ICAI releases Exposure Drafts of Amendments to Ind AS 1 and Ind AS 116 for Comments

The Institute of Chartered Accountants of India (ICAI) has issued the Exposure Drafts of amendments to Ind AS 1 and Ind AS 116 for comments from the member Chartered Accountants.

As you are kindly aware, the International Accounting Standards Board’s (IASB) IFRS Standards serve as the foundation for the Indian Accounting Standards (Ind AS) (IASB). In this regard, it should be noted that the IASB occasionally issues or updates IFRS Standards. The Ind AS may be issued or revised in accordance with the IFRS Standards as part of convergence with 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 the following Exposure Drafts for public comments with the last date of comments being January 30, 2023:

1. Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants – Amendments to Ind AS 1, Presentation of Financial Statements

The downloadable version of the Exposure Draft is available at: Click Here

2. Lease Liability in a Sale and Leaseback – Amendments to Ind AS 116, Leases

The downloadable version of the Exposure Draft is available at: Click Here

Any of the following methods may be used to submit comments on the aforementioned Exposure Drafts:

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

2. Email: Comments can be sent to: [email protected]

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 [email protected].