GAAP Bulletin

Monthly GAAP Bulletin - February 2021

25 Feb 20211 min read
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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
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