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 July to September 2025.
Key updates
- Amendments to Ind AS 1 - Classification of liabilities as current or non-current and non-current liabilities with covenants, Ind AS 12 - International Tax Reform – Pillar Two Model Rules and Ind AS 7 & Ind AS 107 - Supplier Finance Arrangements.
- EAC opinions on various accounting matters.
- The ICAI issued the revised edition of the Technical Guide on ‘Accounting for Expenditure on Corporate Social Responsibility Activities’ and the Guidance Note on ‘Tax Audit under Section 44AB of the Income Tax Act,1961’
- The MCA issued Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2025 and Companies (Corporate Social Responsibility Policy) Amendment Rules, 2025.
- The SEBI has amended certain regulations pertaining to the REITs and InvITs, share-based employee benefits and sweat equity and listing obligations and disclosure requirements. The SEBI also approved key amendments in the RPT framework, mutual fund regulations aimed at improving ease of doing business in its 211th Board Meeting.
- The RBI issued certain Directors pertaining to pre-payment charges on loans, investment in AIF, co-lending arrangements and non-fund-based credit facilities
- International accounting and auditing updates include:
- The FASB issued targeted improvements to internal-use software guidance and standards that improve the measurement of credit losses for the accounts receivable and contract assets.
- The IASB has issued amendments to IFRS 19, subsidiaries without public accountability: Disclosures
- The IAASB issued the Revised ISA 240, the auditor’s responsibilities relating to fraud in an audit of financial statements by the IAASB and narrow scope amendments to the ISQMs, ISAs, and ISRE 2400 (Revised).
- Various other educational material and guidance around sustainability reporting and assurance.
Learn more about how our Assurance services can help you
