Disclosure Requirements in IFRS StandardsA Pilot Approach

Indian Accounting Standards (Ind AS) are based on the IFRS Standards issued by the International Accounting Standards Board (IASB) of IFRS Foundation. The IASB, before issuing the new/amendments to IFRS Standards, issues consultative documents (such as Discussion Paper (DP), Exposure Draft (ED) etc) seeking public comments from across the globe. The Accounting Standards Board (ASB) of ICAI with the aim to provide an opportunity to the various stakeholders in India to raise their concerns at the initial International Standard-setting stage itself, invites comments on the consultative documents issued by the IASB. It also helps the Indian stakeholders to be aware of the preparations required for implementation of Ind AS in line with adhering to global timelines. At present, the following Exposure Draft issued by the IASB is open for comments for proposed guidance for itself when developing and drafting disclosure requirements in IFRS Standards in future:

  •          Disclosure Requirements in IFRS Standards—A Pilot Approach

The proposed Guidance is a document for IASB. The objective of the proposed Guidance is to help IASB in developing disclosure requirements that result in more decision-useful information in financial statements in future. If the IASB were to apply the approach in the proposed Guidance, all entities, auditors, regulators and users of financial statements prepared applying IFRS Standards could be affected. The IASB is therefore interested in feedback from all those interested in financial reporting on the practical effects of the proposed Guidance

How to comment

Comments on the abovementioned ED may be submitted through any of the following modes, latest by November 26, 2021 (date revised):  



Click on "Submit a comment letter" below (Preferred method)             



Comments can be sent to: commentsasb@icai.in  



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 this ED may be sought by e-mail to asb@icai.in.

Comment letter deadline

The Exposure Draft is open for comment until 26th November, 2021

Due process documents
Disclosure Requirements in IFRS StandardsA Pilot Approach  [PDF]