Exposure Draft of Annual Improvements to Ind AS 2024 | Aligning With Recent IFRS Standards Amendments by IASB
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- By Chetan Kulasri
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- Last Updated on 26 September, 2024
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The Accounting Standards Board (ASB) of ICAI has released an Exposure Draft of Amendments to Ind AS, aligning with the IASB’s Annual Improvements to IFRS Standards Volume 11, to ensure consistency with global accounting practices. Key revisions include updates to Ind AS 101 on hedge accounting for first-time adopters, Ind AS 107 on gains or losses recognition upon derecognition of financial instruments, Ind AS 109 on lease liabilities and transaction prices, Ind AS 110 on the determination of a ‘de facto agent’ in consolidated statements, and Ind AS 7 on clarifications for cash flow statements. Stakeholders are invited to provide feedback by October 23, 2024, to support the enhancement of the Indian accounting framework.
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