The existing Accounting Standards (ASs) and the Indian Accounting Standards (Ind ASs) are based on the IFRS issued by the International Accounting Standards Board (IASB). Keeping in view the Indian conditions and circumstances, there are certain changes in the IFRS that result into carve-outs that are proposed in the corresponding Indian Accounting Standards being formulated to converge with IFRSs.

Till date 35 IFRS-converged Indian Accounting Standards (Ind ASs) are hosted on Ministry of Corporate Affairs’ (MCA’s) website that contains certain carve-outs. However, the date of notification of the Ind AS was not announced due to certain issues including tax issues. The Accounting Standards Board (ASB), at its 209^th meeting, decided to reconsider the carve-outs and certain other issues for further possible carve-outs/ins in Ind AS.

This Exposure Draft on Further Amendments to Indian Accounting Standards (Ind ASs): Consideration of carve outs/ins, sets out amendments to Indian Accounting Standards (Ind ASs) as decided by the Accounting Standards Board at its 212^th meeting to finalise the Indian Accounting Standards.

The Board invites comments on any aspect of the Exposure Draft. Comments are most helpful if they:

(a)                comment on the questions in exposure draft;

(b)               indicate the specific paragraph(s) to which they relate;

(c)                contain a clear rationale; and

(d)               describe any alternative that the ASB should consider, if applicable.

How to comment

Comments should be submitted using one of the following methods:

1. Electronically:               Click on the below mentioned option to submit comment online

1. Email:                           Comments can be sent to: commentsasb@icai.in

1. 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 standard amendment may be sought by e-mail to shilpi.hisaria@icai.in