The latest edition of the Monthly GAAP Bulletin summarises significant accounting, auditing and regulatory updates from January 2021.
Quick snapshot of some key updates
India updates - Effective
Accounting updates
- Educational material on Ind AS 23, Borrowing Costs
Auditing updates
- SAE 3410 - Assurance Engagements on Greenhouse Gas Statements
- Risk-based internal audit framework for Banks
- Publications: Audit of CSR activities and Compendium of Opinions - Volume XXXVII
Regulatory updates
Companies Act updates
- Commencement of certain sections of Companies (Amendment) Act, 2020
- Amendments to CSR Policy Rules, 2014
SEBI updates
- Amendments to SEBI (ICDR) Regulations, 2018 and SEBI (LODR) Regulations, 2015
India updates - Proposed
Regulatory updates
- A Scale based approach to regulate NBFCs
- Decriminalization of the Limited Liability Partnership Act, 2008
International updates - Effective
IFRS updates
- Educational material on Going Concern - a focus on disclosure
US GAAP updates
- ASU 2021-01: Reference Rate Reform (Topic 848)
- ASU 2021-02: Franchisors - Revenue from Contracts with Customers (Subtopic 952-606)
International updates - Proposed
IFRS updates
- Discussion paper on Business Combinations under Common Control
- Post-implementation Review: IFRS 10, IFRS 11 and IFRS 12
