ICAI releases Exposure Draft of upgraded Accounting Standards for Public Comments



Quick Summary
The Institute of Chartered Accountants of India (ICAI) has issued an exposure draft for revised Accounting Standards. These updated standards are intended for companies not yet adopting Indian Accounting Standards (Ind AS). The ICAI's Accounting Standards Board (ASB) has initiated this revision process to align with discussions from various standard-setting forums. The first revised standard, AS 21 on Foreign Exchange Rates, is now open for public comment until 3rd December 2020.

The Institute of Chartered Accountants of India has released the exposure draft of upgraded Accounting Standards for Public Comments. The last date for public comments is 3rd December 2020. Read the official announcement below: Accounting Standards Board The Institute of Chartered Accountants of
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FAQ :

The ICAI has released an exposure draft of upgraded Accounting Standards for public comments.

These standards are for entities to whom Indian Accounting Standards (Ind AS) are not applicable.

The last date for submitting public comments is 3rd December 2020.

The exposure draft of the revised AS 21, The Effects of Changes in Foreign Exchange Rates, has been issued.

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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Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.



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