- Queries should be stated in clear and unambiguous language. Each query should be self-contained. The querist should provide complete facts and in particular give the nature and the background of the industry or the business to which the query relates. The querist may also list the alternative solutions or viewpoints though the Group will not be restricted by the alternatives so stated.
- The queries should be relating to issues pertaining to the Indian Accounting Standards (Ind AS) Implementation and application of the Ind AS as well as roadmap. Queries should not be case-specific to an entity and as a general rule, Group will not answer queries which involve only legal interpretation of various enactments and matters involving professional misconduct.
- Hypothetical cases will not be considered by the Group. However, it is not necessary to reveal the identity of the entity to which the query relates.
- Interpretational issues with regard to Ind ASs requiring in-depth study and, thereafter, issuance of guidance or educational material may be referred by the Group to the concerned Board/Committee of the ICAI.
- The group will provide clarification for issues which are of wider general relevance instead of a case specific to an entity.
- As per the decision of the Council, ICAI only the Expert Advisory Committee (EAC) can give opinions on queries received from members of the Institute on entity-specific issues involving application of Accounting Standards/Indian Accounting Standards. Accordingly, entity-specific issues will not be answered by the Group and the querist may submit the query to the Expert Advisory Committee of ICAI along with the relevant facts and circumstances as per the EAC Rules.
- Where a query concerns a matter, which is before the Board of Discipline or the Disciplinary Committee of the Institute, it shall not be answered by the Group. Matters before an appropriate department of the government or the Income-tax authorities may not be answered by the Group on appropriate consideration of the facts. The querist should give a self-declaration to the best of his knowledge in this regard.
- The Group reserves its right to decline to answer any query on an appropriate consideration of facts.
- The right of reproduction of the query and the opinion of the Group thereon will rest with the Group. The Group reserves the right to publish the query together with its opinion thereon in such form as it may deem proper. The identity of the querist and/or the client will, however, not be disclosed, as far as possible.
- It should be understood that the clarifications given or views expressed by the Ind AS Technical Facilitation Group (ITFG) represent the views of the ITFG and are not necessarily the views of the Ind AS Implementation Committee or the Council of the Institute. The clarifications/views are based on the accounting principles as on the date the Group finalises the particular clarification. The clarification/views must, therefore, be read in the light of any amendments and/or other developments subsequent to the issuance of clarifications by the ITFG. The clarifications/views given are only for the accounting purpose. The commercial substance of the transaction and other legal and regulatory aspects has not been considered and may have to be evaluated on case to case basis, by the querist only.
- It must be appreciated that sufficient time is necessary for the Group to formulate its opinion.
- The queries conforming to above guidelines may be sent to the Secretary, Ind AS Implementation Committee by email at indas@icai.in in the attached format. Few samples for query submission are also attached herewith for reference purposes only.
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