NON-ACADEMIC ICAI UPDATE (NOT RELEVANT FOR EXAMS BUT FOR GENERAL AWARENESS)

Hello Everyone,

Please find text of the Exposure Drafts of Amendments to Ind AS for comments notification below –

Exposure Drafts of Amendments to Ind AS for comments

Accounting Standards Board
The Institute of Chartered Accountants of India
18th February 2021

Sub: Exposure Drafts of Amendments to Ind AS for comments

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 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 Drafts corresponding to amendments in IFRS Standards for public comments with the last date of comments being March 20, 2021:1. Exposure Draft of Onerous Contracts – Amendments to Ind AS 37, Provisions, Contingent Liabilities and Contingent Assets – The downloadable version is available at: https://www.icai.org/resource/63124asb51076-indas37.pdf

2. Exposure Draft of Property, Plant and Equipment: Proceeds before Intended Use- Amendments to Ind AS 16, Property, Plant and Equipment – The downloadable version is available at: https://www.icai.org/resource/63125asb51076-indas16.pdf

3. Reference to the Conceptual Framework (Amendments to Ind AS 103, Business Combinations) – The downloadable version is available at: https://www.icai.org/resource/63126asb51076-indas103.pdf

4. Annual Improvements to Ind AS (2021) – The downloadable version is available at: https://www.icai.org/resource/63127asb51076-indas.pdf

Further, comments on the abovementioned Exposure Drafts 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 the Exposure Draft may be sought by e-mail to asb@icai.in.

Official Link of Exposure Drafts of Amendments to Ind AS for comments notification can be accessed from below –

https://www.icai.org/post/exposure-drafts-of-amendments-to-indas-for-comments

That’s all for now. Stay Connected for more such authentic updates.

Jai Hind, Vande Mataram
Team CA Study

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