Tally for CAs in Industry Silver Edition (Single User) Tally Renewal (Auditor Edition) Need Tally for Clients? (Tie-up with us!!!)
Open DEMAT Account with in 24 Hrs and start investing now!
Professional Updates »
Open DEMAT Account in 24 hrs
 Live Coaching Classes (LCC) Batch-3 commencing from 10th May 2021 respectively for Students of Intermediate course appearing in Nov 2021 examination and Final course for Nov 2021 and May 2022 examination.
 Questionnaire for Members on the Accounting Process Outsourcing Services from abroad
 Announcement regarding clarification issued by MCA on spending of CSR funds for creating health infrastructure for covid care and establishment of medical oxygen generation & storage plants etc by CL&CGC ICAI
 Relaxation on levy of additional fees in filing of certain Forms under the Companies Act, 2013 and LLP Act, 2008
 Clarification regarding gap between two board meetings under section 173 of the Companies Act, 2013
 Extension of validity of Peer Review Certificate in the wake of COVID -19 spurt across the country
 Announcement of Online Examination of the 'Certificate Course on Ind AS' to be held on 27th June 2021
 Disclosure Requirements in IFRS Standards - A Pilot Approach
 FAQs on Circular on Relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013 issued by the Ministry of Corporate Affairs on 03.05.2021
 Announcement regarding relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013 by CL&CGC ICAI
 Waiving-off Condonation Fees due to late filing of application Form 18 related to Members and Firms amidst COVID-19 Pandemic till 30th July, 2021

Exposure Draft of Lack of Exchangeability
April, 29th 2021
Accounting Standards Board
The Institute of Chartered Accountants of India
28th April, 2021
Exposure Draft of Lack of Exchangeability

Indian Accounting Standards (Ind AS) are based on the IFRS Standards issued by the International Accounting Standards Board (IASB) of IFRS Foundation. The IASB, before issuing the new/amendments to IFRS Standards, issues consultative documents (such as Discussion Paper (DP), Exposure Draft (ED) etc) seeking public comments from across the globe. The Accounting Standards Board (ASB) of ICAI with the aim to provide an opportunity to the various stakeholders in India to raise their concerns at the initial International Standard-setting stage itself, invites comments on the consultative documents issued by the IASB. It also helps the Indian stakeholders to be aware of the preparations required for implementation of Ind AS in line with adhering to global timelines. At present, the following Exposure Draft issued by the IASB is open for comments for proposed guidance for itself when developing and drafting disclosure requirements in IFRS Standards in future:

Lack of Exchangeability - IAS 21 sets out the exchange rate a company uses when it reports foreign currency transactions or a foreign operation’s results in a different currency. However, the Standard does not set out the exchange rate to use when there is no observable exchange rate the company can use-such as when a currency cannot be converted into a foreign currency. The proposed amendments would help companies in determining whether a currency can be exchanged into another currency, and what accounting to apply if the currency cannot be exchanged.

Invitation to comment

The Accounting Standards Board (ASB) of ICAI invites comments from public. The downloadable version is available at: https://resource.cdn.icai.org/64592asb-ed2021.pdf

How to comment

Comments on the abovementioned ED may be submitted through any of the following modes, so as to be received not later than July 30, 2021:

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 this ED may be sought by e-mail to asb@icai.in
Home | About Us | Terms and Conditions | Contact Us
Copyright 2021 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting