ICAI releases updated Ind AS Checklist

The Institute of Chartered Accountants of India (ICAI) has released an updated Indian Accounting Standards (Ind AS) Disclosures Checklist.

The adoption of Indian Accounting Standards (IND AS) marks a key step toward aligning India’s financial reporting processes with global standards. The obligations for providing extensive and detailed disclosures have expanded with the implementation of Ind AS in 2015, in order to improve the quality and transparency of financial statements.

In June 2018, the Accounting Standards Board issued a Publication on Ind AS: Disclosure Checklist to offer stakeholders a quick reference to the checklist of disclosures required under Ind AS. Because the IFRS-integrated Ind AS Framework is dynamic and subject to periodic modifications and amendments, it is necessary to update this Publication on a regular basis in order to stay up with worldwide developments as well as the business and economic environments. As a result, it has been updated to include the disclosure obligations that were added or altered as part of the Companies (Ind AS) Amendments Rules 2023.

It is noteworthy that ICAI‘s initiative to provide a comprehensive disclosure checklist is not only timely but also a testament to its commitment to facilitating a smooth transition and ensuring the highest standards of financial reporting. Further, this Publication has been updated covering the developments which are applicable for the accounting periods beginning on or after April 1, 2023.

This Publication contains disclosure requirements only. To understand the detailed recognition, measurement and other requirements, it is important to refer to the applicable Standards. Relevant regulatory requirements, such as requirements of Schedule III of the Companies Act, 2013 shall also be referred to. Therefore, the checklist should be read together with the Standards, regulatory requirements and related guidance material.

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