Exposure Draft of the Accounting Standard (AS) 8, Accounting Policies, Changes in Accounting Estimates and Errors (Comments to be received by December 07, 2015) – (25-11-2015)

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. 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 Accounting Standards Board of The Institute of Chartered Accountants of India (ICAI) to update Accounting Standards, as notified under Companies (Accounting Standards) Rules, 2006, to bring them nearer to Indian Accounting Standards.  Accordingly, the Accounting Standards Board, ICAI, initiated to update 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 Accounting Standards Board, ICAI, decided to maintain the consistency with the paragraph numbers and with the numbering of Standards of the Indian Accounting Standards.

In this direction, following Exposure Draft of the updated Accounting Standards (AS) has been issued by the Accounting Standards Board of the ICAI, for comments with the last date as December 7, 2015.

♠ Accounting Standard (AS) 8, Accounting Policies, Changes in Accounting Estimates and Errors

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

http://www.icai.org/post.html?post_id=8931

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

1. Electronically: Click on http://www.icai.org/comments/asb/ to submit comment online (Preferred method)

 2. Email:Comments can be sent to: commentsasb@icai.in

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 any aspect of this Exposure Draft may be sought by e-mail to asb@icai.in or geetanshu.bansal@icai.in

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Tags : accounting standard (323) ICAI (2561)

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