Exposure Draft on Annual Improvements - Volume 11

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. Recently, the IASB has issued the following Exposure Draft for public comments:

  • Exposure Draft on Annual Improvements – Volume 11

Annual improvements are limited to changes that either clarify the wording in an IFRS Standard or correct relatively minor unintended consequences, oversights or conflicts between the requirements of the IFRS Standards.The following table lists the IFRS Standards and accompanying guidance that would be affected by the proposed amendments.

IFRS Standard

Subject of proposed amendments

IFRS 1 First-time Adoption of International Financial Reporting Standards

Hedge accounting by a first-time adopter

IFRS 7 Financial Instruments: Disclosures

Gain or loss on derecognition

Guidance on implementing IFRS 7 Financial Instruments: Disclosures


Disclosure of deferred difference between fair value and transaction price

Credit risk disclosures

IFRS 9 Financial Instruments

Derecognition of lease liabilities

Transaction price

IFRS 10 Consolidated Financial Statements

Determination of a ‘de facto agent’

IAS 7 Statement of Cash Flows

Cost method

How to comment:



Click on "Submit a comment letter" below (Preferred mode)          



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

Comment letter deadline

The Exposure Draft is open for comment until 10th November, 2023

Due process documents
Exposure Draft on Annual Improvements - Volume 11  [PDF]