The Chartered Accountant
The Chartered Accountant
The Chartered Accountant
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IASB Exposure Drafts on:<br />
Icai news<br />
& E-mail address of the Institute, Member's name, his<br />
E-mail identity and Mobile No. in the case of Council<br />
Member, those of concerned Regional Council in<br />
the case of the Regional Council Member and those<br />
of the concerned Branch in the case of Member of<br />
Managing Committee of the Branch will be given in<br />
the front of the visiting card. However, members<br />
of the Council including Chairman/Vice-Chairman<br />
of the Committees of the Council, members of the<br />
Regional Councils and of Managing Committees of<br />
Branches may print either their residential address or<br />
office address including telephone/fax no. without<br />
mentioning the firm’s name on the back of the visiting<br />
cards.<br />
5. <strong>The</strong> visiting cards will be returned to the offices of<br />
the Institute as soon as the term of the President<br />
and Vice-President, the Membership of the Council/<br />
Chairmanship/ViceChairmanship of respective<br />
Committees of the Council/Chairmanship/Vice<br />
Chairmanship/Secretaryship/Treasurership/Membership<br />
of the Regional Council/Managing Committee<br />
of the Branch expires.<br />
l Discontinued Operations: Proposed Amendments to IFRS 5<br />
l Additional Exemptions for First-time Adopters: Proposed Amendments to IFRS 1<br />
<strong>The</strong> International Accounting Standards Board (IASB)<br />
has issued Exposure Draft on Discontinued Operations:<br />
Proposed Amendments to IFRS 5 with the objective<br />
“to revise the definition of discontinued operations<br />
and required additional disclosures related to components<br />
of an entity that have been (or will be) disposed<br />
of ”. <strong>The</strong> IASB proposes that a disposal activity should<br />
be presented as a discontinued operation only when an<br />
entity has made a strategic shift in its operations. Moreover,<br />
the IASB decided that a definition of discontinued<br />
operations based on operating segments, as defined in<br />
IFRS 8 Operating Segments, best captures a strategic<br />
shift in the entity’s operations because the determination<br />
of operating segments is based on how the chief<br />
operating decision maker makes decisions about allocating<br />
resources and assessing performance. <strong>The</strong> proposals<br />
are the result of a joint project by the IASB and the US<br />
Financial Accounting Standards Board (FASB) to develop<br />
a common definition of discontinued operations<br />
and require common disclosures about them.<br />
<strong>The</strong> Exposure Draft on Additional Exemptions for<br />
First-time Adopters: Proposed Amendments to IFRS 1,<br />
has been issued with the objective “to address potential<br />
challenges for jurisdictions adopting IFRSs in the near<br />
future”.<br />
As the Indian Accounting Standards are converging with<br />
the IFRSs, need has been felt to play an influential role in<br />
6. <strong>The</strong> number of cards permissible to be printed for<br />
the Council member will be initially 500 and thereafter<br />
as and when requisition is made. <strong>The</strong> number of<br />
visiting cards permissible to be printed for Chairman,<br />
Vice-Chairman, Secretary, Treasurer and Member of<br />
Regional Councils and Branches will be 250 and 100<br />
per year, respectively. <strong>The</strong> Council further decided<br />
not to permit any visiting cards to the office-bearers<br />
of study circle/chapters. For President and Vice-<br />
President, the number of cards to be printed will be<br />
left to be decided by them.<br />
7. <strong>The</strong> visiting cards will be printed in the prescribed<br />
formats. <strong>The</strong> type of paper, printing, colour of ink<br />
of the visiting cards will be uniform and of the same<br />
type and manner.<br />
8. In the visiting cards of Regional Councils and Branches,<br />
the name of the respective Regional Council and<br />
Branch will be printed in bold letters and the name of<br />
the Institute in normal letters.<br />
9. In case, any further clarification/direction is required,<br />
the matter may be referred to the President.<br />
finalisation of IFRSs and other related pronouncements<br />
of the IASB. Hence, the Accounting Standards Board of<br />
the Institute of <strong>Chartered</strong> <strong>Accountant</strong>s of India invites<br />
comments on any aspects of the Exposure Drafts. <strong>The</strong><br />
downloadable version of the Exposure Draft on Discontinued<br />
Operations: Proposed Amendments to IFRS<br />
5 is available at: http://www.iasb.org/NR/rdonlyres/<br />
B47D08C2-A78A-49E8-92A7-63A9DE737629/0/<br />
ED_Discontinued_Operations_IFRS_5.pdf.<br />
Whereas, the downloadable version of the Exposure<br />
Draft on Additional Exemptions for First-time Adopters:<br />
Proposed Amendments to IFRS 1 is available at: http://<br />
www.iasb.org/NR/rdonlyres/2663F948-DBDE-453-<br />
F-8950-ABD3FCF9B76B/0/ED_IFRS_1_Additional_<br />
Exemptions.pdf.<br />
Comments would be most helpful if they indicate the<br />
specific paragraph or group of paragraphs to which they<br />
relate, contain a clear rationale and, where applicable,<br />
provide a suggestion for alternative wording.<br />
Comments should be submitted in writing to the Secretary,<br />
Accounting Standards Board, <strong>The</strong> Institute of<br />
<strong>Chartered</strong> <strong>Accountant</strong>s of India, ICAI Bhawan, Post<br />
Box No. 7100, Indraprastha Marg, New Delhi-110002,<br />
so as to be received not later than December 05, 2008.<br />
Comments can also be sent by e-mail at tdte@icai.org or<br />
edcommentsasb@icai.org.<br />
“Success knocks on the doors of those who are brave”<br />
THE CHARTERED ACCOUNTANT 1053 DECEMBER 2008