ICAI Exposure Draft – Amendments and Disclosures in Ind AS 7 and Ind AS 107
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- By Chetan Kulasri
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- Last Updated on 27 July, 2023
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When an entity enters into Supplier Finance Arrangements with one or more finance providers to pay the amount that entity owes to its suppliers, in return the entity pays the amount back to finance providers as per the terms and conditions of the arrangements, either at the same date or a later date. Since these arrangements reduce the financial liabilities of the entity without actually reducing any liability, this may mislead the readers of financial statements.
To assist readers in evaluating changes in liabilities arising from “Supplier Finance Arrangements” the Institute of Chartered Accountants of India (ICAI) has issued an Exposure Drafts amending the Ind AS 7 and Ind AS 107.
This exposure draft requires the entity to make additional disclosure under the relevant provision of Ind AS 7 and Ind AS 107.
Know about the amendments, necessary disclosure, and effective date of amendments.
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