The International Accounting Standards Board (IASB) has issued Exposure Draft on Measurement of Liabilities in IAS 37: Proposed amendments to IAS 37 with the following objectives:
- To align the criteria in IAS 37 for recognising a liability with those in other IFRSs.
- To eliminate some differences between IAS 37 and US generally accepted accounting principles (GAAP)—in particular, differences in the time at which entities recognise costs of restructuring their businesses.
- To clarify the measurement of liabilities in IAS 37.
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Invitation to comments
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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/6FF9E7E5-2129-451B-B591-5A8911AF8BB5/0/EDIAS37Liabilities0110.pdf. 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.
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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 March 21, 2010. Comments can also be sent by e-mail at asb@icai.org or edcommentsasb@icai.org.
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