ICAI issues Exposure Draft on Initial Application of IFRS 17 and IFRS 9

ICAI - Application of IFRS 17 - IFRS 9 - Taxscan

The Institute of Chartered Accountants of India (ICAI) issued the Exposure Draft on Initial Application of IFRS 17 and IFRS 9, Comparative Information Proposed amendment to IFRS 17.

“Indian Accounting Standards (Ind AS) are based on the IFRS Standards issued by the International Accounting Standards Board (IASB) of IFRS Foundation. The IASB, before issuing the new/amendments to IFRS Standards, issues consultative documents (such as Discussion Paper (DP), Exposure Draft (ED), etc) seeking public comments from across the globe. The Accounting Standards Board (ASB) of ICAI with the aim to provide an opportunity to the various stakeholders in India to raise their concerns at the initial International Standard-setting stage itself, invites comments on the consultative documents issued by the IASB. It also helps the Indian stakeholders to be aware of the preparations required for the implementation of Ind AS in line with adhering to global timelines,” the ICAI said.

The Exposure Draft proposes a narrow-scope amendment to the transition requirements in Appendix C of IFRS 17 for entities that initially apply IFRS 17 and IFRS 9 at the same time. This proposed amendment relates to financial assets for which comparative information presented on the initial application of IFRS 17 and IFRS 9 has not been restated for IFRS 9. Applying the proposed amendment, an entity would be permitted to present comparative information about such a financial asset as if the classification and measurement requirements of IFRS 9 had been applied to that financial asset. The Exposure Draft proposes no change to the transition requirements in IFRS 9.

The Exposure Draft is hosted on the website of the ICAI for public comments with the last date as September 3, 2021, and can be accessed at the https://resource.cdn.icai.org/65894asb03082021.pdf

The Comments may be submitted through electronic mode by Click on http://www.icai.org/comments/asb/ to submit a comment online (Preferred method), Email (commentsasb@icai.in) or by post-Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi 110 002

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