CA, CS, CMA

This global update summarises recent developments in accounting, audit regulation and financial reporting oversight across major jurisdictions. The updates cover changes in fair value measurement for...

1. Why Ind AS 118 Changes the Presentation DiscussionThe statement of profit or loss is no longer viewed merely as a list of revenues, expenses, finance costs and tax. Ind AS 118, Presentation and Dis...

This global financial reporting and audit update summarises two important international developments: a PCAOB inspection outcome involving one of the Big Four accounting firms and a new FASB proposal...

Opening perspectiveFinancial statements are not useful merely because they contain correct accounting numbers. Their real value lies in the manner in which recognised assets, liabilities, equity, inco...

1. The central distinctionThe Institute of Chartered Accountants of India has placed audit quality at the centre of two important initiatives: the Standard on Quality Management (SQM) 1, “Quality Mana...

Opening PerspectiveThe proposed Ind AS 118, Presentation and Disclosure in Financial Statements, is not intended to alter how an entity measures profit, assets, liabilities or other financial statemen...

OverviewThe usefulness of financial statements depends not only on the amounts recognised but also on the way those amounts are organised, described and explained. Users of financial statements often...

1. Why Ind AS 115 Transition Requires Special AttentionRevenue accounting is often one of the most sensitive areas when an entity moves from previous Indian GAAP to Indian Accounting Standards. Under...

1. BackgroundThe Ministry of Corporate Affairs, after consultation with the National Financial Reporting Authority, has issued the Companies (Indian Accounting Standards) Amendment Rules, 2026 through...

1. BackgroundThe Ministry of Corporate Affairs, after consultation with the National Financial Reporting Authority, has issued the Companies (Indian Accounting Standards) Amendment Rules, 2026 through...

This edition of the global financial reporting update covers three important international developments: the FASB’s proposal on cash equivalents and certain digital assets, the PCAOB’s new implementat...

1. BackgroundWhen an entity moves from its earlier accounting framework to Indian Accounting Standards, one of the most difficult areas is the treatment of business combinations that took place before...

This update summarises two important global developments in audit regulation and financial reporting. The first relates to recent inspection reports issued by the Public Company Accounting Oversight B...

1. Why Government grants require a tax-specific analysisGovernment incentives are often recorded in the books as subsidies, grants, reimbursements, duty concessions, exemptions or capital assistance....

IntroductionAmong the many conclusions formed during an audit, the going concern conclusion is one of the most consequential. A wrong estimate in a provision may distort a specific account balance. A...

1. OverviewProperty, Plant and Equipment (“PPE”) is usually a major component of the balance sheet for manufacturing, infrastructure, power, cement, engineering and other asset-heavy businesses. There...

1. Why the Profit and Loss Statement Is Being RewrittenFinancial statements have long been expected to answer a basic question: how did the business perform? In practice, however, the statement of pro...

This update highlights two recent international developments relevant to audit and assurance professionals: the IAASB’s proposed changes to key International Standards on Auditing and the UK FRC’s ame...

This global audit update summarises two recent developments relevant for audit professionals, regulators, standard-setters, preparers, investors and other users of financial information.1. IAASB begin...

The Delhi Bench of the Income Tax Appellate Tribunal, in Deputy Commissioner of Income-tax v. Gardenia Shelters (P.) Ltd. [2026] 188 taxmann.com 1028 (Delhi - Trib.), dealt with an unusual situation w...