https://www.taxtmi.com/news?id=24520 Regulatory Impact Assessment required for revision of Accounting Standards for companies outside Ind AS, after ICAI submitted an Approach Paper and proposed 18 revised ASs. NFRA noted affected entities are mostly privately held micro, small and medium companies with limited public interest and low audit fees, and that many proposed Revised ASs are overly complex for those users. NFRA directs transparent nationwide consultation with preparers and small practitioners, a comprehensive study of compliance costs and capacity versus stakeholder benefits, and reconsideration of the structure, form and content of Revised ASs to align them with the size, commercial needs and compliance capacity of AS Companies. en-us Tue, 28 Sep 2021 17:00:31 +0530 Tue, 28 Sep 2021 17:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=24520 Regulatory Impact Assessment required for revision of Accounting Standards for companies outside Ind AS, after ICAI submitted an Approach Paper and proposed 18 revised ASs. NFRA noted affected entities are mostly privately held micro, small and medium companies with limited public interest and low audit fees, and that many proposed Revised ASs are overly complex for those users. NFRA directs transparent nationwide consultation with preparers and small practitioners, a comprehensive study of compliance costs and capacity versus stakeholder benefits, and reconsideration of the structure, form and content of Revised ASs to align them with the size, commercial needs and compliance capacity of AS Companies. News - Tue, 28 Sep 2021 17:00:31 +0530 https://www.taxtmi.com/news?id=24520