Stay Ahead: October 2024 Regulatory Updates on Ind AS, IFRS & ISSB You Need to Know
As regulatory landscapes continue to evolve, businesses must stay current with changes in accounting and sustainability reporting standards. The October 2024 Quarterly Update by CNK & Associates LLP offers vital insights into amendments and proposals affecting Indian Accounting Standards (Ind AS), International Financial Reporting Standards (IFRS), and the International Sustainability Standards Board (ISSB) framework.
Key Highlights:
- Ind AS 117 now replaces Ind AS 104, setting a new benchmark for recognizing and reporting insurance contracts in India, effective April 1, 2024.
- Updates to Ind AS 116 refine how lease liabilities are measured in sale-and-leaseback transactions.
- The IASB issued annual improvements to IFRS, targeting IFRS 1, 7, 9, 10, and IAS 7, with an effective date of January 2026.
- Proposed IFRS amendments aim to improve financial reporting in hyperinflationary economies and simplify disclosures under IFRS 19 for subsidiaries without public accountability.
- The ISSB has released a preparer’s guide for voluntary application of IFRS S1 and S2, promoting climate-first disclosures and global reporting alignment.
These changes are crucial for CFOs, auditors, financial controllers, and ESG teams aiming to maintain compliance and enhance the clarity of financial disclosures.
