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ICAI - Release of new publication
June, 05th 2009

Release of new publication -Technical Guide on Estimation of Future Cash Flows and Discount Rates for the purpose of AS 28, Impairment of Assets

The Institute of Chartered Accountants of India (ICAI), the premier accounting body in the country has released a publication namely, Technical Guide on Estimation of Future Cash Flows and Discount Rates for the purpose of AS 28, Impairment of Assets recently. The ICAI had earlier issued Accounting Standard (AS) 28, Impairment of Assets, which requires all entities to recognize the impairment loss, if any, in their books of account. To check whether there is an impairment loss, the book values of the assets of the entity are compared with their recoverable amount. An impairment loss arises if the carrying amount, i.e., the book value of the asset exceeds the amount to be recovered through use or sale of the asset.

For computing the recoverable amount of an asset through its use, expected future cash flows from the asset and the appropriate discount rate are required to be estimated. Estimating the expected future cash flows and discount rates properly requires exercise of judgment. Although AS 28 provides some guidance on these aspects, a need was still being felt for some more specific guidance on these issues. The Research Committee of ICAI realising this need for guidance on practical issues undertook this project. This Guide provides guidance on various practical issues involved in assessing the recoverable amount.
 
About ICAI

The Institute of Chartered Accountants of India (ICAI) set-up by an Act of Parliament viz. The Chartered Accountant Act, 1949 to regulate the profession of Chartered Accountancy is the second largest and prominent accounting body in the world. It has been taking various proactive measures from time to time, aligned with the changing facets of the Indian economy, for continuously raising the standard of quality of accounting and financial reporting.

ICAI has its Headquarters at New Delhi with 5 Regional Offices at Mumbai, Chennai, Kanpur, Kolkata, New Delhi and 118 branches spread all over the country. In addition, it has also set up 21 chapters outside India and an office in Dubai. Currently over 5,00,000 students are pursuing the Chartered Accountancy course and the total membership of ICAI is more than 1,55,000

 
 
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