Exposure Draft of AS 34 Interim Financial Reporting

The Indian Accounting Standards (Ind AS), as notified by the Ministry of Corporate Affairs in February, 2015, and as amended from time to time have been applicable to the specified class of companies in phased manner. 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, NACAS (now replaced by NFRA), Ministry of Corporate Affairs, and Accounting Standards Board (ASB) of ICAI, it has been decided to upgrade Accounting Standards (AS) 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 that, wherever possible, to maintain the consistency with the paragraph numbers and numbering of Standards of Ind AS.


In this direction, the Exposure Draft of upgraded AS 34, Interim Financial Reporting, has been issued by the ASB for comments with the last date being May 12, 2019. The downloadable versions of the above mentioned Exposure Drafts is available at: https://resource.cdn.icai.org/54865asb44042.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)                  


  1.       Email:                            Comments can be sent to: commentsasb@icai.in


  1.       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.

Comment letter deadline

The Exposure Draft is open for comment until 12th May, 2019

Due process documents
Exposure Draft of AS 34 Interim Financial Reporting  [PDF]