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 (ASB) of the ICAI considers those amendments and other related aspects for formulating or amending the corresponding Ind AS.

In this regard, the ASB has issued the following Exposure Draft of Amendments to Ind AS corresponding to amendments in IFRS Standards for public comments:

• Exposure Draft of Amendments to the Classification and Measurement of Financial Instruments: Amendments to Ind AS 109 and Ind AS 107

How to comment:

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