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UNIQUS’s response to the Institute of Chartered Accountants of India’s (ICAI) Exposure Draft (ED) on Guidance Note on Transfer of Capital Reserve

The Institute of Chartered Accountants of India’s (ICAI) Exposure Draft (ED) is a welcome step in providing guidance on the transfer of capital reserve to free reserves, including guidance on the identification of triggers that call for such a transfer. As per the existing requirement, capital reserves are recognized against unrealized profits arising from certain transactions or events under both the Indian Accounting Standards and the Indian GAAP framework. However, there is no specific guidance around the subsequent utilization of these reserves.

We are primarily aligned with the recommendations brought in through the Exposure Draft. However, we believe certain edits should be incorporated into the proposed Guidance
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