The Committee on Accounting Standards for Local Bodies (CASLB) was constituted as a separate Committee in March, 2005, with the main objective of formulating Accounting Standards for Local Bodies (ASLBs). So far, the Committee has issued twelve ASLBs and ASLB 18, ‘Segment Reporting’ is likely to be issued shortly. Moving forward in this direction, the Committee has finalised the Exposure Draft of ‘The Conceptual Framework for General Purpose Financial Reporting by Local Bodies’ along with consequential amendments in ASLB 17, ‘Plant, Property and Equipment’.

‘The Conceptual Framework for General Purpose Financial Reporting by Local Bodies’ establishes the concepts that are to be applied in developing ASLBs that are applicable to the preparation and presentation of general purpose financial reports (GPFRs) of local bodies.

Comments on the above Exposure Draft are invited which can be submitted using any of the following methods, so as to be received not later than January 20, 2017:

(Download Exposure Draft)

Source : Institute of Chartered Accountants of India