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Recently, the Institute of Chartered Accountants of India (ICAI) updated the Sustainability Reporting Maturity Model to SRMM Version 2.0 to incorporate the changes introduced via SEBI Business Responsibility and Sustainability Report (BRSR) circular dated 10 May 2021.

SRMM Version 2.0 offers the possibility for each corporate complying with BRSR to individually assess its position vis a vis various sustainability reporting maturity levels and achieve its vision of sustainable business. Level 1, Level 2, Level 3 and Level 4 of sustainability maturity of corporates have been defined based on the total range of scores obtained by a corporate in a financial year as per the proposed BRSR scoring mechanism.

Through this, corporates can self-evaluate their current level of maturity on the SRMM and identify areas where more focus is required and develop a road map for upgrading to a higher level of maturity. This would include formulation of strategies/processes for internal controls and data collection to progress towards achievement of sustainable goals and thus, move to a higher level of sustainable reporting.

To access the text of the SRMM, please click here

With the introduction of Framework for Social Stock Exchange (SSE) by SEBI, there was a need to prescribe comprehensive guidance on the accounting by NPOs, including the applicability of Accounting Standards (AS) for NPOs. In this regard, to recommend such guidance and update the formats of financial statements being prepared by NPOs, ICAI, through the Accounting Standards Board (ASB) recently revised the Technical Guide on Accounting for NPOs (the technical guide). The technical guide incorporates the updated accounting treatments/ provisions of AS along with the formats of financial statements that have also been reviewed and updated.

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

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