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Exposure Drafts of AS – 1 and AS – 37 issued by the Institute of Chartered Accountants of India – ICAI

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The Indian Accounting Standards (Ind AS), as notified by the Ministry of Corporate Affairs in February, 2015, have been applicable to the specified class of companies. Accounting Standards are applicable to entities to whom Ind AS are not applicable. However, the Ministry of Corporate Affairs has requested the Accounting Standards Board of the Institute of Chartered Accountants of India (ICAI) to upgrade Accounting Standards, as notified under Companies (Accounting Standards) Rules, 2006, to bring them nearer to Indian Accounting Standards. Accordingly, the Accounting Standards Board (ASB) of ICAI has initiated the process of upgradation of these standards which will be applicable to all entities to whom Ind AS are not applicable.

In this direction, the ASB has finalised AS 1, Presentation of Financial Statements and AS 37 Provisions, Contingent Liabilities and Contingent Assets. For formulating AS 1 and AS 37, respective Ind AS has been taken as the base.

To download, Exposure Draft of AS -1 , Presentation of Financial Statements

Exposure Draft of AS – 37, Provisions, Contingent Liabilities and Contingent Assets

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