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Recently, the Institute of Chartered Accountants of India (ICAI) issued the Exposure Draft (ED) of Guidance Note on audit of banks (2024 edition). The ED comprises of the following two sections:

  • Section A – Statutory Central Audit
  • Section B – Bank Branch Audit

The comment period ended on 31 December 2023.

To access the text of the ED, please click here

In view of the challenges in classifying complex financial instruments that combine some characteristics of both debt – financial liabilities and ordinary shares – equity instruments, ICAI, on 12 December 2023 issued the Exposure Draft (ED) on Financial Instruments with Characteristics of Equity – Proposed amendments to IAS 32, IFRS 7 and IAS 1. The proposals in the ED include:

  • Clarification of the underlying classification principles of IAS 32, Financial Instruments: Presentation to help companies distinguish between financial liabilities and equity
  • Disclosures to further explain complexities around instruments that have both financial liability and equity characteristics, and
  • Presentation requirements for amounts – including profit and total comprehensive income – attributable to ordinary shareholders separately from amounts attributable to other holders of equity instruments.

The ED is open for comments up to 10 February 2024.

To access the text of the ED, pleaseclick here

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