Navigating the Latest Global Accounting and Sustainability Reporting Standards: July 2024 Update
The July 2024 update on Indian Accounting Standards (Ind AS), International Financial Reporting Standards (IFRS), and the International Sustainability Standards Board (ISSB) provides critical insights into the evolving financial and sustainability reporting landscape. This edition is particularly relevant for finance professionals, auditors, compliance officers, and ESG stakeholders navigating regulatory changes that shape corporate disclosures and investor decision-making.
Among the highlights is the introduction of IFRS 18, which redefines how companies present and disclose financial performance to improve transparency and comparability. The standard introduces new subtotals in profit and loss statements, mandates disclosure of management-defined performance measures (MPMs), and revises grouping rules for financial data. Additionally, IFRS 19 offers relief to subsidiaries without public accountability by allowing reduced disclosure requirements—streamlining compliance while retaining reporting quality.
On the sustainability front, the ISSB’s expanded work plan aims to harmonize climate-related disclosures, emphasizing transition plans, greenhouse gas (GHG) reporting, and collaboration with global frameworks like GRI and CDP. These developments underscore a global shift toward consistent, investor-relevant ESG reporting.
