ICAI has issued the Exposure Drafts of Revised Accounting Standards AS-28, AS-103, AS-110 and AS-111, vide Announcement dt. 04/01/2022, for comments latest by 03/02/2022.
The Indian Accounting Standards (Ind AS) notified by MCA in 2015, as amended from time to time, are applicable to the specified class of companies, as per Ind AS Roadmap, whereas Accounting Standards issued by ICAI and notified under Companies (Accounting Standards) Rules, 2021 are applicable to entities to which Ind AS are not applicable.
ICAI has decided to revise the Accounting Standards applicable to entities to which Ind AS are not applicable and while formulating these revised Accounting Standards, the ICAI shall maintain consistency/ synchronization in the numbering of AS with numbering of Ind AS.
ICAI has stated in the Announcement that the entire set of revised Accounting Standards will consist of 32 standards which are at various stages of formulation. So far, the Exposure Drafts of 24 revised standards have been issued. The entire set of revised standards, replacing the existing standards, will be implemented together from a future date.
Accordingly, ICAI has issued the following set of Exposure Drafts of four revised Accounting Standards for comments:
1. Exposure Draft of AS 103, Accounting for Amalgamations;
2. Exposure Draft of AS 110, Consolidated and Separate Financial Statements;
3. Exposure Draft of AS 111, Financial Reporting of Interest in Joint Ventures; and
4. Exposure Draft of AS 28, Accounting for Associates and Jointly Controlled Entities.
Further, the comments on above Exposure Drafts may be submitted through any of the following modes:
1. Online: http://www.icai.org/comments/asb/ (Preferred method);
2. Email: [email protected];
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 these Exposure Drafts may be sought by e-mail to [email protected].