Monthly GAAP Bulletin - Aug 2020 (Vol I)

Grant Thornton in India presents the latest edition of the
Monthly GAAP Bulletin that summarises significant accounting, auditing and regulatory updates. This publication has been compiled to meet the needs of dynamic Indian businesses and focuses on key developments in India and across the globe.

This edition covers updates for the month of June 2020.

We hope you find this bulletin informative and useful.

Quick snapshot of some key updates

India updates – Effective

Auditing updates

• Advisory for members of the ICAI and companies to which CSR provisions under the Companies Act, 2013 apply

Regulatory updates

Companies Act updates

• Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 - suspension of the initiation of corporate insolvency resolution process for certain defaults

SEBI updates

• Further extension of time limits (including time for submission of financial results for quarter/half-year/financial year ended 31 March 2020 by SEBI for listed entities
• Amendment to SEBI ICDR Regulations – reduction in waiting period to make a subsequent qualified institutions placement
• Manner of investment to be made by sponsor or asset management company in a mutual fund scheme

Other regulatory updates

• Amendment in classification criteria and norms for MSMEs
• Extension of deadline for filing ITR for FY20 to 30 November 2020 and tax audit report to 31 October 2020
• Banking Regulation (Amendment) Ordinance, 2020

IRDAI requirement to obtain LEI code

India updates – Proposed

Auditing updates

• Exposure draft of revised Guidance Note on Report under Section 92E of the Income-tax Act, 1961 (Transfer Pricing)

Regulatory updates

• Proposed changes in regulations applicable to Housing Finance Companies