Prateek Mankad
Quick Summary
On 4 November 2020, ICAIissued two Guidance Notes (GN) formulated by the Research Committee. The GN can be accessed at /news/icai-releases-guidance-note-on-applicability-of-as-25-and-measurement-of-income-tax-expense-for-interim-financial-reporting-18699.asp The GN covers two important aspects -
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FAQ :
The ICAI issued two new Guidance Notes on 4 November 2020.
The Guidance Notes cover share-based payments and the applicability of AS 25 for interim financial statements.
These Guidance Notes are applicable to companies following accounting standards (AS) under the Companies (Accounting Standards) Rules, 2006, as amended under Section 133 of Companies Act, 2013.
The Guidance Note on share-based payments is applicable for plans with a grant date on or after 1 April 2021.
A significant change is that the new Guidance Note also applies to share-based payment arrangements with non-employees, unlike the previous guidance.
The Guidance Note on AS 25 clarifies that entities preparing interim financial statements due to requirements like banking covenants, the Insolvency and Bankruptcy Code, 2016, or business transfers, amalgamations, or mergers, shall follow the accounting principles of AS 25.
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