Key accounting, auditing and regulatory updates
The latest edition of the Quarterly GAAP Bulletin summarises significant accounting, auditing and regulatory updates, compiled to meet the needs of dynamic Indian businesses and focuses on key developments in India and across the globe.
This edition covers updates from April to June 2025.
Key updates
- Amendments to Ind AS 21-Lack of exchangeability and Expert Advisory Committee (EAC) opinions on various accounting matters
- SEBI released various clarifications and circulars on:
- Industry Standards on Minimum information to be provided for review of the audit committee and shareholders for approval of a related party transaction
- Revised financial disclosure and compliance norms for InvITs and REITs
- Framework for Environment, Social, and Governance (ESG) Debt Securities
- Standardised format for system and network audit report of Market Infrastructure Institutions (MIIs)
- Proposed updates include guidelines for responsible usage of AI/ML in Indian securities markets
- RBI introduces Project Finance Directions, 2025 and issues Master Directions on compounding of contraventions under the Foreign Exchange Management Act, 1999 (FEMA)
- International accounting and auditing updates include:
- FASB issues clarification on the accounting acquirer in business combinations involving variable interest entities and improved guidance on share-based payments to customers. It also released an educational paper on retainage disclosures for construction contractors
- IASB publishes revised IFRS Practice Statement 1 Management Commentary
- IAASB issues ISA 570 (Revised 2024) “Going Concern”
- PCAOB audit focus on auditing accounting estimates
- Various other updates around sustainability reporting and assurance
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