GAAP Bulletin

Monthly GAAP Bulletin – December 2020

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Grant Thornton Bharat 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 November 2020.

We hope you find this bulletin informative and useful.

Quick snapshot of some key updates

India updates - Effective

Accounting updates

  • Revised guidance note on Accounting for Share-based Payments
  • Revised guidance note on applicability of AS 25 and measurement of income-tax expense for interim financial reporting

Auditing updates

  • Validation of UDIN generated from ICAI portal by CBDT

Regulatory updates

Companies Act updates

  • Extension of LLP Settlement Scheme, 2020
  • Amendments to IBBI liquidation process regulations
  • Amendments to IBBI insolvency resolution process for corporate persons

SEBI updates

  • Additional compliance requirements for any scheme of arrangement by listed entities
  • Non-compliance with provisions related to continuous disclosures
  • Monitoring and disclosures by debenture trustee(s)

Other regulatory updates

Foreign Contribution (Regulation) (Amendment) Rules, 2020

India updates – Proposed

Regulatory updates

SEBI updates

  • Consultation paper on proposed amendments to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
  • Consultation paper on review of requirement of Minimum Public Offer for large issuers in terms of Securities Contracts (Regulation) Rules, 1957

International updates - Effective

US GAAP Updates

  • Publication: Audit Committees Resource - New PCAOB requirements regarding auditing estimates and use of specialists

International updates – Proposed

IFRS Updates

Exposure draft: Amendment to IFRS 16 - Lease liability in a sale and leaseback