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The Institute of Chartered Accountants of India (ICAI) has issued how many Accounting Standards so far?
A29
B27
C25
D32
Answer & Solution
Correct answer: A. 29
1. Step 1: ICAI has issued 29 Accounting Standards in total.
2. Step 2: AS 6 (Depreciation Accounting) has been withdrawn upon revision of AS 10; AS 8 (Research & Development) has been withdrawn upon AS 26.
3. Step 3: Effectively 27 AS are in force, but 29 have been issued.
_Source: ICAI BoS CA Inter Paper 1, Ch 1 "Introduction to Accounting Standards"_