Exposure Draft of AS 103 Accounting for Amalgamations

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, including a standard on transition from existing AS to Revised AS which are at various stages of formulation. So far, 24 Revised AS have been developed and approved by the Council after due process. The entire set of Revised AS incorporating exemptions/ relaxations for MSME/SMCs, replacing the existing AS will be implemented together from a future date as per a road map, which will be communicated in advance so as to enable preparers and auditors to transition effectively.

In this direction, the Exposure Draft of following revised AS has been issued by the ASB for comments:

How to Comment:

  1.       Electronically:               Click on "Submit comment letter" below (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 110002

Further clarifications on any aspect of these Exposure Drafts may be sought by e-mail to asb@icai.in.

Comment letter deadline

The Exposure Draft is open for comment until 3rd February, 2022

Due process documents
Exposure Draft of AS 103 Accounting for Amalgamations  [PDF]