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Reader Comments on ::   clarifications
1. There are a total of 26 Accounting Standards Interpretation (ASI) and this can be found in the <www.aasbb.com.bt> under publication.

2. The preparation of comparative information is mandatory and it was cited in the earlier clarification to the companies as an example for one year to ascertain the date of transition to BAS. Please read through the discussions under the title Comparatives raised by DHI and para 10(f) and para 39 of BAS 1.

4. BAS 24 - Related Party Disclosure was revised and re-issued by the AASBB incorporating the new updates as per IAS 24. The notifications were also sent to respective implementing companies and also available in the web for download <www.aasbb.com.bt/announcement/notification>. Please note that henceforth the exemptions apply to Government related entities as per revised BAS 24.

Hope these clarifications will be helpful.
Posted By: Sonam Wangdi      Posted on: 2018-05-15 11:57:13
BPC has the following clarifications:

1.We have visited the AASBB website. Only 6 ASI's are available. Are only 6 ASI applicable in First Phase. If all ASI are effective where can we obtain the entire text of notified ASI applicable for BAS Phase I?

2.We had earlier asked if we need to present comparative information(i.e.as on 1/1/12, 31/12/12 and 31/12/13) and the reply from AASBB was that "If the entity's reporting period is 2013 and decides to present comparative information for one year, the date of transition will be 1.1.2012". The reply indicates that providing comparative information is optional and at the discretion of the company. Please do clarify that.

3.BAS 16 provides an option to the first time adopter to elect to continue with the carrying value of property, plant and equipment as at the date of transition and use the same as deemed cost (prospectively). However, BAS 21 requires to apply its requirements retrospectively and accordingly the adjustments related to Forex gain/loss are to be made to the property, plant and equipment retrospectively. Hence, there is a conflict in transition provision in case an entity elects to apply BAS 16 prospectively and also has adjustments under BAS 21. In view of this conflict, when BAS 16 is applied prospectively, whether adjustments under BAS 21 shall be made retrospectively or prospectively?

4.The revised BAS 24 Related Party Disclosures.

Posted By: kinley dem      Posted on: 2018-05-15 11:57:13

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