Exposure Draft of Revised Accounting Standard Issued by ICAI

The Accounting Standards Board (ASB) of ICAI has issued Exposure Draft of following Revised Accounting Standards (AS) for comments which will be implemented together from a future date. Revision in the current standards is to be done by maintaining the consistency in the numbering of AS with Ind AS numbering.

(a) AS 103, Accounting for Amalgamations;

(b) AS 110, Consolidated and Separate Financial Statements;

(c) AS 111, Financial Reporting of Interest in Joint Ventures; and

(d) AS 28, Accounting for Associates and Jointly Controlled Entities.

The revision of these standards will be applicable to entities to whom Ind AS are not applicable.

The drafts are open for public comments by 3 February 2022.

To Access The Detailed Exposure Drafts Click Here