Accounting Standards Board The Institute of Chartered Accountants of India 6th June, 2024 |
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Exposure Draft on Contracts for Renewable Electricity (Proposed amendments to IFRS 9 and IFRS 7) |
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Indian Accounting Standards (Ind AS) are based on the IFRS Standards issued by the International Accounting Standards Board (IASB) of IFRS Foundation. The IASB, before issuing the new/amendments to IFRS Standards, issues consultative documents [such as Discussion Paper (DP), Exposure Draft (ED) etc.] seeking public comments from across the globe. The Accounting Standards Board (ASB) of ICAI with the aim to provide an opportunity to the various stakeholders in India to raise their concerns at the initial International Standard-setting stage itself, invites comments on the consultative documents issued by the IASB. It also helps the Indian stakeholders to be aware of the preparations required for implementation of Ind AS in line with adhering to global timelines. Recently, the IASB has issued the following Exposure Draft for public comments: |
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Exposure Draft on Contracts for Renewable Electricity (Proposed amendments to IFRS 9 and IFRS 7) |
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The IASB proposes amendments to IFRS Accounting Standards for contracts to buy or sell renewable electricity that have specified characteristics. The IASB proposes to amend IFRS 9, Financial Instruments and IFRS 7, Financial Instruments: Disclosures, specifically:
The IASB is also proposing consequential amendments to IFRS 19, Subsidiaries without Public Accountability: Disclosures; to add similar disclosure requirements. |
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Further clarifications on this Exposure Draft may be sought by e-mail to asb[at]icai[dot]in |