ICAI’s Exposure Draft – “Amendments in Transitional Provisions of Accounting Standards”

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:

ICAI’s Exposure Draft on Amendments in Transitional Provisions of AS dt. 3 Dec. 2015

List of Accounting Standards under Amendments in Transitional Provisions

S.N.Accounting Standards
1AS 10, Property, Plant and Equipment
2AS 11, The Effects of Changes in Foreign Exchange Rates
3AS 15, Employee Benefits
4AS 21, Consolidated Financial Statements
5AS 22, Accounting for Taxes on Income
6AS 23, Accounting for Investments in Associates in Consolidated Financial Statements
7AS 25, Interim Financial Reporting
8AS 26, Intangible Assets
9 AS 28, Impairment of Assets
10AS 29, Provisions, Contingent Liabilities and Contingent Assets

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