ICAI releases Exposure Draft of Amendment of Supplier Finance Arrangements- Ind AS 7 and Ind AS 107 : Invites comments till 25th August 2023

ICAI releases Exposure Draft of Amendment of Supplier Finance Arrangements -Supplier Finance Arrangements - ICAI releases Exposure Draft - Ind AS 7 and Ind AS 107 - taxscan

The Institute of Chartered Accountants of India (ICAI) has released the exposure draft of amendment of Supplier Finance Arrangements. Also, inviting the comments on the same till 25th August 2023.

The announcement states that “As you are kindly aware that the Indian Accounting Standards (Ind AS) are based on the IFRS Standards issued by the International Accounting Standards Board (IASB). In this regard, it may be noted that IFRS Standards are being issued/revised by the IASB from time to time. As a part of convergence with IFRS Standards, the Ind AS may be issued/revised corresponding to the IFRS Standards. Accordingly, whenever any amendments are made or new IFRS Standard/IFRIC is issued by the IASB, the Accounting Standards Board (ASB) of the ICAI considers those amendments and other related aspects for amending the corresponding Ind AS.

In this regard, the Accounting Standards Board has issued Exposure Draft of Supplier Finance Arrangements – Amendments to Ind AS 7 and Ind AS 107 corresponding to Amendments in IAS 7 and IFRS 7 issued by the IASB.”

Amendments to Ind AS 7, Statement of Cash Flows

Paragraphs 44F–44H and their related heading and paragraphs 61–63 are added. The heading before paragraph 53 is amended.

Amendments to Ind AS 107, Financial Instruments: Disclosures

Paragraph 44JJ is added. In Appendix B, paragraph B11F is amended.

Comments on the abovementioned Exposure Draft may be submitted through any of the following modes:

1. Electronically: Click on http://www.icai.org/comments/asb/ to submit comment online (Preferred method)

2. Email:          Comments can be sent to: commentsasb@icai.in

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 the Exposure Draft may be sought by e-mail to asb@icai.in.

The Exposure Draft of Amendments to Ind AS 7 and Ind AS 107 can be assessed here

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