The regulatory updates publication issued by the Foundation for Audit Quality (FAQ) highlights the latest developments in accounting, auditing and regulatory developments in India and internationally. This edition covers some of the important updates on accounting and regulatory matters and other discussion/consultation papers and publications for the period from 1 August 2023 to 31 August 2023. It also highlights some of the action points that auditors may consider when applying the relevant provisions.
Regulatory updates for August 2023
Recently, the European Financial Reporting Advisory Group (EFRAG) issued the European Sustainability Reporting Standards (ESRS). Some of the key aspects specified in the standards include:
- Concept of double materiality
- Materiality assessment test
- Reporting boundary
- Assurance requirements.
Additionally, various publications have been released by the regulators during this month. Some of these include:
- Consultation Paper on Flexibility in the framework on Social Stock Exchange (SSE) issued by SEBI
- Proposed ISSA 5000, General Requirements for Sustainability Assurance Engagements issued by IAASB
- Guidance Note on Financial Statements of LLPs and Non-Corporate Entities issued by ICAI
- Proposed ASU on Income statement – Reporting comprehensive income – expense disaggregation disclosures (subtopic 220-40): Disaggregation of income statement expenses issued by FASB.
Regulatory updates for August 2023 PDF
India updates
International updates
Discussion/Consultation papers and Publications
- Indian Accounting Standards (Ind AS): An overview (Revised 2023)
- Guidance note on financial statements of LLPs and non-corporate entities
- Guidance Note on tax audit under Section 44AB of the Income-tax Act, 1961 (Revised 2023)
- Technical Guide on audit of Non-Banking Financial Companies (Revised 2023)
Matters for auditors’ attention
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