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Important Amendments by The Finance (No. 2) Act, 2024 – Charitable Trusts
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September 2024

Financial Reporting Dossier

By Pankaj Tiwari, Chartered Accountant

Reading Time 20 mins

A. KEY GLOBAL UPDATES

1. IASB: ILLUSTRATIVE EXAMPLES TO IMPROVE REPORTING OF CLIMATE-RELATED AND OTHER UNCERTAINTIES IN FINANCIAL STATEMENTS

On 31st July, 2024, the International Accounting Standards Board (IASB) published a consultation document, proposing eight examples to illustrate how companies apply IFRS Accounting Standards when reporting the effects of climate-related and other uncertainties in their financial statements.
These examples are developed based on feedback received from the investors wherein the investors had expressed concerns that information about climate-related uncertainties in financial statements was sometimes insufficient or appeared to be inconsistent with information provided outside the financial statements.
The eight illustrative examples focus on areas such as materiality judgments, disclosures about assumptions and estimation uncertainties, and disaggregation of information. These illustrative examples do not add to or change the requirements of IFRS Accounting Standards.
Key highlights of these eight examples are as follows:

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Important Amendments by The Finance (No. 2) Act, 2024 – Charitable Trusts