The International Accounting Standards Board (IASB) has issued Exposure Draft on Prepayments of a Minimum Funding Requirement: Proposed Amendments to IFRIC 14. This exposure draft contains proposals to amend IFRIC 14. The proposals would remove an unintended consequence arising from the treatment of prepayments in some circumstances when there is a minimum funding requirement.

Invitation to comments

ASB invites comments on the said Draft from the public. The downloadable version of the draft is available at http://www.iasb.org/NR/rdonlyres/9B68404D-A007-45FD-8F73-74F3688653E8/0/EDAmendmentsIFRIC14.pdf. Comments would be 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.

Comments should be submitted in writing to the Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi-110002, so as to be received not later than June 30, 2009. Comments can also be sent by e-mail at asb@icai.org or edcommentsasb@icai.org.