The Chartered Accountant

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