April 2024 Ind AS, IFRS & ISSB Updates: Key Regulatory Changes You Need to Know
Staying compliant with evolving financial reporting and sustainability standards is essential for businesses navigating today’s complex regulatory landscape. In its April 2024 quarterly update, CNK & Associates LLP summarizes critical developments in Indian Accounting Standards (Ind AS), International Financial Reporting Standards (IFRS), and the International Sustainability Standards Board (ISSB) frameworks—equipping stakeholders with the insights needed to stay ahead.
This edition includes practical guidance on Ind AS 12 (Income Taxes), which helps professionals address real-world challenges in recognizing deferred tax assets and liabilities. On the global front, the IASB is consulting on significant changes to IFRS 3 (Business Combinations) and IAS 36 (Impairment of Assets) to improve how companies disclose acquisition performance and test for goodwill impairment—enhancing transparency for investors.
Another notable development is the proposed update to the IFRS for SMEs Standard, incorporating feedback to better align with full IFRS, particularly around foreign exchange restrictions and supplier finance disclosures. Additionally, sustainability reporting takes center stage with a new interoperability guide co-developed by the IFRS Foundation and GRI, helping companies streamline GHG emissions reporting under IFRS S2 and GRI 305.
These updates are highly relevant for finance leaders, auditors, compliance officers, ESG professionals, and anyone involved in corporate financial reporting or sustainability disclosures.
