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Exposure Draft of Revised Accounting Standard for Comments
January, 05th 2022

Accounting Standards Board
The Institute of Chartered Accountants of India
4th January, 2022


Exposure Draft of Revised Accounting Standard for 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, 2021 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, it has been decided to revise Accounting Standards (AS). Accordingly, ASB is working on the project of revision of these standards which will be applicable to entities to whom Ind AS are not applicable. While formulating these Accounting Standards, the ASB decided to maintain the consistency in the numbering of AS with Ind AS numbering.

In this regard, it may be mentioned that the entire set of revised Accounting Standards will consist of 32 standards which are at various stages of formulation. So far Exposure Drafts of 24 revised standards have been issued. The entire set of revised standards replacing the existing standards will be implemented together from a future date.

In this direction, the Exposure Drafts of following revised AS have been issued by the ASB for comments with the last date being February 3, 2022:

1. Exposure Draft of AS 103, Accounting for Amalgamations - The downloadable version is available at: https://resource.cdn.icai.org/68733asb040122-as103.pdf

2. Exposure Draft of AS 110, Consolidated and Separate Financial Statements - The downloadable version is available at: https://resource.cdn.icai.org/68734asb040122-as110.pdf

3. Exposure Draft of AS 111, Financial Reporting of Interest in Joint Ventures - The downloadable version is available at: https://resource.cdn.icai.org/68735asb040122-as111.pdf

4. Exposure Draft of AS 28, Accounting for Associates and Jointly Controlled Entities - The downloadable version is available at: https://resource.cdn.icai.org/68732asb040122-as28.pdf

Further, comments on the abovementioned Exposure Drafts 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 these Exposure Drafts may be sought by e-mail to asb@icai.in.

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