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ICAI seeks comments on proposed Ind AS amendments
September, 26th 2014

The Institute of Chartered Accountants has sought public comments on proposed changes to Indian accounting standards that are converged with global norms.

It is part of efforts to converge current Indian accounting norms with the International Financial Reporting Standards (IFRS).

The exposure draft sets out amendments to Indian Accounting Standards (Ind AS) after reconsidering carve-outs and certain other issues for further possible carve-outs/ins in the converged norms.

This draft would be open for public comments till October 15, according to the Institute of Chartered Accountants of India (ICAI).

The government has said the adoption of new Ind AS -- converged with IFRS -- by domestic companies should voluntarily start from the 2015-16 fiscal and the same would be mandatory from 2016-17.

The institute's Accounting Standards Board has started revisiting the earlier drafts of IFRS converged Ind AS that were published by the Corporate Affairs Ministry in 2011.

"On the whole, it is quite evident from the proposed changes, that the new version of Ind-AS that are being finalised, are expected to be much closer to IFRS as compared to the earlier standards that the MCA had published," Sai Venkateshwaran, Partner and Head - Accounting Advisory Services, KPMG in India said in a statement.

Among the changes proposed by ICAI include providing guidance on accounting for stock options and purchase schemes that are managed through a trust route

Another change proposed is with regard to giving guidance on accounting for mergers and acquisitions involving entities that are under common control, Venkateshwaran said.

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