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Guidance Note on Applicability of AS 25 and Measurement of Income Tax Expense for Interim Financial Reporting

(The following is the text of the ‘Guidance Note on Applicability of AS 25 and Measurement of Income Tax Expense for Interim Financial Reporting’, issued by the Institute of Chartered Accountants of India. Pursuant to the issuance of this, “Guidance Note on Applicability of AS 25 to Interim Financial Results” and “Guidance Note on Measurement of Income Tax Expense for Interim Financial Reporting in the Context of AS 25”, stand withdrawn.)

Introduction

1. This Guidance Note deals with the following issues:

- whether Accounting Standard (AS) 25, Interim Financial Reporting, is applicable to interim financial results presented by an enterprise pursuant to the requirements of a statute/ regulator, for example, quarterly financial results presented under SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 entered into between Stock Exchanges and the listed enterprises; and

- the measurement of income tax expense for the purpose of inclusion in the interim financial reports

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