ICAI Invites Suggestions / Comments on Exposure Draft of AS-8 on “Accounting Policies, Changes in Accounting Estimates and Errors”
In line with MCA’s desires to upgrade Accounting Standards (AS), as notified under Companies (Accounting Standards) Rules, 2006, to bring them nearer to Indian Accounting Standards (Ind AS), the ICAI has initiated to upgrade the Accounting Standards (AS) which will be applicable to all companies having net-worth less than Rs. 250 crores including non-corporate entities.
Accordingly, Exposure Draft of AS 8 on “Accounting Policies, Changes in Accounting Estimates and Errors” has been released by ICAI for comments of all concerned.
It may be noted 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.
Comments can be submitted using one of the following methods so as to receive not later than 7 Dec. 2015:
1. Electronically: click on icai.org/comments/asb/ to submit comments online
2. Email: Comments can be sent at [email protected]
3. Postal: Deputy Director, 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 [email protected]