ICAI Guidance Note on Applicability of AS 25 and Measurement of Income Tax Expense for Interim Financial Reporting
ICAI has issued a combined Guidance Note revising its previous Guidance notes on Applicability of AS 25 to Interim Financial Results and Measurement of Income Tax Expense for Interim Financial Reporting in the context of AS 25
The revised Guidance Note deals with the issue as to 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 and how to measure income tax expense for the purpose of inclusion in the interim financial reports.
AS 25 has been notified under Companies (Accounting Standards) Rules, 2006 read with Section 133 of Companies Act, 2013 and is applicable where a company prepare an interim financial report as defined in the AS 25
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