The financial reporting landscape continues to evolve with significant updates in accounting and sustainability standards. The Institute of Chartered Accountants of India (ICAI) has released the Compendium of Indian Accounting Standards (Ind AS) 2024–2025, incorporating key amendments notified by the Ministry of Corporate Affairs (MCA). These include changes to Ind AS 1, 7, 12, and 107, focusing on liability classification, supplier finance disclosures, and international tax reforms aligned with global practices.
On the international front, the IFRS Foundation and International Sustainability Standards Board (ISSB) have introduced a series of educational materials and amendments aimed at improving transparency, comparability, and sustainability-related financial disclosures. Updates include guidance on anticipated financial effects of climate risks, reporting uncertainties, and IFRS for SMEs modules, marking a strong shift toward integrated, sustainability-driven reporting.
Together, these developments signal a global move toward greater accountability, clarity, and consistency in financial reporting—ensuring that businesses are not only compliant but also transparent about their financial and environmental impact.
