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:

The Exposure Draft sets out proposed amendments to IAS 28 to answer application questions about how to apply the equity method and proposes new disclosure requirements to IFRS 12, Disclosure of Interests in Other Entities and IAS 27, Separate Financial Statements. It is expected that the proposed amendments will reduce diversity in practice and provide users of financial statements with more comparable and useful information.

The above-mentioned Exposure Draft issued by the IASB, is open for public comments with last date as November 30, 2024. The downloadable version is available at: https://resource.cdn.icai.org/82301asb66384.pdf

The Basis for Conclusions on Equity Method of Accounting IAS 28 Investments in Associates and Joint Ventures (revised 202x) is available at https://resource.cdn.icai.org/82380asb66435.pdf

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