News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax | PPE Safety Kit SITRA Approved | PPE Safety Kit
Professional Updates »
 Publication of Technical Guide on Accounting for Expenditure on Corporate Social Responsibility Activities and withdrawal of Guidance Note on Accounting for Expenditure on Corporate Social Responsibility Activities.
 Exemption from Completion of Orientation Course (OC) and Information Technology Training (ITT) before admission in Practical Training on or Before 31st July, 2020 for Direct Entry Scheme students
 Publication- Judicial Pronouncements under Insolvency and Bankruptcy Code, 2016 Series 3.
 ICAI signs MoU with Service Export Promotion Council (SPEC)
 Reduction of fees for MCS & Adv ITT Courses for students undergoing Virtual classes for May 2019, Nov 2019, May 2020 & Nov 2020 Final Students
 Guidance Note on the Companies (Auditor's Report) Order, 2020 issued by Auditing and Assurance Standards Board
 Announcement regarding Further extension of time by Securities and Exchange Board of India (SEBI) to July, 31, 2020 for submission of financial results for the quarter / half year financial year ending 31st March 2020 due to the continuing impact of the COVID-19 pandemic by CL&CGC ICAI
 ICAI is celebrating 72nd Chartered Accountants Day on 1st July 2020. Live Webcast on "Virtual National CA Summit 2020" on 29th June, 30th June & 1st July, 2020.
 Digital Accounting and Assurance Board, ICAI is organizing Live Webinar on Overview of SAP ERP on 03rd July, 2020 (Friday) from 4.00 to 6.00 PM
 IMPORTANT ANNOUNCEMENT May 2020 Exams - Opt-Out Window
 Professional Development Committee of ICAI is organising a Programme on "Young members mentorship" scheduled on 26th June & 27th June, 2020

Exposure drafts of ASLB 21, 'Impairment of Non-Cash Generating Assets', ASLB 26, 'Impairment of Cash Generating Assets' and ASLB 32, 'Service Concession Arrangements: Grantor'
July, 15th 2019

The Institute of Chartered Accountants of India (ICAI), as a partner in nation building, has been taking various steps to improve the Government Accounting and Public Financial Management in India. During the Council Year 2019-20, a new Committee namely the Committee on Public Finance and Accounting Standards for Local Bodies (CPF&ASLB) has been constituted in ICAI to carry forward the initiatives of two erstwhile Committees (i.e., Committee on Accounting Standards for Local Bodies (CASLB) and Committee on Public Finance and Government Accounting (CPF&GA)). Amongst others, the primary activities of the erstwhile CASLB was to prescribe accrual based accounting framework, i.e., Accounting Standards for Local Bodies(ASLBs) which is being carried forward under the newly constituted Committee. 

It is worth appreciating that the Local Bodies in India are shifting to accrual basis of accounting and are drawing accounting guidance from National Municipal Accounts Manual (NMAM) in this regard that was issued during 2004. 



ASLBs are being issued by the ICAI as an extension of NMAM incorporating the accounting developments over these 15 years and also to address the areas that are not covered in NMAM. ASLBs based upon on based on the International Public Sector Accounting Standards (IPSASs) that are International best Accounting Standards for all level of Governments and also takes into account the India’s unique governance & demographic features. Fifteen ASLBs were issued by the erstwhile CASLB. Moving forward in this direction, the newly constituted Committee, i.e., CPF&ASLB has finalised the Exposure Drafts of the following ASLBs:

  • ASLB 21, ‘Impairment of Non-Cash Generating Assets’,
  • ASLB 26, ‘Impairment of Cash Generating Assets’, and
  • ASLB 32, ‘Service Concession Arrangements: Grantor’.

(Download Exposure Drafts: https://www.icai.org/comments/caslb/) 

Now-a-days Local Bodies are entering into various service concession arrangements also known as Public Private Partnership (PPP) for developing/improving infrastructure of the country. The assets (held by the local bodies for either generating cash flows or service delivery purposes) get impaired due to certain reasons such as unexpected decline in the asset’s service utility, etc. The aforesaid ASLBs being issued by the ICAI would provide detailed accounting guidance for the same would be very useful for Local Bodies. 



The 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 25, 2019:

1. Electronically: Click on http://www.icai.org/comments/caslb/ to submit comments online
2. E-mail: Comments can be sent to: caslb@icai.incpf.aslb@icai.in
3. Postal: Head, Technical Directorate
The Institute of Chartered Accountants of India,
ICAI Bhawan, Post Box No. 7100,
Indraprastha Marg, New Delhi 110002
Home | About Us | Terms and Conditions | Contact Us | PPE Kit SITRA Approved | PPE Safety Kit
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting