ICAI releases Exposure Draft of AS 108, Segment Reporting

Accounting Standards Board
The Institute of Chartered Accountants of India
29th April, 2022

Exposure Draft of Revised Accounting Standard for Comments

The Indian Accounting Standards (Ind AS), as notified by the Ministry of Corporate Affairs in February 2015, and as amended from time to time are applicable to the specified class of companies as per Ind AS Roadmap. Accounting Standards notified under Companies (Accounting Standards) Rules, 2021 and those issued by the ICAI are applicable to entities to whom Ind AS are not applicable. However, on the basis of the discussions held at various standard setting forums, it has been decided to revise Accounting Standards (AS). Accordingly, ASB is working on the project of revision of these standards which will be applicable to entities to whom Ind AS are not applicable. While formulating these Accounting Standards, the ASB decided to maintain the consistency in the numbering of AS with Ind AS numbering.

In this regard, it may be mentioned that the entire set of revised Accounting Standards will consist of 32 standards, including a standard on transition from existing AS to Revised AS which are at various stages of formulation. So far, 28 Revised AS have been developed and approved by the Council after due process. The entire set of Revised AS incorporating exemptions/ relaxations for MSME/SMCs, replacing the existing AS will be implemented together from a future date as per a road map, which will be communicated in advance so as to enable preparers and auditors to transition effectively.

In this direction, the Exposure Draft of revised AS 108, Segment Reporting has been issued by the ASB for comments with the last date being May 28, 2022. The downloadable version is available here

Further, comments on the abovementioned Exposure Draft issued by the ASB may be submitted through any of the following modes.

Further clarifications on any aspect of the Exposure Draft may be sought by e-mail to asb@icai.in.