Version 18 - March 2025 (template release)
Template release pack
This release focuses on the legislative content changes and feature updates for the period ending March 2025. The template is available on platform 6.28.9259, 6.29.9459, 6.30.9574, 6.31.9627, and 6.32.9713.
Release notes
- Period end: March 2025
- Update type: Major (Legislative and Features).
Overview
The key legislative updates will take effect for annual periods starting March 2025. These updates include:
- Companies (Indian Accounting Standards) Amendment Rules, 2024
- Companies (Compromises, Arrangements, and Amalgamations) Amendment Rules, 2024
- Hon’ble Supreme Court (SC) decision on Electoral Bond Scheme: Impact on disclosures in financial statements
- Modifications to: Ind AS 101, Ind AS 103, Ind AS 105, Ind AS 107, Ind AS 109, and Ind AS 115
- Indian Accounting Standards (Ind AS): Disclosures Checklist (Revised April, 2024)
- Format of annual secretarial compliance report, Climate-related matters & Macroeconomic and geopolitical uncertainty
Legislative updates
Refer to document
IN.I.CT (03.2025) (P 6.28.9259 C 18.0 - Content Change List (Full Version))
for detailed changes of content updates.Accounting Reference Number | Details |
|---|---|
Companies (Indian Accounting Standards) Amendment Rules, 2024 |
|
Companies (Compromises, Arrangements, and Amalgamations) Amendment Rules, 2024 | Among other updates, these rules clarify that when a foreign company incorporated outside India, which is a holding company, merges or amalgamates with a wholly owned subsidiary company incorporated in India, both companies must obtain prior approval from the Reserve Bank of India. Additionally, the transferee Indian company must comply with the provisions of Section 233 of the Companies Act, 2013. |
Hon’ble Supreme Court (SC) decision on Electoral Bond Scheme: Impact on disclosures in financial statements |
|
Modifications to: |
|
Indian Accounting Standards (Ind AS): Disclosures Checklist (Revised April, 2024) | The Accounting Standards Board (ASB) of the ICAI has brought the revised edition of the Ind AS: Disclosure Checklist . |
Format of annual secretarial compliance report | The ICSI has issued a format of annual secretarial compliance report for the listed entity, which is to be printed on the letterhead of the Practicing Company Secretary. |
Climate-related matters & Macroeconomic and geopolitical uncertainty | SEBI requires the top 1,000 listed companies by market capitalization to provide Business Responsibility and Sustainability Reporting against 9 principles covering both environmental and social aspects, such as climate action. SEBI has mandated BRSR Core Reporting and reasonable assurance thereon for the top 150 companies by market capitalization from FY 2023-24 onwards. Several Ind AS, like Ind AS 1,2,12,16,36,38,107,113, and etc., require disclosures and estimates that could be impacted by Climate-related matters and macro-economic uncertainty. |
Corrections
There are no corrections included in this release.
Features
Item ID | Title | Details and limitations |
|---|---|---|
2784537 | Review and remove previous versions of unused categories in the template | The current Template release doesn’t require us to move or remove any categories from the Accounts. We note that the NLUC Categories were created within the template, and we don’t need to create any new or additional folders within it. No changes are required for the present Template Release. |
2784538 | Category-level update of the Disclosure Emphasis on Removing Outdated Content in the NLUCs | The NLUC Folder name has been updated to Pre 2025 [to be reviewed for deletion YE 2030] .Latest Content Retention Disclosure - Pre 2025 [to be reviewed for deletion YE 2030] folders have been placed within the OAP content wherever required for the review and removal of no longer used content in the future.Please be aware that NLUC.FY25 - Pre 2030 [to be reviewed for deletion YE 2030] folders will be reviewed for deletion in the next 5 years.Folders that are no longer required have been moved under the Content Retention Folder for future review and removal of the no longer required template content to keep the template clean. Relevant Content Retention Styles have been added to the Template for Content Retention folder addition compatibility. |
2784541 | Adjustments to the wording of Disclosure Emphasis on Removing Outdated Content | The Pre 2025 [to be deleted YE 2030] folders were not created previously, and the Item ID 2784538 has been implemented for the 1st time in the India AS Template (V18.0). Thus, the naming for the folder has been created correctly as Pre 2025 [to be reviewed for deletion YE 2030] without requiring any corrections to be made. Also, the updated contents have been placed in the paragraphs from the latest sample. |
Content changes
Item ID | Title | Details and Limitations |
|---|---|---|
2784529 | Legislative Content Changes: Note 2.3 - Summary of material accounting policies |
note
We added the Content Retention Disclosure Folder at the bottom of Note 2.3 (j) - Property, plant, and equipment because 1 text paragraph is no longer used and has been moved to this folder. FY25 - Pre 2025 [to be reviewed for deletion YE 2030] folders will be reviewed for deletion in the next 5 years.Review these elements and create duplicates to retain elements if needed. We also added relevant Styles in the Edit Styles options for the Content Retention Folder compatibility. |
2784526 | Legislative Content Changes in Note 2.4 - Changes in accounting policies and disclosures |
note
We added the Content Retention Disclosure Folder at the bottom of Note 2.4 and moved the folders and elements that are no longer needed into that folder. FY25 - Pre 2025 [to be reviewed for deletion YE 2030] folders will be reviewed for deletion in the next 5 years.Review these elements and create duplicates to retain elements if needed. We also added relevant Styles in the Edit Styles options for the Content Retention Folder compatibility. |
2784856 | Legislative Content Changes in Note 2.5 - Climate-related matters |
|
2784530 | Legislative Content Changes in Note 6 - Impairment testing of goodwill and intangible assets with indefinite lives | Added a new text paragraph. |
2784531 | Legislative Content Changes in Note 19 - Income tax |
|
2784533 & 2786304 | Legislative Content Changes in Note 28 - Other expense |
|
2784534 | Legislative Content Changes in Note 34 - Significant accounting judgments, estimates, and assumptions | Updated existing content within a paragraph. |
2784536 | Legislative Content Changes in Note 48 - Fair value hierarchy |
|
2808666 | Legislative Tables Presentation Enhancement |
|
XBRL changes
note
If you aren't hosted by Thomson Reuters, contact the Support Desk to obtain the new taxonomy package or for assistance with mapping the new taxonomy.
To download the XBRL taxonomy, visit the official government website, where you can find the latest versions available for download. The following taxonomy references can be loaded into the application via Manage XBRL Taxonomies on the ONESOURCE Accounts Production Platform.
There are no XBRL changes for this release.
Additional information
Item ID | Details and Limitations |
|---|---|
1 | We created additional folders to store dated content at the bottom of each folder level of the annual report, as well as within the category structure. Review these elements and create duplicates to retain them if needed. |
2 | We replaced the hyphen ( - ) in the edit style number settings with a zero (0 ).This change is expected to improve the clarity and reliability of data parsing through automated systems, reducing potential errors in financial reporting while validating the MCA XBRL Validation tool. |
Impact on existing clients
There are no impacts identified for this release.
Deviations from standard configuration
There are no deviations identified for this release.
Appendix
There are no appendix items for this release.
Known issues
Item ID | Details and Limitations |
|---|---|
1 | The illustrative model content in this template doesn't include all the available concepts in the taxonomies. The onus is on users to create and tag any additional content required to produce a valid XBRL file. |
2 | Value errors from MCA validation were forcefully cleared in the XBRL instance document by replacing all values with zero (0). This cleared all validation errors resulting from calculation relationships between tagged values in the XBRL instance document. Users of the template are required to source and clear their value errors derived from entity-specific values from their use of the template. |
3 | Users of the template are required to source and clear their pre-scrutiny errors derived from entity-specific values from their use of the template. |
4 | It is a known Platform 6.29.9459 issue that any report elements with the display setting Never show in the report when viewing the parent folder in isolation using either Design , Preview , or Edit XBRL mode. |
5 | There is a character limitation in the grid column heading. Headers can take up to 60 characters only. |
6 | For XBRL templates, we aren't changing the display conditions of sections from Always to conditional & for totals from Always to As Required as it might give an XBRL validation error.This might result in an unforeseen situation, making changes every time, so to avoid confusion, we suggest that users make their display conditional choice in their entity. |
Related Content
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