of India for notification, are:

1. Guarantees given by Governments: Disclosure Requirements (IGAS1); and
2. Accounting and Classification of Grants-in-aid (IGAS2).
3. General Purpose Financial Statement of Government (IGAS4)
4. Loans and Advances made by Governments (IGAS5)
5. Cash Flow Statements (IGAS 3)

Draft Standards under preparation after considering responses on the Exposure Drafts of the stakeholders

Exposure Drafts issued for comments of the stakeholders

1. ED 9: Government Investments in Equity
2. ED 10: Public Debt and Other Liabilities of Government: Disclosure Requirements
3. Accrual Exposure Draft- 2 : Property, Plant and Equipment
4. Accrual Exposure Draft-3: Revenue from Exchange Transactions
5. Accrual Exposure Draft-4: Inventories

Exposure Drafts/ Documents under consideration of Board

• Foreign Currency transactions and Loss or Gain by Exchange Rate Variation.

Invitation To Comment (ITC) & Exposure Drafts under preparation by the GASAB Secretariat

• Classification of Transactions in Accounts
• Contingent Liabilities (other than Guarantees and Letter of Comfort) and Contingent Assets: Disclosure Requirements
• Accounting for Revenue from Exchange and non exchange Transactions.
• Accounting for Capital Transactions