Exposure Draft of Disclosure of Accounting Policies - Amendments to Ind AS 1

As you are kindly aware that the Indian Accounting Standards (Ind AS) are based on the IFRS Standards issued by the International Accounting Standards Board (IASB). In this regard, it may be noted that IFRS Standards are being issued/revised by the IASB from time to time. As a part of convergence with IFRS Standards, the Ind AS may be issued/revised corresponding to the IFRS Standards. Accordingly, whenever any amendments are made or new IFRS Standard/IFRIC is issued by the IASB, the Accounting Standards Board of the ICAI considers for issuing amendments to Ind AS. While doing so, keeping in view the Indian conditions and circumstances, wherever considered appropriate, necessary changes are also proposed to the Ind AS.

In this regard, the Accounting Standards Board has issued the following Exposure Draft corresponding to amendments in IFRS Standards for public comments with the last date of comments beingAugust 31, 2021:

  •          Disclosures of Accounting Policies - Amendments to Ind AS 1, Presentation of Financial Statements

The Exposure Draft of Amendments to Ind AS 1 requires companies to disclose their ‘material accounting policy information’ rather than their ‘significant accounting policies’. To assist an entity in determining whether accounting policy information is material to its financial statements amendments are proposed to Ind AS 1. The downloadable version is available at:   https://www.icai.org/post/ed-of-disclosures-of-accounting-policies-amendments-to-ind-as-1

How to comment:

Comments on the abovementioned Exposure Draft may be submitted through any of the following modes:




Click on http://www.icai.org/comments/asb/ to submit comment online (Preferred method)




Comments can be sent to: commentsasb@icai.in




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 the Exposure Draft may be sought by e-mail to asb@icai.in.

Comment letter deadline

The Exposure Draft is open for comment until 31st August, 2021

Due process documents
Exposure Draft of Disclosure of Accounting Policies - Amendments to Ind AS 1   [PDF]