Exposure Draft of the Accounting Standard for Local Bodies (ASLB) 3 on 'Accounting Policies, Changes in Accounting Estimates and Errors' for public comments.

As you would kindly be aware that the Institute of Chartered Accountants of India (ICAI), in the year 2005, constituted the Committee on Accounting Standards for Local Bodies (CASLB) with the primary objective of formulation of the Accounting Standards for Local Bodies (ASLBs). The CASLB has already issued 'Preface to the Accounting Standards for Local Bodies' which sets out the objectives and operating procedures of the Committee and explains the scope and authority of the Accounting Standards for Local Bodies. So far, the Committee has issued seven ASLBs which are available on the website of the ICAI, i.e., www.icai.org. Apart from these Standards ASLB 31, 'Intangible Assets' is under consideration of Council and likely to be issued shortly.

While formulating the ASLBs, CASLB gives due consideration to the International Public Sector Accounting Standards (IPSASs) issued by the International Public Sector Accounting Standards Board (IPSASB) of IFAC and tries to integrate them, to the extent possible, in the light of the conditions and practices prevailing in India.
Recently, the Committee has finalised the Exposure draft of proposed ASLB on, 'Accounting Policies, Changes in Accounting Estimates and Errors' which is enclosed herewith for your valuable comments and suggestions. The text of the Exposure Draft is also available at the following link on the website of the Institute: http://220.227.161.86/33252caslb22941.pdf
May we request you to kindly send your comments and suggestions on the Exposure Draft on or before June 10, 2014, to the undersigned. Comments can also be sent by e-mail at caslb@icai.in .