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 Request for Information (RFI), 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. It also helps the Indian stakeholders to be aware of the preparations required for implementation of Ind AS in line with adhering to global timelines. Recently, the IASB has issued the following Request for Information for public comments:

• Request for Information on Post-implementation Review of IFRS 9 Financial Instruments Impairment- When developing IFRS 9, the IASB divided its project on financial instruments into three stages: classification and measurement, impairment and hedge accounting. In the second stage (impairment), the IASB developed an "expected credit loss" impairment model to address the delayed recognition of credit losses applying the impairment model in IAS 39 Financial Instruments: Recognition and Measurement. Now, the IASB is reviewing the impairment requirements in IFRS 9. Accordingly, the IASB has issued the Request for Information seeking feedback on the impairment requirements of IFRS 9.

The above-mentioned Request for Information issued by the IASB, has been hosted on the website of the Institute of Chartered Accountants of India (www.icai.org) public comments. The last date for submission of comments has been extended till August 24, 2023. The downloadable version is available at: https://resource.cdn.icai.org/74232asb60141.pdf

Comments on the abovementioned Request for Information may be submitted through any of the following modes: