Regulatory updates

The Financial Reporting Review Board (FRRB) of the ICAI has issued Volume II of the Study on compliance of financial reporting requirements (Ind AS framework).

Apart from carrying out the review of general-purpose financial statements to determine the compliance with financial reporting standards, rules and regulations issued by the relevant regulatory authorities, FRRB also ventures towards spreading awareness amongst the members as well as other stakeholders about the pertinent issues in the areas of reporting.

The publication contains FRRB’s findings from the review of general-purpose financial statements prepared under Ind AS framework. The observations have been categorised into following eight categories:

• Observations related to assets
• Observations related to equity
• Observations related to liabilities
• Observations related to Statement of Profit and Loss
• Observations related to Statement of Cash Flows
• Observations related to other disclosures
• Observations related to auditor’s report
• Observations related to CARO, 2016.

To access the text of the publication, please click here

The obligation of the members of ICAI is to express opinion on the accounts, records and documentation pertaining to international transactions and specified domestic transactions and therefore, they are expected to have a thorough knowledge of transfer pricing regulations and other recent developments.

Over the years, ICAI, through the Committee on International Taxation (the Committee) has been issuing guidance for its members in respect of the report under Section 92E of the Income-tax Act, 1961. In this regard, the Committee has issued the ninth edition of the Guidance Note on Report under Section 92E of the Income-tax Act, 1961, thereby incorporating all the amendments made up to Finance Act, 2022.

To access the text of the publication, please click here