ICAI issued Indian Accounting Standards Revised Disclosures Checklist

ICAI issued Indian Accounting Standards Revised Disclosures Checklist

Tea Institute of Chartered Accountants of India (ICAI) has issued Indian Accounting Standards (Ind AS) Revised Disclosures Checklist.

The Indian Accounting Standards (Ind AS), as notified under section 133 of the Companies Act 2013, have been formulated keeping the Indian economic & legal environment in view and with a view to converge with IFRS Standards, as issued by and copyright of which is held by the IFRS Foundation.

ICAI through its Accounting Standard setting arm viz., Accounting Standards Board (ASB) endeavors to remain converged with International Financial Reporting Standards (IFRS Standards). Apart from standard setting, the ASB is committed to provide necessary guidance to the stakeholders to ensure that the Accounting Standards are applied consistently.

With the implementation of Ind AS beginning from year 2015, the requirements to provide comprehensive and detailed disclosures, including disclosures of management judgments, assumptions, business models and sources of estimation uncertainty, amongst others have been increased to enhance the quality and transparency of financial statements . To provide stakeholders with a ready reference on checklist of disclosures that are to be made under Ind AS, the ASB came out with a Publication on Ind AS: Disclosure Checklist in June 2018. As IFRS converged Ind AS Framework is dynamic in nature that undergoes periodic improvements and amendments to keep pace with global developments and the business and economic environment, it becomes imperative to update this Publication periodically. Therefore, the said Publication is revised from time to time.

In June 2018, the Accounting Standards Board (ASB) of the ICAI had brought the first edition of Ind AS: Disclosure Checklist to help entities identifying the relevant disclosures required under Ind AS to prepare and present financial statements in accordance with Ind AS. Thereafter, to keep pace with the new Standards or amendments issued under Ind AS, this Publication is updated from time to time.

Subsequent to the last edition in February 2020, following 3 Ind AS (Amendment) Rules have been notified by the MCA covering certain amendments such as Covid-19-Related Rent Concessions; Definition of Material; Interest Rate Benchmark Reform –Phase 1 and 2 and Conceptual Framework under Ind AS:

1. Companies (Ind AS) Amendments Rules, 2022
2. Companies (Ind AS) Amendments Rules, 2021
3. Companies (Ind AS) Amendments Rules, 2020

Therefore, this Publication has been updated covering these developments which is applicable for the accounting periods beginning on or after April 1, 2022.

To Read Complete Disclosures Checklist – Click Here

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