Download exposure draft on ASLB lease

Download exposure draft on ASLB lease

On 11 August 2019, the ICAI(Institute of Chartered Accountants if India) has published the “Exposure draft on ASLB lease. The Content is as below:

“At the outset, we would like to inform you that during the current Council Year 2019-20, a new Committee namely Committee on Public Finance and Accounting Standards for Local Bodies (CPF&ASLB) has been constituted in ICAI to carry forward the initiatives of two erstwhile Committees [i.e., Committee on Accounting Standards for Local Bodies (CASLB) and Committee on Public Finance and Government Accounting (CPF&GA)].

The erstwhile CASLB was striving in the direction of prescribing new accrual-based accounting framework for local bodies in the Country. 15 ASLBs were issued by the erstwhile CASLB which are available on the website of the ICAI i.e. www.icai.org and rest of the ASLBs are being targeted to be issued during the current year under the newly constituted Committee.

While formulating the ASLBs, due consideration is given to the International Public Sector Accounting Standards (IPSASs) issued by the International Public Sector Accounting Standards Board (IPSASB) of IFAC for integrating the same to the extent possible, in the light of the conditions and practices prevailing in India. While taking forward the initiative of the erstwhile CASLB, the new Committee has finalized the Exposure draft of Accounting Standards for Local Bodies (ASLB) 13, ‘Leases’ which is enclosed herewith for your valuable comments and suggestions.

CPF&ASLB with the aim to provide an opportunity to the various stakeholders in India to raise their concerns at the Exposure draft stage itself so that these concerns are appropriately addressed invites comments on the Exposure drafts issued by it.”

Download the full exposure draft on ASLB lease, below: