The Valuation Standards Board of the Institute of Chartered Accountants of India has been assigned with the task of formulation of Valuation Standards, in relation to the Asset Class – “Securities or Financial Assets”, and also to conceive and suggest areas in which Valuation Standards need to be further developed.

In the year 2018, the Institute of Chartered Accountants of India through its Valuation Standards Board had issued ICAI Valuation Standards 2018, to standardise the various principles, practices and procedures followed by the Valuation Professionals in India.

Taking forward this journey it has been decided to issue Valuation Standards for Valuation in other areas. Accordingly, ICAI Valuation Standard-304 “Valuation of Assets in the Extractive Industries” has been formulated. The Standard prescribes specific guidelines and principles which are applicable to the valuation of assets (including rights or interests) in Extractive Industries and that are not dealt with specifically in any other Valuation Standard.

For wider participation it has been decided to issue an Exposure Draft of the said Standard. Comments are invited on any aspect of this Exposure Draft. Comments are most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and where applicable provide a suggestion for alternative change.

The downloadable version is available at: https://resource.cdn.icai.org/68852vsb-vs304.pdf

Further, comments on the abovementioned Exposure Drafts may be submitted through any of the following modes:

You are requested to give your suggestions/ inputs on the Exposure Draft latest by 27th January 2022.

Sincerely Yours,

Chairman and Vice Chairman
Valuation Standards Board
The Institute of Chartered Accountants of India