ICAI releases exposure draft on AS 38on Intangible Assets

ICAI releases exposure draft on AS 38on Intangible Assets : The Board has invited comments on any aspect of this Exposure Draft. Last date to send comments 2nd November 2018. Click here to download the exposure draft

ICAI releases exposure draft on AS 38on Intangible Assets

The Indian Accounting Standards (Ind AS), as notified by the Ministry of Corporate Affairs in February, 2015, have been applicable to the specified class of companies. For other class of companies, i.e., primarily the unlisted companies having net worth less than Rs. 250 crores, Accounting Standards, as notified under Companies (Accounting Standards) Rules, 2006, have been applicable. However, the Ministry of Corporate Affairs has requested the Accounting Standards Board of the Institute of Chartered Accountants of India (ICAI) to upgrade Accounting Standards, as notified under Companies (Accounting Standards) Rules, 2006, to bring them nearer to Indian Accounting Standards. Accordingly, the Accounting Standards Board (ASB) of ICAI has initiated the process of upgradation of these standards which will be applicable to all companies having net-worth less than Rs. 250 crores including non-corporate entities. In this direction, the ASB has finalised AS 38, Intangible Assets. For formulating AS 38 Ind AS 38, Intangible Assets, has been taken as the base. Major differences between draft AS 38 and Ind AS 38 are given in Appendix 1 of the AS 38. Similarly, major differences between draft AS 38 and AS 26 are given in Appendix 2 of AS 38. Following is the Exposure Draft of the Accounting Standard (AS) 38, Intangible Assets, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. The Board 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. Click Here to Buy CA Final Pendrive Classes at Discounted Rate

How to Comment

Comments can be submitted using one of the following methods so as to receive not later than November 2, 2018:

1. Electronically: Visit the link http://www.icai.org/comments/asb/
2. Email: Comments can be sent at [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 any aspect of this Exposure Draft may be sought by email to [email protected].