Monthly GAAP Bulletin July 2021 Volumes I & II

The Reserve Bank of India (RBI) has issued the guidelines for the declaration of dividends by NBFCs; extension of time limits of certain compliances to provide relief to taxpayers. Find this and more in the latest edition of our monthly GAAP bulletin.

This edition covers update for May 2021 in Volume I and June 2021 in Volume II.

Quick snapshot of some key updates

India updates – Effective

Accounting updates

FAQ on accounting for amounts to be incurred towards CSR (Volume I)

Companies (Indian Accounting Standards) Amendment Rules, 2021 (Volume II)

Regulatory updates

Clarification on offsetting the excess CSR spent for FY 2019-20 (Volume I)

Companies (Meetings of Board and its Powers) Amendment Rules 2021 (Volume II)

SEBI Updates

Enhancement of overall limit for overseas investment by AIFs/ VCFs (Volume I)

Decisions in SEBI Board meeting (Volume II)

India updates – Proposed

Accounting updates

Exposure draft of revised AS 12, Income Taxes (Volume I)

Exposure draft on definition of accounting estimates - Amendments to Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors (Volume II)

SEBI updates

Consultation Paper on ‘Review of the regulatory framework of promoter, promoter group and group companies as per SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018’ (Volume I)

Regulatory updates

Comments invited on regulations notified under the Insolvency and Bankruptcy Code, 2016 (Volume II)

International updates – Effective

IFRS updates

Targeted amendments to IAS 12, Income Taxes (Volume I)

Basis for conclusions on exposure draft - Disclosure requirements in IFRS standards (Volume II)

US GAAP updates

ASU 2021-04 - Earnings Per Share (Topic 260), Debt - Modifications and Extinguishments (Subtopic 470-50), Compensation - Stock Compensation (Topic 718), and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. (Volume I)

FASB issued proposed accounting standard update - Leases (Topic 842) - discount rate guidance for lessees that are not public business entities. (Volume II)