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Accounting Standards Board The Institute of Chartered Accountants of India 30th December, 2022 Exposure Drafts of Amendments to Ind AS 1 and Ind AS 116 for comments As you are kindly aware that the Indian Accounting Standards (Ind AS) are based on the IFRS Standards issued by the International Accounting Standards Board (IASB). In this regard, it may be noted that IFRS Standards are being issued/revised by the IASB from time to time. As a part of convergence with IFRS Standards, the Ind
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FAQ :
The ICAI has issued Exposure Drafts of Amendments to Ind AS 1 and Ind AS 116 for public comments.
The amendments are proposed as part of the convergence with IFRS Standards, as the Indian Accounting Standards (Ind AS) are based on IFRS Standards issued by the International Accounting Standards Board (IASB).
The amendments to Ind AS 1 cover the classification of liabilities as current or non-current, and non-current liabilities with covenants.
The amendment to Ind AS 116 addresses lease liability in a sale and leaseback transaction.
The last date for submitting comments is January 30, 2023.
Comments can be submitted electronically via the ICAI website, by email to commentsasb@icai.in, or by post to the Secretary, Accounting Standards Board, ICAI.
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