Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
Professional Updates »
Open DEMAT Account in 24 hrs
 Exposure Drafts of Standards on Auditing for Limited Liability Partnerships
 One-Time Window for MEF 2023-24
  Empanelment of Chartered Accountant firms/LLP by Office of C&AG from the empanelment year 2024-2025
 Invitation for contribution to Question Bank in respect of Self-paced Online Module Examinations (Set-A & Set-B)
 Empanelment of Chartered Accountant firms/LLP by Office of C&AG from the empanelment year 2024-2025
 Archiving of UDINs
 Sensitization of Companies to abide the provisions of Section 90 of the Companies Act, 2013 read with Rules thereunder relating to Significant Beneficial Ownership
 POSTPONEMENT OF CHARTERED ACCOUNTANT EXAMINATIONS, NOVEMBER 2023 DUE TO ELECTIONS OF LEGISLATIVE ASSEMBLY IN THE STATE OF CHHATTISGARH AND MADHYA PRADESH
 Reporting requirements pertaining to Fees related disclosure to Institute under the revised requirements in Code of Ethics
 Extension of last date for payment of Membership /COP fee for the year 2023-24 to 31st October, 2023.
 ICAI invites suggestions for Pre-Budget Memorandum-2024

Exposure Draft of Revised AS 21, The Effects of Changes in Foreign Exchange Rates
November, 04th 2020

Accounting Standards Board
The Institute of Chartered Accountants of India
3rd November, 2020

Sub: Exposure Draft of upgraded Accounting Standards for Public Comments

The Indian Accounting Standards (Ind AS), as notified by the Ministry of Corporate Affairs in February, 2015, and as amended from time to time are applicable to the specified class of companies as per Ind AS Roadmap. Accounting Standards notified under Companies (Accounting Standards) Rules 2006 and those issued by the ICAI are applicable to entities to whom Ind AS are not applicable. However, on the basis of the discussions held at various standard setting forums, such as, NACAS (now replaced by NFRA), Ministry of Corporate Affairs, and Accounting Standards Board (ASB) of ICAI, it has been decided to revise Accounting Standards (AS). Accordingly, ASB has initiated the process of revision of these standards which will be applicable to all entities to whom Ind AS are not applicable. While formulating these Accounting Standards, the ASB decided to maintain the consistency with the numbering of Standards of Ind AS numbering.



In this direction, the Exposure Draft of revised AS 21, The Effects of Changes in Foreign Exchange Rates, has been issued by the ASB for comments with the last date being December 3, 2020, which can be assessed at the below link: https://www.icai.org/resource/61666asb031120.pdf

Further, comments on the abovementioned Exposure Draft issued by the ASB may be submitted through any of the following modes.

1. Electronically: Click on http://www.icai.org/comments/asb/ to submit comment online (Preferred method)
2. Email: Comments can be sent to: commentsasb@icai.in
3. Postal: Secretary, Accounting Standards Board,
The Institute of Chartered Accountants of India,
ICAI Bhawan, Post Box No. 7100,
Indraprastha Marg, New Delhi 110 002

Further clarifications on any aspect of this Exposure Draft may be sought by e-mail to asb@icai.in.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2023 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting