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. It also helps the Indian stakeholders to be aware of the preparations required for implementation of Ind AS in line with adhering to global timelines. Recently, the IASB has issued the following Exposure Draft for public comments: 

• Exposure Draft on Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures

The IASB is proposing to update IFRS 19 which was issued in May 2024 that permits eligible subsidiaries to apply IFRS Accounting Standards with reduced disclosure requirements. When the Standard was issued, it did not contain reduced versions of any disclosure requirements that were added or amended after 28 February, 2021. IASB is consulting on whether and how to reduce these disclosure requirements in IFRS 19 including whether to reduce the disclosure requirements from the prospective IFRS Accounting Standard Regulatory Assets and Regulatory Liabilities.

The IASB is proposing amendments to IFRS 19 relating to:

• IFRS 18 Presentation and Disclosure in Financial Statements, including amendments introduced by Non-current Liabilities with Covenants;
• IAS 7 Statement of Cash Flows, as amended by Supplier Finance Arrangements;
• IAS 12 Income Taxes, as amended by International Tax Reform—Pillar Two Model Rules; and
• IAS 21 The Effects of Changes in Foreign Exchange Rates, as amended by Lack of Exchangeability.

How to comment: 

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