We all are aware of the popular maxim “Knowledge is power”. With the objective of empowering our audit staff to make well-informed and meaningful decisions and to remain one step ahead of their clients so as to have ready answers to all their queries, the National Professional Standards Group’s (NPSG) is pleased to release the fourth edition of the Monthly GAAP bulletin. This monthly issue is a compilation of key updates relating to auditing, accounting and regulatory domain. We hope you will find this monthly issue informative and of continued interest.

Quick Snapshot!      

Effective
  • Revision to Schedule III of the 2013 Act in compliance with the Companies (Indian Accounting Standards) Rules, 2015
  • Applicability of Companies (Accounting Standards) Amendment Rules, 2016
  • Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Amendment Rules, 2016
  • Relaxation of additional fees and extension of last date of filing of various e-forms under the 2013 Act
  • Limited Liability Partnership (Amendment) Rules, 2016
  • Guidance Note on the Companies (Auditor's Report) Order, 2016
  • Illustrative formats of letters to be submitted by the auditor under section 139 of the 2013 Act
  • EAC opinion on Accounting for Expenditure Incurred as a Pre-Condition to Obtaining Environmental Clearance for Setting up Power Project and Coal Mines
  • FAQs on SEBI (Delisting of Equity Shares) Regulations, 2009
  • Foreign Investment in units issued by Real Estate Investment Trusts, Infrastructure Investment Trusts and Alternative Investment Funds governed by SEBI regulations
  • Amendment to Guidance Note on SEBI (Prohibition of Insider Trading) Regulations, 2015
  • Electronic book mechanism for issuance of debt securities on private placement basis
  • Real Estate (Regulation and Development) Act, 2016
  • Foreign Exchange Management (Establishment in India of a branch office or a liaison office or a project office or any other place of business) Regulations, 2016
  • Updated Master Circulars related to NBFCs
  • Overseas Direct Investment – Submission of Annual Performance Report
  • Provisioning pertaining to fraud accounts
  • Comprehensive Master Directions on amalgamation of Private Sector Banks
  • Applicability of concentration of credit/investment norms
  • Accounting treatment of enhanced provision of pension scheme 
  • Circular on IRDA (Preparation of Financial Statements and Auditors Report of Insurance Companies) Regulations, 2002
  • Clarifications to IFRS 15 ‘Revenue from Contracts with Customers’
  • FASB amends guidance on ‘Identifying Performance Obligations and Licensing’

Proposed/Exposure Drafts
  • Framework for computation of book profit for the purposes of levy of MAT for Ind AS compliant companies
  • Consultation paper on Peer to Peer lending
  • IASB April 2016 update
  • IFRIC March 2016 update
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