ICAI’s Exposure Draft on “Amendments in Transitional Provisions of Accounting Standards”
The existing Accounting Standards which were notified under the Companies Act 1956 / the Companies (Accounting Standards Rules) 2006 have to be notified afresh under Section 133 of the Companies Act, 2013.
Certain existing Accounting Standards which were notified in 2006 contain ‘Transitional Provisions’. The objective of these ‘Transitional Provisions’ is to prescribe the accounting treatment when an Accounting Standard becomes applicable for the first time. Accordingly, in 2006, there was some justification to include these ‘transitional provisions’. As of now these Accounting Standards are being notified afresh, so from the perspective of their re-notification, ‘Transitional Provisions’ are being re-examined by the ICAI.
Accordingly, ICAI has issued Exposure Draft of the Amendments in Transitional Provisions of Accounting Standards for comments by 15th December, 2015. For further details, please check below:
List of Accounting Standards under Amendments in Transitional Provisions
|1||AS 10, Property, Plant and Equipment|
|2||AS 11, The Effects of Changes in Foreign Exchange Rates|
|3||AS 15, Employee Benefits|
|4||AS 21, Consolidated Financial Statements|
|5||AS 22, Accounting for Taxes on Income|
|6||AS 23, Accounting for Investments in Associates in Consolidated Financial Statements|
|7||AS 25, Interim Financial Reporting|
|8||AS 26, Intangible Assets|
|9||AS 28, Impairment of Assets|
|10||AS 29, Provisions, Contingent Liabilities and Contingent Assets|