75th Founding Day Lecture Meeting on “India@2030” Know More

October 2019

LETTER TO THE EDITOR

By
Reading Time 1 mins

Dear Sir,

 

Thanks for continuing to bring interesting,
timely, topical and thought-provoking articles month on month.

 

I write this email regarding the article Banning
the Auditors published in the August, 2019 issue of BCAJ. The
article covered the topical issue exhaustively and I thank the author for
sharing his valuable views and the intricate legal aspects involved.

 

In Para 1, page 16, he writes,

‘Post-IFRS and Ind AS implementation and
the use of fair values, the “cushion” that was available in
historical cost regime no longer exists. Regulators and other stakeholders need
to accept the fact that these errors in estimates are inherent to the adoption
of fair value accounting.’

 

While I completely agree that there is more
estimation uncertainty involved under Ind AS, is it a valid expectation  to expect regulators/stakeholders to accept
errors in estimates inherent in fair value? If possible, it would be
interesting to understand further the author’s point of view from the legal
defence point, too.

 

Regards,

Vinayak Pai V.

 

 

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