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June 2025

Financial Reporting Dossier

By Pankaj Tiwari, Chartered Accountant
Reading Time 20 mins

A. KEY GLOBAL UPDATES

1. IASB: UPDATE TO GOING CONCERN EDUCATIONAL MATERIAL

On 13th May 2025, IFRS Foundation published an updated version of its educational material to support the consistent application of IFRS Accounting Standards related to going concern assessments. This educational material was first published in January 2021 to respond to questions raised by stakeholders during the covid-19 pandemic.

The revision is mainly related to following:

(1) include updated references to the going concern requirements in IFRS Accounting Standards. When the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements, the requirements about an entity’s assessment of its ability to continue as a going concern were moved unchanged from IAS 1 Presentation of Financial Statements to IAS 8 (which was retitled as Basis of Preparation of Financial Statements after the issuance of IFRS 18). IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027.

(2) to remove outdated references to the International Auditing and Assurance Standards Board (IAASB) and its project on Going Concern. In December 2024, the IAASB approved International Standard on Auditing (ISA) 570 (Revised 2

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