The Ministry of Corporate Affairs notified the Companies (Indian Accounting Standards) Amendment Rules, 2023 on 31 March 2023, which became effective for annual reporting periods beginning from 1 April 2023. These changes are applicable and effective to all entities that report under the Ind AS accounting framework for accounting periods beginning on/after the above-mentioned date.

The Institute of Chartered Accountants of India’s (ICAI) Exposure Draft (ED) is a welcome step in providing guidance on the transfer of capital reserve to free reserves, including guidance on the identification of triggers that call for such a transfer.

Recently, companies have increasingly been disclosing non-GAAP measures in their investor communication and capital markets-related offering documents. The rationale for using such non-GAAP measures is that they assist management in providing the users of financial information with an understanding of the company's key business drivers and enable management to present a perspective to users, which might not be possible only through GAAP measures.

The mutual fund industry in India dates back to 1963, when Unit Trust of India was formed at the initiative of the Government of India. With the entry of numerous mutual fund players and several products across the asset classes, the industry has come a long way. The Mutual Fund Industry’s Assets under Management (‘AUM’) has grown from INR 22.20 trillion as of 28 February 2018 to INR 39.46 trillion as of 28 February 2023, i.e., around a 2-fold increase in a span of 5 years.