Accounting Standards for Local Bodies (ASLBs) 20, ‘Related Party Disclosures’ for Comments

ICAI/TD/CASLB/2017-18 Dated: November 24, 2017

Respected Sir/ Madam,

Sub: Exposure Draft of the Accounting Standards for Local Bodies (ASLBs) 20, ‘Related Party Disclosures’ for comments.

As you may be aware that the Committee on Accounting Standards for Local Bodies (CASLB) was constituted by the ICAI during the year 2005 with the primary objective of formulation of the Accounting Standards for Local Bodies (ASLBs). The CASLB has already issued ‘Preface to the Accounting Standards for Local Bodies’ which sets out the objectives and operating procedures of the Committee and explains the scope and authority of the Accounting Standards for Local Bodies. So far, the Committee has issued eleven accrual based ASLBs which are available on the website of the ICAI i.e. www.icai.org. Various other ASLBs are at different stages of formulation.

While formulating the ASLBs, CASLB gives due consideration to the International Public Sector Accounting Standards (IPSASs) issued by the International Public Sector Accounting Standards Board (IPSASB) of IFAC and tries to integrate them, to the extent possible, in the light of the conditions and practices prevailing in India. Recently, the Committee has finalised the Exposure draft of Accounting Standards for Local Bodies (ASLB) 20, “Related Party Disclosures” which is enclosed herewith for your valuable comments and suggestions.

Comments on the above document can be submitted as follows so as to be received not later than December 31, 2017:

You are requested to mention your contact number and Email address while submitting comments.

Thanking you,

Yours faithfully,

(Deepti Dhiman Chadha)

Secretary, CASLB

Phone: 011-30110449