Exposure Draft and Comment letters

The existing Accounting Standards which were notified under the Companies Act 1956 under the Companies (Accounting Standards Rules) 2006 have to be notified afresh under Section 133 of the Companies Act, 2013. Certain existing Accounting Standards which were notified in 2006 contain ‘Transitional Provisions’. The objective of these ‘Transitional Provisions’ is to prescribe the accounting treatment when an Accounting Standard becomes applicable for the first time.

Accordingly, in 2006, there was some justification to include these ‘transitional provisions’. As now the Accounting Standards are being notified afresh, so from the perspective of their re-notification, ‘Transitional Provisions’ are being reexamined. Following is the Exposure Draft of the Amendments in Transitional Provisions of Accounting Standards issued by the Accounting Standards Board of The Institute of Chartered Accountants of India, for comments. The Board invites comments on any specific aspect of the Exposure Draft. Comments are most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording.

The Accounting Standards Board of ICAI has issued the Exposure Draft of the Amendments in Transitional Provisions of following Accounting Standards for comments:

1.     AS (Revised) 10, Property, Plant and Equipment
2.     AS 11, The Effects of Changes in Foreign Exchange Rates
3.     AS 15, Employee Benefits
4.     AS 21, Consolidated Financial Statements
5.     AS 22, Accounting for Taxes on Income
6.     AS 23, Accounting for Investments in Associates in Consolidated Financial Statements
7.     AS 25, Interim Financial Reporting
8.     AS 26, Intangible Assets
9.     AS 28, Impairment of Assets
10.  AS 29, Provisions, Contingent Liabilities and Contingent Assets

Comment letter deadline

The Exposure Draft is open for comment until 14 December 2015

Submit a comment letter

Due process documents
Exposure Draft on Amendments in Transitional Provisions of Accounting Standards   [PDF]

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Tags : accounting standard (296) ICAI (2199)

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