In India, there are three sets of Accounting Standards in place, i.e., Companies (Accounting Standards) Rules, 2021, and Companies (Indian Accounting Standards) Rules 2015, prescribed by Central Government for companies and Accounting Standards issued by ICAI for entities other than companies. Presently, Accounting Standards issued by the ICAI and criteria prescribed by the ICAI for applicability of Accounting Standards to non-company entities are applicable to LLPs for the preparation and presentation of their financial statements.
Section 34A of the Limited Liability Partnership Act, 2008 prescribes that the Central Government may, in consultation with the National Financial Reporting Authority constituted under section 132 of the Companies Act, 2013, prescribe the standards of accounting as recommended by the Institute of Chartered Accountants of India constituted under section 3 of the Chartered Accountants Act, 1949, for a class or classes of limited liability partnerships.
In this regard, the Accounting Standards Board of Institute of Chartered Accountants of India invites comments on the following Exposure Draft with the last date for submission of being November 27, 2023. Comments will be most helpful if they contain a clear rationale and, where applicable, provide suggestion(s).
- Exposure Draft on Accounting Standards for Limited Liability Partnerships (LLPs)
The downloadable version of the Exposure Draft is available at: https://resource.cdn.icai.org/76835asb61909.pdf
Comments on the abovementioned Exposure Draft may be submitted through any of the following modes:
||Click on http://www.icai.org/comments/asb/ to submit comment online (Preferred method)
||Comments can be sent to: firstname.lastname@example.org
||Secretary, Accounting Standards Board,
The Institute of Chartered Accountants of India,
ICAI Bhawan, Post Box No. 7100,
Indraprastha Marg, New Delhi 110 002
Further clarifications on the Exposure Draft may be sought by e-mail to email@example.com.