Institute of Chartered Accountants of India

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

Reliable financial reporting plays a crucial role in providing the relevant accounting information necessary to all stakeholders like bankers, investors, government authorities, credit rating agencies etc in elaboration of their operational, funding or investment decisions. In this regard, Interim Financial Reporting provides frequent and timely updates of an entity’s performance at a given point in time, thus playing a crucial importance for all the stakeholders.

The Institute of Chartered Accountants of India (ICAI) through its Research Committee has been relentlessly working to ensure that the users of financial information of world’s fastest growing economy of India are always equipped with updated and reliable guidance. I am pleased to note that the Research Committee of the Institute undertaken the task to revise ‘Guidance Note on Applicability of AS 25 to Interim Financial Results’ which was issued in the year 2008 and ‘Guidance Note on Measurement of Income Tax Expense for Interim Financial Reporting in the context of AS 25’ which was issued in the year 2006 to issue as ‘Guidance Note on Applicability of AS 25 and Measurement of Income Tax Expense for Interim Financial Reporting’. The revised Guidance Note incorporates updated references used in the earlier Guidance Notes and relevant examples. It also enlightens about the impact of Opinions issued by ICAI on the preparation of interim financial reports.

I would like to take this opportunity to express my gratitude and thanks to CA. Anuj Goyal, Chairman, Research Committee, CA. Kemisha Soni, Vice-Chairperson, Research Committee, and all members of the Research Committee who have made invaluable contribution in the finalisation of this Guidance Note.

I am confident that this Guidance Note will be extremely useful to the members of the Institute in discharging their professional duties and others concerned.

New Delhi
September 22, 2020

CA. Atul Kumar Gupta
President, ICAI

To Read More Download Guidance Note on Applicability of AS 25 and Measurement of Income Tax Expense for Interim Financial Reporting: https://resource.cdn.icai.org/61671research50201gnas25.pdf

Also Read- Draft Guidance Note on Applicability of AS 25 & Measurement of Income Tax Expense for Interim Financial Results

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