Grant Thornton in India 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 the month of May 2020.

We hope you find this bulletin informative and useful.

Quick snapshot of some key updates   

India updates – Effective

Accounting updates

• Concept Paper on ‘All About Fair Value’
• ICAI COVID-19 FAQs on Ind AS  

Auditing updates

• Addendum to the Guidance Note on Audit of Banks, 2020 Edition
  

Regulatory updates

Companies Act updates

• Clarification on holding of annual general meeting (‘AGM’) through digital means

SEBI updates

• Disclosure of material impact of COVID-19 pandemic by listed entities under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
• Regulatory measures introduced by SEBI in view of uncertainty to continue till 25 July 2020
• Additional relaxation under various SEBI Regulations due to COVID-19 pandemic
  

Other regulatory updates

• Announcements by RBI
• Reduction in rate of Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) in certain cases
  

India updates – Proposed

Companies Act updates

• Draft Procedure for Submission of Audit Files to NFRA
  

International updates - Effective

IFRS updates

• Amendments to the IFRS Standards
• COVID-19-related rent concessions: Amendment to IFRS 16

Auditing updates

• ISA 540 (Revised) Illustrative examples for auditing simple and complex accounting estimates