ICAI issues revised accounting standard draft

The Institute of Chartered Accountants of India (ICAI) has issued an exposure draft of revised Accounting Standard (AS) 3, which relates to Statement of Cash Flows, on the lines of corresponding International Accounting Standard-7 for public comments. According to an official communiqué, the exposure draft of revised AS-3 contains more disclosure requirements compared with the existing AS-3 regarding Cash Flow Statements and contains specific treatment for various items, such as bank overdrafts, cash flows from changes in interests in a subsidiary that do not result in a loss of control, among others. The existing AS-3 does not provide for any specific treatment on these issues, the statement added