Draft of Accounting Standards for Local Bodies (ASLBs) 4, ‘Effects of Changes in Foreign Exchange Rates’

ICAI/TD/CP&GFM/2019-20  Date: December 6, 2019

Dear Sir/Madam,

Sub: Exposure Draft of the Accounting Standards for Local Bodies (ASLBs) 4, ‘The Effects of Changes in Foreign Exchange Rates’ for comments.

The Institute in the direction of prescribing new accrual based accounting framework for local bodies in the Country has issued 15 ASLBs which are available on the link https://www.icai.org/new_post.html?post_id=1527&c_id=270 and rest of the ASLBs are being targeted to be issued during the current year under the newly constituted Committee i.e., Committee on Public and Government Financial Management (CP&GFM). 9 other ASLBs have been finalized during the current year which is being submitted for consideration of the Council, ICAI.

While formulating the ASLBs, due consideration is given  to the International Public Sector Accounting Standards (IPSASs) issued by the International Public Sector Accounting Standards Board (IPSASB) of IFAC for  integrating the same to the extent possible, in the light of the conditions and practices prevailing in India. The Committee has finalised the Exposure draft of Accounting Standards for Local Bodies (ASLB) 4, ‘The Effects of Changes in Foreign Exchange Rates’ for your valuable comments and suggestions.

The above mentioned ED can also be downloaded from the link i.e., https://www.icai.org/comments/caslb/

CP&GFM 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 draft issued by it. Comments on the above document can be submitted as follows so as to be received not later than December 13, 2019:

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

Thanking you,

Yours faithfully,

Secretary, CP&GFM

CP&GFM Sectt. Phone: 011-30110449/459