Exposure Draft of Revised AS 36 Impairment of Assets

Sub:    Exposure Draft of Revised Accounting Standard 36, Impairment of Assets, 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, 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 22 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 Draft of revised AS 36, Impairment of Assets,has been issued by the ASB for comments with the last date being September 30, 2021, which can be assessed at the link https://www.icai.org/post/ed-of-revised-as-36-impairment-of-assets

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

Comment letter deadline

The Exposure Draft is open for comment until 30th September, 2021

Due process documents
Exposure Draft of Revised AS 36 Impairment of Assets  [PDF]