What Ind AS 118 reveals about the evolution of corporate reporting
ArticleMost accounting standards change processes. Some change disclosures. A few quietly change the conversation. I believe Ind AS 118 belongs in the third category.
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Most accounting standards change processes. Some change disclosures. A few quietly change the conversation. I believe Ind AS 118 belongs in the third category.
Direct taxes now account for 58.5% of total tax collections, with non-corporate taxes the dominant contributor. In indirect taxes, GST is now the most buoyant revenue source. This suggests an improvement in the progressivity of the tax system, explain Richa Sawhney & Manoj Mishra.
India’s regulatory harmonisation is reshaping compliance through tech-enabled supervision, simplified norms and outcome-driven governance across RBI, MCA and SEBI.