ICAI seeks public comments on Exposure Draft of Disclosures corresponding to amendments in IFRS Standards

ICAI - Exposure Draft of Disclosures - amendments - IFRS Standards - Taxscan

The Institute of Chartered Accountants of India (ICAI) sought the public comments on the Exposure Draft of Disclosures corresponding to amendments in IFRS Standards.

The Indian Accounting Standards (Ind AS) are based on the IFRS Standards issued by the International Accounting Standards Board (IASB). In this regard, 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 of the ICAI considers issuing amendments to Ind AS. While doing so, keeping in view the Indian conditions and circumstances, wherever considered appropriate, necessary changes are also proposed to the Ind AS.

“In this regard, the Accounting Standards Board has issued the following Exposure Draft corresponding to amendments in IFRS Standards for public comments with the last date of comments being August 31, 2021 Disclosures of Accounting Policies – Amendments to Ind AS 1, Presentation of Financial Statements,” the ICAI said.

The Exposure Draft of Amendments to Ind AS 1 requires companies to disclose their ‘material accounting policy information’ rather than their ‘significant accounting policies’. To assist an entity in determining whether accounting policy information is material to its financial statements amendments are proposed to Ind AS 1. The downloadable version is available at https://resource.cdn.icai.org/65825asb53115.pdf

The Comments on the Exposure Draft may be submitted Electronically by Click on http://www.icai.org/comments/asb/ to submit comment online, send Comments on commentsasb@icai.in or post it to 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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