Background

The Ministry of Corporate Affairs (MCA), through its notification dated 16 February 2015, issued Indian Accounting Standards (Ind AS), which are converged with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).
In order to deal efficiently with amendments to IFRS on account of inconsistencies in the standards or to provide further clarifications, the IASB along with the IFRS Interpretations Committee considers interpretation issues on IFRS either as part of its annual improvement process or as specific amendments to IFRS. In 2016, as part of its process, the IASB issued amendments to certain IFRS.

New development

With Ind AS being applicable to large Indian corporates from 1 April 2016, there is a need to keep Ind AS updated with revisions made to IFRS in order to maintain convergence. Accordingly, the Institute of Chartered Accountants of India (ICAI) on 29 March 2017 issued exposure drafts on the following:

• Amendments to Ind AS 40, Investment Property
• Appendix B of Ind AS 21, Foreign Currency Transactions and Advance Consideration
• Annual Improvements to Ind AS (2014-2016 cycle).

The last date for comments on the exposure drafts is 28 April 2017.

This issue of IFRS notes provides an overview of the amendments proposed by the ICAI.

To access the text of the exposure drafts on:

• Exposure draft on amendments to Ind AS 40, please click here.
• Exposure draft of Appendix B of Ind AS 21, please click here.
• Exposure draft of annual improvements to Ind AS (2014-2016 cycle), please click here.
• Previous issue of IFRS Notes providing an overview of IFRIC 22, please click here.