Year-End Accounting Reporting What Needs Your Attention

As we approach the financial year-end, finance teams and those overseeing financial reporting are focused on completing the close and ensuring key accounting, presentation, and disclosure matters are properly addressed. Several developments over the past year require consideration from a financial reporting perspective. These include changes in accounting standards, regulatory updates, including changes in labor laws, and areas where expectations around presentation and disclosures have become more defined. This is particularly relevant for private limited companies and other non-public interest entities, where such matters often need to be evaluated in the context of relatively simpler governance structures. This document summarizes these developments, focusing on what matters most for the year-end close and financial reporting for such entities.

This document is in three sections following how these issue typically arise in practice.

Section I covers recent regulatory developments, including the accounting impact of the new labor codes, and India AS amendments for the current year. It also addresses common gaps in presentation and disclosures noted by the Financial Reporting Review Board (FRRB).

Section II covers selected Expert Advisory Committee (EAC) opinions, which provide clarity in areas involving judgment. It also covers financial reporting implications arising from the external environment, such as tariff-related developments and geopolitical factors.

Section III looks ahead at developments that may affect future reporting periods, with a focus on their potential impact on financial disclosures and compliance. This includes proposed changes to Ind AS and IFRS, as well as amendments under the Companies (Amendment) Bill, 2025, which may require timely consideration due to their potential impact on strategic reporting and operational decisions.