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Accounting Standard Board of ICAI invites comments on IASB's exposure draft for amendments to IAS 37

In line with its commitment to harmonizing Indian Accounting Standards (Ind AS) with International Financial Reporting Standards (IFRS), the Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI) has released an exposure draft of amendments to Ind AS. The Accounting Standards Board (ASB) of ICAI has invited public comments on the exposure draft issued by the International Accounting Standards Board (IASB) regarding targeted improvements to IAS 37, Provisions, Contingent Liabilities and Contingent Assets. This draft proposes key amendments, including:

1. Updating the definition of a liability and the present obligation recognition criterion to align with the conceptual framework.
2. Revising requirements supporting the present obligation recognition criterion, incorporating concepts from the conceptual framework.
3. Withdrawing IFRIC 6 on liabilities arising from participating in a specific market (waste electrical and electronic equipment), replacing it with an illustrative example.
4. Withdrawing IFRIC 21 on levies, replacing it with examples in IAS 37's implementation guidance.
5. Other amendments to the guidance on implementing IAS 37.

The IASB's exposure draft is open for public comment until January 20, 2025, to help stakeholders in India stay aligned with global developments in accounting standards.

Click here to read the exposure draft

Click here to submit the comments on this exposure draft

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