03 July 2010
Though there is none in my knowledge but ICAI is itself under govt of india control so you can say whatever As is issued is after through discussion with all the committees
05 July 2010
Yes AS-1 - Disclosure of Accounting Policies & AS - 5 are the ones being issued till date.However rem that in I.tax they are called AS-1 & As-2.
Also stock in Income Tax is to be calculated at FIFO method which is also what AS-2 says.
06 July 2010
Yes, it is not about following it or not. if its in law it has to be followed. Otherwise AO can reject ur books & assess ur income to the best of his judgement.
CAclubindia
