The Indian Accounting Standards (Ind AS), as notified by the Ministry of Corporate Affairs in February, 2015, are applicable to the specified class of companies as per Ind AS Roadmap. Accounting Standards notified under Companies (Accounting Standards) Rules 2006 and those issued by the ICAI are applicable to entities to whom Ind AS are not applicable. However, on the basis of the discussions held at various standard setting forums, such as, Accounting Standards Board (ASB) of ICAI, NACAS and the Ministry of Corporate Affairs, it has been decided to upgrade Accounting Standards to bring them nearer to Indian Accounting Standards. Accordingly, ASB has initiated the process of upgradation of these standards which will be applicable to all entities to whom Ind AS are not applicable. While formulating these Accounting Standards, the ASB decided, wherever possible, to maintain the consistency with the paragraph numbers and numbering of Standards of Ind AS.

In the above background, the Exposure Draft of upgraded AS 17, Leases, has been issued by the ASB for comments with the last date being May 4, 2019. The downloadable version of the above mentioned Exposure Draft is available at: https://resource.cdn.icai.org/54798asb43930.pdf.

Further, comments on the abovementioned Exposure Draft issued by the ASB may be submitted through any of the following modes.

1.       Electronically:                Click on http://www.icai.org/comments/asb/ to submit comment online (Preferred method)                  

2.       Email:                            Comments can be sent to: 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 e-mail to asb@icai.in.