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 IASB proposes that when an entity translates amounts from a functional currency that is the currency of a non-hyperinflationary economy to a presentation currency that is the currency of a hyperinflationary economy, the entity translates those amounts, including comparative amounts, using the closing rate at the date of the most recent statement of financial position. The IASB expects this translation method, which is already used in other situations (see paragraph 42 of IAS 21), would result in an entity presenting amounts subject to translation in terms of a current measuring unit.

The above-mentioned Exposure Draft issued by the IASB, is open for public comments with last date as September 30, 2024. The downloadable version is available at: https://resource.cdn.icai.org/81380asb65586-ias21.pdf

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