The Indian Accounting Standards (Ind AS), as notified by the Ministry of Corporate Affairs in February, 2015, have been applicable to the specified class of companies. Accounting Standards are applicable to entities to whom Ind AS are not applicable. However, the Ministry of Corporate Affairs has requested the Accounting Standards Board of the Institute of Chartered Accountants of India (ICAI) to upgrade Accounting Standards, as notified under Companies (Accounting Standards) Rules, 2006, to bring them nearer to Indian Accounting Standards. Accordingly, the Accounting Standards Board (ASB) of ICAI has initiated the process of upgradation of these standards which will be applicable to all entities to whom Ind AS are not applicable.

In this direction, the ASB has finalised AS 1, Presentation of Financial Statements. For formulating AS 1, Ind AS 1, Presentation of Financial Statements, has been taken as the base. Major differences between draft AS 1 and Ind AS 1 are given in Appendix 1 of AS 1. Similarly, major differences between draft AS 1, Presentation of Financial Statements, and AS 1, Disclosures of Accounting Policies, are given in Appendix 2.
Following is the Exposure Draft of the Accounting Standard (AS) 1, Presentation of Financial Statements, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. AS 1 refers to following ASs which are under formulation:

1. AS 27, Separate Financial Statements
2. AS 34, Interim Financial Reporting
3. AS 21, The Effects of Changes in Foreign Exchange Rates
4. AS 18, Revenue
5. AS 37, Provisions, Contingent Liabilities and Contingent Assets
6. AS 105, Non-current Assets Held for Sale and Discontinued Operations
7. AS 12, Income Taxes
8. AS 103, Business Combinations
9. AS 110, Consolidated Financial Statements

The Board invites comments on any aspect of this Exposure Draft. Comments are most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording.

How to Comment:

Comments can be submitted using one of the following methods so as to receive not later than January 31, 2019:
1. Electronically: Visit the link http://www.icai.org/comments/asb/
2. Email: Comments can be sent at commentsasb@icai.in
3. 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 email to asb@icai.in.