As you are kindly aware, the existing Accounting Standards (AS) and the Indian Accounting Standards (Ind AS) are based on the IFRS issued by the International Accounting Standards Board (IASB). The IASB, before issuing the new/amendments to IASs, issues the Exposure Draft for public comments. The Accounting Standards Board (ASB) with the aim to provide an opportunity to the various stakeholders in India to raise their concerns at the Exposure Draft stage itself so that these concerns are appropriately addressed, invites comments on the Exposure Drafts issued by the IASB. At present, following Exposure drafts issued by IASB are open for comments:
1. Discussion Paper on Disclosure Initiative- Principles of Disclosure
The Discussion Paper suggests that principles to make disclosures in financial statements more effective. This Discussion Paper, published by the International Accounting Standards Board, could lead to amendments to IAS 1, the Standard covering general disclosure requirements, or the development of a new general disclosure Standard. Downloadable version is available at below mentioned link:
2. Request for information on Post-implementation Review- IFRS 13 Fair Value Measurement
The IASB has issued a request for stakeholders to tell the Board about their experience with the accounting standard that explains how to measure the ‘fair value’ of assets and liabilities. The aim is to check whether the Standard meets its objectives. This request is part of the IASB’s Post-implementation Review (PIR) of IFRS 13 Fair Value Measurement. The objective of a PIR is to assess whether an accounting standard works as intended and achieves its objectives. This assessment involves analysing how the requirements in the standard affect investors, companies and auditors. The PIR also helps detect areas of a standard that may present challenges that could result in inconsistent application of the requirements. Downloadable version is available at below mentioned link:
The above mentioned Exposure Drafts are being hosted on the website of the Institute of Chartered Accountants of India (www.icai.org) for public comments with last date being August 16, 2017.
Further, comments on the above mentioned Exposure Drafts may be submitted through any of the following modes:
|1||Electronically:||Click on http://www.icai.org/comments/
||Comments can be sent to: email@example.com|
||Secretary, Accounting Standards Board,
The Institute of Chartered Accountants of India,
ICAI Bhawan, Post Box No. 7100,
Indraprastha Marg, New Delhi 110 002
Further clarifications on this Exposure Draft may be sought by e-mail to firstname.lastname@example.org.
Accounting Standards Board
Do you think CBDT should extend Tax Audit Report and relevant ITR Due Date? Please Comment, Vote, Retweet and Like.— Tax Guru (@taxguru_in) September 18, 2018