Accounting Standards Board
The Institute of Chartered Accountants of India
2nd June, 2021

Exposure Draft of Definition of Accounting Estimates – Amendments to Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors

As you are kindly aware that the Indian Accounting Standards (Ind AS) are based on the IFRS Standards issued by the International Accounting Standards Board (IASB). In this regard, it may be noted that IFRS Standards are being issued/revised by the IASB from time to time. As the convergence is a continuous process, in order to remain converged with IFRS Standards, the Ind AS needs to be issued/revised corresponding to the IFRS Standards. Accordingly, whenever any amendments are made or new IFRS Standard/IFRIC is issued by the IASB, the Accounting Standards Board of the ICAI considers and issues amendments to Ind AS. While doing so, keeping in view the Indian conditions and circumstances, wherever considered appropriate, necessary changes are also proposed to the Ind AS.

In this regard, the Accounting Standards Board has issued the following Exposure Draft corresponding to amendments in IFRS Standards for public comments with the last date of comments being July 1, 2021:

  • Definition of Accounting Estimates – Amendments to Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Error

The Exposure Draft replaced the definition of ‘Change in accounting estimates’ with the definition of ‘Accounting estimates’ in paragraph 5 and included other amendments to help entities distinguish changes in accounting estimates from changes in accounting policies. The downloadable version is available at:

How to comment

Comments on the abovementioned Exposure Draft may be submitted through any of the following modes:

 1 Electronically: Click on to submit comment online (Preferred method)
2 Email: Comments can be sent to: [email protected]
3 Postal: 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 these Exposure Draft may be sought by e-mail to [email protected].

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June 2021