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Accounting Standards Board The Institute of Chartered Accountants of India 8th February, 2022 Exposure Draft of Initial Application of Ind AS 117 and Ind AS 109- Comparative Information - Amendments to Ind AS 117, Insurance Contracts Sub: Exposure Draft of Indian Accounting Standard f
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FAQ :
The ICAI has released an Exposure Draft of amendments for the initial application of Ind AS 117 and Ind AS 109.
The purpose is to propose amendments to Ind AS 117 and Ind AS 109, aligning them with recent amendments made by the IASB to IFRS 17 and IFRS 9.
The 'classification overlay' is a transition option added to the draft amendments, specifically relating to comparative information about financial assets when an entity first applies Ind AS 117 and Ind AS 109 at the same time.
The classification overlay can be used by entities applying Ind AS 109 before they apply Ind AS 117, and it applies only to financial assets derecognised in the comparative period.
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.
Comments must be received no later than March 10, 2022.
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