Monthly GAAP Bulletin - August 2021

Grant Thornton Bharat presents the latest edition of the Monthly GAAP Bulletin that summarises significant recent 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 July 2021.

Quick snapshot of some key updates   

India updates – Effective

Regulatory updates

Companies Act updates

  • Commencement notification of Section 4 of the Companies (Amendment) Act, 2020 and Companies (Incorporation) Fifth Amendment Rules, 2021
  • Clarification on spending of CSR funds for COVID 19 vaccination

SEBI updates

  • Extension of time for holding the Annual General Meeting (AGM) by top 100 listed entities by market capitalisation
  • SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021

Other regulatory updates

  • Applicable date of certain deferred provisions of Volume-I of Revised Code of Ethics, 2019
  • New definition of Micro, Small and Medium Enterprises (MSMEs)             
  • Alternative insolvency resolution process for MSMEs introduced in the Insolvency and Bankruptcy Code (Amendment) Bill, 2021
  • Increased compliances introduced for Indian insurance companies with foreign investments in IRDAI (Indian Insurance Companies) (Amendment) Regulations, 2021

India updates – Proposed

Accounting updates

  • Exposure Draft of AS 102, share-based payments
  • Exposure draft of Disclosures of Accounting Policies - Amendments to Ind AS 1, Presentation of Financial Statements

International updates - Effective

US GAAP updates

  • FASB issued ASU 2021-05 -Leases (Topic 842): Lessors -certain leases with variable lease payments

International updates - Proposed

Auditing updates

  • IAASB issued an exposure draft on a new Standard for Audit of Less Complex entities