The Accounting Standards Board of the Institute of Chartered Accountants in India (ICAI), has released standards which will be applicable to all companies having net-worth less than Rs. 250 crores including non-corporate entities.
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, have been applicable.
On request of the Ministry of Corporate Affairs, the Accounting Standards Board of The Institute of Chartered Accountants of India has upgraded Accounting Standards, as notified under Companies (Accounting Standards) Rules, 2006, to bring them nearer to Indian Accounting Standards.
While formulating these Accounting Standards, the Accounting Standards Board has decided to maintain the consistency with the numbering of Standards of the Indian Accounting Standards). In this regard, the ICAI invited comments on the Exposure Draft.
“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 draft said.
Stakeholders can submit their comments before 31st October 2017.
Read the full text of the draft below.
