ASB of ICAI Invites Comments on Exposure Draft of Ind AS 118, Presentation and Disclosure in Financial Statements
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- By Chetan Kulasri
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- Last Updated on 9 January, 2025
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This document discusses the exposure draft of Ind AS 118, issued by the Accounting Standards Board (ASB) of Institute of Chartered Accountants of India (ICAI), which aligns with IFRS 18. It introduces new classifications for income and expenses, including operating, investing, financing, income taxes, and discontinued operations, along with new subtotals for profit or loss and additional disclosures on management-defined performance measures. The standard is expected to be adopted in India starting April 1, 2027, and is open for public comments until April 6, 2025. Stakeholders can provide feedback via the ICAI website.
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