The Committee on Accounting Standards for Local Bodies (CASLB) has been formulating Accounting Standards for Local Bodies (ASLBs) since March, 2005. So far, the Committee has issued fifteen ASLBs. Moving forward in this direction, the Committee has finalised the Exposure Draft of ASLB 23, ‘Revenue from Non-Exchange Transactions (Taxes and Transfers)’.
Revenue is one of the key constituents of the financial performance of an entity. The Government receives revenue from both exchange as well as non-exchange transactions such as taxes and transfers. ASLB 9, ‘Revenue from Exchange Transactions’ has already been issued by the ICAI which is available at the website of the Institute, i.e., www.icai.org. Keeping in view the significance and volume of non-exchange transactions in Government sector, the Exposure Draft of ASLB 23 is being issued which provide guidance on recognition & measurement principles and disclosure requirements in respect of revenue arising from non-exchange transactions in Local Bodies.
The comments on the above Exposure Draft are invited which can be submitted using one of the following methods, so as to be received not later than September 20, 2018: