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Conduct regulatory impact assessment for accounting stds revision: NFRA tells ICAI

Conduct regulatory impact assessment for accounting stds revision: NFRA tells ICAI

The National Financial Reporting Authority on Tuesday recommended to the chartered accountants' apex body ICAI to carry out a regulatory impact assessment with respect to proposed revision to certain accounting standards. The Institute of Chartered Accountants of India (ICAI) had submitted to NFRA an approach paper for revision of existing accounting standards of companies that are not required to follow Indian Accounting Standards (Ind ASs).
Apart from conducting a regulatory impact assessment, NFRA noted that ICAI should reconsider the structure, form and contents of revised accounting standards for such companies.

The proposed texts of 18 revised Accounting Standards (ASs) out of a total of 32 revised ASs expected to be prescribed upon completion of the revision project was submitted by ICAI.

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