Quarterly GAAP Bulletin – January 2025

Grant Thornton Bharat presents the latest edition of the Quarterly GAAP Bulletin that summarises significant accounting, auditing and regulatory updates. This publication has been 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 October to December 2024. We hope you find this bulletin informative and useful.

Quick snapshot of some key updates

1. The Securities and Exchange Board of India (SEBI) has amended certain regulations pertaining to Listing Obligations and Disclosure Requirements, Buy Back of Securities, Prohibition of Insider Trading and Alternative Investment Funds. Further, SEBI has issued a circular on industry standards on reporting of BRSR core.
2. The National Financial Reporting Authority (NFRA) has issued a circular on the responsibilities of principal auditor and other auditors in group audits under SA 600. Further, NFRA has finalised and recommended revision of the SAs, including SA 600 and new SQM 1 and SQM 2 on the lines of the global standard. 
3. The Institute of Chartered Accountants of India (ICAI) has revised the classification criteria for applicability of Accounting Standards (AS) for Non-company entities.
4. The Expert Advisory Committee (EAC) of the ICAI has issued opinion on certain matters pertaining to accounting treatment of shareholder’s loan with interest-free period, unamortised portion of government grants and classification of the project as inventory or investment property.
5. The International Auditing and Assurance Standards Board (IAASB) has published ISSA 5000 'General Requirements for Sustainability Assurance Engagements', which deals with assurance engagements on sustainability information.