The International Accounting Standards Board (IASB) has issued Exposure Draft on Relationships with the State: Proposed Amendments to IAS 24 with the objective to exempt an entity from disclosing transactions with the state as well as other state-controlled entities, regardless of whether influence actually exists in such relationships. However, the proposal would require an entity to disclose information necessary to draw attention to such transactions.
Invitation to comments
ASB invites comments on the said Draft from the public. The downloadable version of the draft is available at https://www.iasb.org/NR/rdonlyres/601CCCB0-4C4F-4DEB-8F0C-C539A0A4F3C7/0/EDIAS24_1208.pdf. Comments would be most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording. Comments should be submitted in writing to the Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi-110002, so as to be received not later than January 30, 2009. Comments can also be sent by e-mail at tdte @ icai.org or edcommentsasb @ icai.org.
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