ICAI: Exposure Drafts of Amendments to IND AS 1 and IND AS 116 for comments

Posted on    31 December 2022

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 AS may be issued/revised corresponding to the IFRS Standards. Accordingly, whenever any amendments are made or new IFRS Standard/IFRIC is issued by the IASB, the Accounting Standards Board (ASB) of the ICAI considers those amendments and other related aspects for amending the corresponding Ind AS.

In this regard, the Accounting Standards Board has issued the following Exposure Drafts for public comments with the last date of comments being January 30, 2023:

Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants - Amendments to Ind AS 1, Presentation of Financial Statements
The downloadable version of the Exposure Draft: Click Here

Lease Liability in a Sale and Leaseback – Amendments to Ind AS 116, Leases
The downloadable version of the Exposure Draft: Click Here


Comments on the abovementioned Exposure Drafts may be submitted through any of the following modes:

1. Electronically: Click on https://www.icai.org/comments/asb/ to submit comment online (Preferred method)
2. Email: Comments can be sent to: commentsasb@icai.in
3. Postal: Secretary, Accounting Standards Board,
The Institute of Chartered Accountants of India,
ICAI Bhawan, Post Box No. 7100,
Indraprastha Marg, New Delhi 110 002

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

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