ICAI - The Institute of Chartered Accountants of India

The International Accounting Standards Board (IASB) has issued Exposure Draft on Rate-regulated Activities with the following objectives:

To establish criteria for the recognition of assets and liabilities arising from rate regulation
To clarify that regulated entities follow the requirements of all other IFRSs in addition to the proposed IFRS
To require disclosures to enable users to understand the nature and financial effects of rate regulation on an entity’s activities.

Invitation to comments

ASB invites comments on the said Draft from the public. The downloadable version of the draft is available at http://www.iasb.org/NR/rdonlyres/E934E979-B3CF-44EE-AC62-C21C73F5CE6E/0/Rate_regulated_Activities_Standard.pdf, whereas Basis for Conclusions and illustrative examples are avaliable at http://www.iasb.org/NR/rdonlyres/FB07ABF5-E183-46EE-B05F-CA84BF3FE900/0/Rate_regulated_Activities_Basis_of_Conclusions.pdf and http://www.iasb.org/NR/rdonlyres/B2822875-B341-48A6-8784-839B46E94F8E/0/Rate_regulated_Activities_Illustrative_Examples.pdf respectively. Comments would be most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording.

Comments should be submitted in writing to the Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi-110002, so as to be received not later than November 02, 2009. Comments can also be sent by e-mail at asb@icai.org or edcommentsasb@icai.org.

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