Monthly GAAP Bulletin – July 2022

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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 June 2022. We hope you find this bulletin informative and useful.

Quick snapshot of some key updates

India updates – Effective

Accounting updates

  • Accounting of premiums, claims and related expenses on estimation basis by insurance companies

Auditing updates

  • Guidance Note on Companies Auditor's Report Order (CARO) 2020 (revised 2022 edition)

Regulatory updates

Companies Act updates

  • Further relaxation in paying additional fees in case of delay in filing Form 11 (Annual Return) by Limited Liability Partnership

SEBI updates

  • Extension of facility for conducting meetings of unitholders of real estate investment trusts (REITs) and infrastructure investment trusts (InvITs) through video conferencing (VC) or through other audio-visual means (OAVM)
  • Circular on modification in cyber security and cyber resilience framework of mutual funds/asset management companies (AMCs)
  • Guidelines for Large Value Fund for Accredited Investors under SEBI (Alternative Investment Funds) Regulations, 2012 and requirement of compliance officer for managers of all AIFs

Other regulatory updates

  • Provisioning requirement for investment in Security Receipts (SRs)

International updates – Proposed

Auditing updates

  • Public Company Accounting Oversight Board (PCAOB) adopts new requirements for lead auditor’s use of other auditors