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.

Currently, there is no Accounting Standard on Agriculture under Companies (Accounting Standards) Rules, 2006. Considering the need of AS on the subject, the ASB has formulated draft AS 41, Agriculture, on the basis of Ind AS 41, Agriculture. Major differences between draft AS 41 and Ind AS 41 are given in Appendix 1 of AS 41.

Following is the Exposure Draft of the Accounting Standard (AS) 41, Agriculture, issued by the ASB of ICAI, for comments. Draft AS 41, at various places refers to following AS which are under formulation and exposure drafts will be issued later:

1.      AS 36, Impairment of Assets

2.      AS 105, Non-current Assets Held for Sale and Discontinued Operations

3.      AS 113, Fair Value Measurement

The ASB 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 March 3, 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.