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May 11, 2010

ICAI proposes two new standards

The Institute of Chartered Accountants of India (ICAI) is seeking feedback on two proposed standards – Accounting Standard (AS) 36 Accounting and Reporting by Retirement Benefit Plans and AS 33 Share-based Payment.

AS 36 corresponds with the international standard IAS 26. The standard would apply to the financial statements of retirement benefit plans, which are arrangements where an entity provides benefits for employees on or after termination of service and when such benefits can be determined or estimated in advance of retirement.

AS 33 corresponds with IFRS 2. The standard specifies the financial reporting by an entity when it undertakes a share-based payment transaction.

In particular, it requires an entity to reflect in its profit or loss and financial position the effects of share-based payment transactions, including expenses associated with transactions in which share options are granted to employees.

The deadline for comments on both proposals is 11 June 2010.

 

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