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The Institute of Chartered Accountants of India has presented an Exposure Draft for amendments to Ind AS 109, Ind AS 107, and Ind AS 116 and has requested comments on such a draft by 30th November 2020. Read the official announcement below: Accounting Standards Board The Institute of Chartered Accountants of India 29th October, 2020 Globally, many jurisdictions have been taking steps for replacing existing Interbank offered rates (IBORs) with some alternate benchmark rates as a result of
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FAQ :
The Exposure Draft is to propose amendments to Ind AS 109, Ind AS 107, and Ind AS 116, which are related to the global reform of interest rate benchmarks (IBORs).
The amendments proposed in the Exposure Draft are to Ind AS 109 (Financial Instruments), Ind AS 107 (Financial Instruments: Disclosures), and Ind AS 116 (Leases).
The last date for submitting comments on the Exposure Draft is 30th November 2020.
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.
The amendments are a response to the global initiative, recommended by the Financial Stability Board, to replace existing Interbank Offered Rates (IBORs) with alternative benchmark rates.
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