The Council of the Institute of Chartered Accountants of India has decided to make the following limited revision to Accounting Standard (AS) 13, Accounting for Investments:

Paragraph 2 of AS 13 is decided to be revised as under. The limited revision is shown as underlined.

“2. This Statement does not deal with:

1. the bases for recognition of interest, dividends and rentals earned on investments which are covered by Accounting Standard 9 on Revenue Recognition;
   
   

2. operating or finance leases;
   
   

3. investments of retirement benefit plans and life insurance enterprises; and
   
   

4. mutual funds and venture capital funds and/or the related asset management companies, banks and public financial institutions formed under a Central or State Government Act or so declared under the Companies Act, 1956.”

The above revision comes into effect in respect of accounting periods commencing on or after 1-4-2002.