Monthly GAAP Bulletin – March 2022

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Grant Thornton Bharat is delighted  to present Monthly GAAP Bulletin, which summarises significant accounting, auditing and related 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.

Quick snapshot of some key updates

India updates - Effective

Accounting updates

  • Guidelines on accounting with respect to Indian Accounting Standards (Ind AS) for Asset Management Companies (AMCs) 

Regulatory updates

Companies Act updates

  • Companies (Accounts) Amendment Rules, 2022
  • Amendments to Acts/Rules applicable to Limited Liability Partnerships
  • Relaxation on levy of additional fees in filling of e-forms

SEBI updates

  • SEBI releases a new disclosure format for abridged prospectus
  • SEBI - Schemes of arrangement by listed entities
  • Separation of role of Chairperson and MD/CEO for listed entities
  • Extension on applicability of swing pricing framework for mutual fund schemes
  • Securities and Exchange Board of India (Depositories and Participations) (Amendment) Regulations, 2022
  • Circular on Audit Committee of Asset Management Companies

Other regulatory updates

  • New Definition of Micro, Small and Medium Enterprises (MSMEs) – Clarification
  • Master Circular - Asset Reconstruction Companies
  • Publications issued by ICAI
  • Clarifications for Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances
  • Implementation of ‘Core Financial Services Solution’ by Non-Banking Financial Companies

International updates - Effective

Auditing updates

  • First-time Implementation Guide for ISA 220, Quality Management for an Audit of Financial Statements