Indian Accounting Standards (Ind AS) are based on the IFRS Standards issued by the International Accounting Standards Board (IASB) of IFRS Foundation. The IASB, before issuing the new/amendments to IFRS Standards, issues consultative documents [such as Discussion Paper (DP), Exposure Draft (ED) etc] seeking public comments from across the globe. The Accounting Standards Board (ASB) of ICAI with the aim to provide an opportunity to the various stakeholders in India to raise their concerns at the initial International Standard-setting stage itself, invites comments on the consultative documents issued by the IASB. Recently, the IASB has issued the following Exposure Draft for public comments:

• Exposure Draft on Annual Improvements - Volume 11

Annual improvements are limited to changes that either clarify the wording in an IFRS Standard or correct relatively minor unintended consequences, oversights or conflicts between the requirements of the IFRS Standards. The following table lists the IFRS Standards and accompanying guidance that would be affected by the proposed amendments.

With the view to contribute to standard setting at international level, the Exposure Draft issued by the IASB, has been hosted on the website of the Institute of Chartered Accountants of India (www.icai.org) for public comments with last date as November 10, 2023. The downloadable version is available at: https://resource.cdn.icai.org/76189asb61560.pdf

Comments on the abovementioned Exposure Draft may be submitted through any of the following modes: