After the transfer of regulation of HFCs from the National Housing Bank (NHB), the RBI issued a revised regulatory framework for HFCs vide circular dated 22 October 2020 wherein it was stated that further harmonization between regulations of HFCs and NBFCs would be taken up in a phased manner. In pursuit of this goal, the RBI has recently unveiled a draft circular on 15 January 2024, titled “Draft circular on Review of the regulatory framework for HFCs and harmonization of regulations applicable to HFCs and NBFCs” for public feedback.

Income Tax disclosures remain an essential element of financial reporting for all reporting entities. It provides financial statement users with information to better assess how an entity’s operations and related tax risks, tax planning, and operational opportunities affect its tax rate and prospects for future cash flows. Disclosure enhancements focused on transparency and decision usefulness through disaggregation have remained a key focus area project for FASB. After multiple iterations for a proposed overhaul of the income tax disclosures dating back to 2016, in 2021, the FASB’s technical agenda included a project to improve and enhance income tax disclosures, which would seek to provide more focused disaggregated information about the effect of the entity’s operations, tax planning strategies, and tax risks on the overall effective tax rate and future cash flow prospects. With this objective in mind, the project primarily focused on more detailed information about income taxes paid and rate reconciliation.