The Institute of Chartered Accountants of India ( ICAI ) has released an updated Indian Accounting Standards ( Ind AS ) Disclosures Checklist for member Chartered Accountants ( CA ).
The adoption of Ind AS is a significant step towards aligning India’s financial reporting with global standards. Since the implementation of Ind AS in 2015, the requirements for extensive and detailed disclosures have increased, enhancing the quality and transparency of financial statements.
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In June 2018, the Accounting Standards Board published the Ind AS: Disclosure Checklist to provide stakeholders with a quick reference for the necessary disclosures under Ind AS. Given that the IFRS-integrated Ind AS Framework is dynamic and subject to periodic changes, it is essential to regularly update this publication to keep pace with global developments and changes in the business and economic environment. Consequently, the checklist has been updated to incorporate the disclosure obligations introduced or amended by the Companies (Ind AS) Amendments Rules 2023.
The initiative of the Institute of Chartered Accountants of India (ICAI) to provide a comprehensive disclosure checklist is timely and reflects its dedication to facilitating a smooth transition and ensuring the highest standards of financial reporting. The updated publication covers developments applicable for accounting periods beginning on or after April 1, 2023.
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This publication contains only disclosure requirements. For detailed recognition, measurement, and other requirements, it is important to refer to the applicable standards. Relevant regulatory requirements, such as those in Schedule III of the Companies Act, 2013, should also be consulted. Therefore, the checklist should be read in conjunction with the standards, regulatory requirements, and related guidance materials.
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