Exposure Draft of AS 113, Fair Value Measurement
The Indian Accounting Standards (Ind AS), as notified by the Ministry of Corporate Affairs in February 2015, and as amended from time to time are applicable to the specified class of companies as per Ind AS Roadmap. Accounting Standards notified under Companies (Accounting Standards) Rules, 2021 and those issued by the ICAI are applicable to entities to whom Ind AS are not applicable. However, on the basis of the discussions held at various standard setting forums, it has been decided to revise Accounting Standards (AS). Accordingly, ASB is working on the project of revision of these standards which will be applicable to entities to whom Ind AS are not applicable. While formulating these Accounting Standards, the ASB decided to maintain the consistency in the numbering of AS with Ind AS numbering.
In this regard, it may be mentioned that the entire set of revised Accounting Standards will consist of 32 standards, including a standard on transition from existing AS to Revised AS which are at various stages of formulation. So far, 28 Revised AS have been developed and approved by the Council after due process. The entire set of Revised AS incorporating exemptions/ relaxations for MSME/SMCs, replacing the existing AS will be implemented together from a future date as per a road map, which will be communicated in advance so as to enable preparers and auditors to transition effectively.
In this direction, the Exposure Draft of revised AS 113, Fair Value Measurement has been issued by the ASB for comments with the last date being October 18, 2022. The downloadable version is available at https://resource.cdn.icai.org/71537asb57578.pdf
Further, comments on the abovementioned Exposure Draft issued by the ASB may be submitted through any of the following modes.
| 1. Electronically: | Click on http://www.icai.org/comments/asb/ to submit comment online (Preferred method) |
| 2. Email: | Comments can be sent to: commentsasb@icai.in |
| 3. Postal: | 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 any aspect of the Exposure Draft may be sought by e-mail to asb@icai.in.
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