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 the convergence is a continuous process, in order to remain converged with IFRS Standards, the Ind AS needs to be issued/revised corresponding to the IFRS Standards. Accordingly, whenever any amendments are made or new IFRS Standard/IFRIC by the IASB, the Accounting Standards Board of the ICAI considers and issues amendments to Ind AS. While doing so, keeping in view the Indian conditions and circumstances, wherever considered appropriate, necessary changes are also proposed to the Ind AS.

In this regard, the Accounting Standards Board has issued the following Exposure Drafts corresponding to amendments in IFRS Standards for public comments. 

• Exposure Draft of Annual Improvements to Ind AS (2021)

Further, comments on the abovementioned Exposure Drafts may be submitted through any of the following modes:

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