The Exposure Draft of the proposed Accounting Standard for Local Bodies (ASLB) 24 requires a comparison of budget amounts and the actual amounts to be included in the financial statements of entities that are required to, or elect to, make publicly available their approved budget(s). This Standard also requires disclosure of an explanation of the reasons for material differences between the budget and actual amounts. Compliance with the requirements of this Standard will ensure that entities discharge their accountability obligations and enhance the transparency of their financial statements.

Invitation to Comments

The Committee on Accounting Standards for Local Bodies of the Institute of Chartered Accountants of India invites comments on any aspect of this Exposure Draft of the Accounting Standard for Local Bodies (ASLB) 24, ‘Presentation of Budget Information in Financial Statements’ including the specific question asked in regard to the definition of the ‘Revised Budget’. Comments are 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.

How to comment

Comments can be submitted using one of the following methods, so as to be received not later than May 10, 2015:

1. Electronically:      Click on http://www.icai.org/comments/caslb/ to submit comment online  

2. Email:                  Comments can be sent to: caslb@icai.in

3. Postal:                 Secretary, Committee on Accounting Standards for Local Bodies,

                                 The Institute of Chartered Accountants of India,

                                 ICAI Bhawan, Post Box No. 7100,

                                 Indraprastha Marg, New Delhi 110 002

You are requested to mention your contact number and Email address while submitting comments.