ICAI releases Exposure Draft (ED) 70, ‘Revenue with Performance Obligations’, ED 71, ‘Revenue without Performance Obligations’ and ED 72, ‘Transfer Expenses’ of International Public Sector Accounting Standards (IPSAS) Board for public comments

At the outset, we would like to inform you that ICAI through its Committee on Public and Government Financial Management (CP&GFM) is involved in the process of on-going accrual accounting reforms and improvement of financial reporting and management at the level of Local Bodies in the Country. Amongst others, the primary activity of the Committee is to formulate Accounting Standards for Local Bodies (ASLBs) based upon IPSASs and to submit the comments on EDs of IPSAS Board.

We may inform you that the International Public Sector Accounting Standard Board (IPSASB) has recently issued following three Exposure Drafts for public comments.

  • ED 70, ‘Revenue with Performance Obligations
  • ED 71, ‘Revenue without Performance Obligations
  • ED 72, ‘Transfer Expenses

These EDs address how to account for revenue and transfer expenses. You are requested to kindly submit your valuable comments and suggestions on the same. The said ED has also been uploaded on the Committee page of the website of ICAI which can be downloaded from the link i.e., https://www.icai.org/comments/caslb/

Comments on the above document can be submitted as follows so as to be received not later than May 29, 2020:

1. Electronically: Click on https://www.icai.org/comments/caslb/ to submit comment online

2. Email: Comments can be sent to: caslb@icai.incpf.aslb@icai.in

3. Postal: Secretary, Committee on Public and Government Financial Management

Technical Directorate

The Institute of Chartered Accountants of India,

ICAI Bhawan, Post Box No. 7100,

Indraprastha Marg, New Delhi 110 002

You are requested to mention your contact number and e-mail address while submitting the comments.

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