The Committee on Accounting Standards for Local Bodies (CASLB) was constituted as a separate Committee in March, 2005, with the main objective of formulating Accounting Standards for Local Bodies (ASLBs). So far, the Committee has issued eleven ASLBs. Moving forward in this direction, the Committee has finalised the Exposure Drafts of ASLB 16, ‘Investment Property’ and ASLB 18, ‘Segment Reporting’.
ASLB 16, ‘Investment Property’, prescribes the accounting treatment for investment property and related disclosure requirements. This Standard permits only the cost model for measurement. However, fair value is required to be measured for disclosure purposes.
The objective of ASLB 18, ‘Segment Reporting’, is to establish principles for reporting financial information by segments. This Standard also require disclosures of information that will help users of the financial statements to better understand the entity’s past performance, and to identify the resources allocated to support the major activities of the entity; and enhance the transparency of financial reporting and enable the entity to better discharge its accountability obligations.
Comments on the above Exposure Drafts are invited which can be submitted using one of the following methods, so as to be received not later than July 31, 2015:
| 1. Electronically: |
Click on http://www.icai.org/comments/caslb/ to view/ download the Exposure Drafts and submit comments online |
| 2. Email: |
Comments can be sent to: caslb@icai.in |
| 3. Postal |
Secretary, Committee on Accounting Standards for Local Bodies,
The Institute of Chartered Accountants of India,
ICAI Bhawan, Post Box No. 7100,
Indraprastha Marg,
New Delhi 110 002 |
(CA. S. Santhanakrishnan)
Chairman, Committee on Accounting Standards for Local Bodies
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