ICAI Issued Exposure draft of Accounting Standard (AS) 34 Interim Financial Reporting

ICAI Issued Exposure draft of Accounting Standard (AS) 34 Interim Financial Reporting ICAI Issued Exposure draft of Accounting Standard (AS) 34, Interim Financial Reporting, Comments to be received by May 12, 2019. The Indian Accounting Standards (Ind AS), as notified by the Ministry of Corporate Affairs in February 2015, are applicable to the specified class of companies. Accounting Standards notified under Companies (Accounting Standards) Rules, 2006, and those issued by the ICAI are applicable to entities to whom Ind AS are not applicable. However, on the basis of the discussions held at various standard setting forums, such as, the Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI), NACAS1 and the Ministry of Corporate Affairs (MCA) , it has been decided to upgrade Accounting Standards to bring them nearer to Ind AS. Accordingly, the Accounting Standards Board of ICAI has initiated the process of upgradation of these standards which will be applicable to all entities to whom Ind AS are not applicable. While formulating these Standards, ASB decided, wherever possible, to maintain the consistency with the paragraph numbers and with the numbering of Standards of the Ind AS. In the above background, ASB has finalised AS 34, Interim Financial Reporting, taking AS 25, Interim Financial Reporting, notified by MCA as the base. Major differences between draft AS 34 and Ind AS 34, Interim Financial Reporting, are included in the Appendix 1 of the draft Standard. Major differences between draft AS 34 and AS 25 are given in Appendix 2 of the draft Standard. This is the Exposure Draft of the upgraded Accounting Standard (AS) 34, Interim Financial Reporting, issued by the ASB, for comments. AS 34 refers to provisions of following AS which are under formulation: (i) AS 12, Income Taxes (ii) AS 33, Earnings per Share (iii) AS 36, Impairment of Assets The ASB invites comments on any aspect of this 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. How to Comment: Comments can be submitted using one of the following methods so as to receive not later than May 12, 2019:

Electronically:	click on http://www.icai.org/comments/asb/ to submit comments online
Email:	Comments can be sent at [email protected]
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 any aspect of this Exposure Draft may be sought by e-mail to [email protected]