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Monthly GAAP Bulletin | May 2016

04 May 2016

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 fifth 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
  • Guidance Note on accounting for real estate transactions
  • New and revised standards on auditing
  • ITFG of ASB issued clarification bulletin 2
  • Notification of provisions relating to ‘Special Courts’
  • Companies (Registration Offices and Fees) Amendment Rules, 2016
  • Companies (Corporate Social Responsibility Policy) Amendment Rules, 2016
  • Clarification with regard to provisions of CSR under section 135 of the 2013 Act
  • Relaxation of additional fees and extension of time for filing e-forms by Companies under the 2013 Act and for filing annual return by LLPs under LLP Act, 2008
  • SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2016
  • Disclosure of the impact of audit qualifications by the listed entities
  • SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2016
  • SEBI (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2016
  • SEBI (Issue and Listing of Debt Securities) (Amendment) Regulations, 2016
  • SEBI (Issue and Listing of Non-Convertible Redeemable Preference Shares) (Amendment) Regulations, 2016
  • SEBI (Intermediaries) (Amendment) Regulations, 2016
  • Guidelines for public issue of units of InvITs
  • Revised formats under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
  • Procedure to deal with cases prior to 01 April 2014 involving offer / allotment of securities to more than 49 and up to 200 investors in a financial year
  • Guidelines for corporate governance for insurers in India
  • Insurance Regulatory and Development Authority of India (Assets, Liabilities and Solvency Margin) Regulations
  • Establishment of branch office/ liaison office/ project office or any other place of business in India by foreign entities
    • Procedural guidelines
    • Master direction
  • Master direction - Reserve Bank of India (Financial Services provided by Banks) Directions, 2016
  • Review of framework for revitalising distressed assets in the economy and strategic debt restructuring mechanism
  • The Insolvency and Bankruptcy Code, 2016
  • Narrow-scope improvements and practical expedients to ASC 606, Revenue from Contracts with Customers
  • FASB removes certain SEC staff guidance from codification

Proposed/Exposure Drafts
  • SEBI Board meeting decisions
  • Legislative framework for regulating deposit taking activities
  • IASB confirms amendments to current insurance contracts Standard
  • Proposed ASU on accounting for goodwill impairment
  • PCAOB issued revised proposal of the auditor reporting standard

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