Exposure Draft of upgraded Accounting Standards for Public Comments

Dear Professional Colleagues,

As you are kindly aware, that the Indian Accounting Standards (Ind AS), as notified by the Ministry of Corporate Affairs in February, 2015, have been applicable to the specified class of companies in phased manner. For other class of companies, i.e., primarily the unlisted entities having net worth less than Rs. 250 crores, Accounting Standards, as notified under Companies (Accounting Standards) Rules, 2006, has been applicable. However, the Ministry of Corporate Affairs has requested the Institute of Chartered Accountants of India (ICAI) to upgrade Accounting Standards, as notified under Companies (Accounting Standards) Rules, 2006, to bring them nearer to Indian Accounting Standards. Accordingly, the Accounting Standards Board (ASB), ICAI, initiated to upgrade these standards which will be applicable to all companies having net-worth less than Rs. 250 crores including non-corporate entities. While formulating these Accounting Standards, the ASB decided to maintain the consistency with the numbering of Standards of the Indian Accounting Standards.

In this direction, Exposure Draft of the upgraded Accounting Standard (AS) 16, Property, Plant and Equipment, has been issued by the ASB for comments with the last date as 24^th February, 2018.

The downloadable versions of the above mentioned Exposure Drafts are available at:

https://resource.cdn.icai.org/48425asb32471.pdf

Further, comments on the abovementioned Exposure Drafts issued by the ASB may be submitted through any of the following modes.

Further clarifications on any aspect of this Exposure Draft may be sought by e-mail to asb@icai.in.

Thanking you,

Yours faithfully,

Chairman

Accounting Standards Board