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June 2024

Financial Reporting Dossier

By Pankaj Tiwari, Chartered Accountant
Reading Time 18 mins

A. KEY GLOBAL UPDATES

1. IASB: COMPREHENSIVE REVIEW OF ACCOUNTING FOR INTANGIBLES

  • On 23rd April 2024, the International Accounting Standards Board (IASB) announced that it will comprehensively review the accounting requirements for intangibles.
  • This review is mainly based on concerns raised relating to all aspects of IAS 38 Intangible Assets, including its scope, its recognition and measurement requirements (including the difference in the accounting for acquired and internally generated intangible assets), and the adequacy of the information companies are required to disclose about intangible assets.
  • The project will assess whether the requirements of IAS 38 remain relevant and continue to fairly reflect current business models or whether the IASB should improve the requirements.

2. IASB: AMENDMENTS FOR RENEWABLE ELECTRICITY CONTRACTS

  • On 8th May 2024, the International Accounting Standards Board published an Exposure Draft proposing narrow-scope amendments to ensure that financial statements more faithfully reflect the effects that renewable electricity contracts have on a company. The proposals amend IFRS 9 Financial Instruments and IFRS
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