Regulatory updates

On 27 July 2023 , the Institute of Chartered Accountants of India released the Indian Accounting Standards (Ind AS): An overview (Revised 2023) (the publication). It contains an overview of the various aspects related to Ind AS, including:

• Summary of all the Ind AS
• Carve-outs from IFRS/IAS
• Changes in financial reporting under Ind AS, compared to financial reporting under Accounting Standards (AS), etc.

The publication incorporates all the amendments made to Ind AS till June 2023.

To access the text of the publication, please click here

Recently, ICAI released the guidance note on financial statements of Limited Liability Partnerships (LLPs) and non-corporate entities, with a view to further enhance the quality, comparability and comprehensiveness of financial reporting by such entities and also provide the relevant authoritative guidance.

Further, ICAI has also upgraded the technical guides issued earlier in June 2022, into the guidance notes.

To access the text of the guidance note on financial statements of LLPs, please click here

To access the text of the guidance note on financial statements of non-corporate entities, please click here

Recently, ICAI released the Guidance Note on tax audit under Section 44AB of the Income-tax Act, 1961 (Revised 2023) (the Guidance Note). The Guidance Note provides a comprehensive roadmap to navigate the complexities of tax audit and provides guidance on the details of audit procedures to be performed.

It incorporates all the amendments made upto Finance Act, 2023 and tax audit forms applicable as on date. Further, the guidance note aims to address the situations faced by the Chartered Accountants while conducting audit, by offering clear explanations that will help in streamlining the tax audit process.

To access the text of the guidance note, please click here

Recently, ICAI released the technical guide on audit of Non-Banking Financial Companies (NBFCs) (Revised 2023) (the technical guide). The technical guide deals with various aspects of audit of NBFCs, such as:

• Introduction of NBFCs
• Points for consideration in audit of NBFCs
• Financial reporting framework
• Auditing framework
• Areas of audit concern
• Operations of NBFCs, governance etc.

Further, the appendices to the technical guide contain illustrative templates of audit report/certificate, illustrative audit checklist, illustrative list of master directions, circulars, RBI notifications, illustrative disclosure norms for NBFCs, illustrative list of returns to be submitted by NBFCs etc.

To access the text of the technical guide, please click here