The Accounting Standards Board of the Institute of Chartered Accountants of India ( ICAI ) has released an exposure draft on Accounting Standard (AS) 1 Presentation of Financial Statements.
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.
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Accounting Standards are applicable to entities to whom Ind AS are not applicable. However, the Ministry of Corporate Affairs has requested the Accounting Standards Board of the Institute of Chartered Accountants of India (ICAI) to upgrade Accounting Standards, as notified under Companies (Accounting Standards) Rules, 2006, to bring them nearer to Indian Accounting Standards.
Accordingly, the Accounting Standards Board (ASB) of ICAI has initiated the process of up-gradation of these standards which will be applicable to all entities to whom Ind AS is not applicable. In this direction, the ASB has finalized AS 1, Presentation of Financial Statements.
For formulating AS 1, Ind AS 1, Presentation of Financial Statements, has been taken as the base. Major differences between draft AS 1 and Ind AS 1 are given in Appendix 1 of AS 1. Similarly, major differences between draft AS 1, Presentation of Financial Statements, and AS 1, Disclosures of Accounting Policies, are given in Appendix 2.
“Comments are most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording. The comments can be submitted using one of the following methods so as to receive no later than January 31, 2019,” ICAI said in a statement.
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