Monthly GAAP Bulletin: November 2019

Grant Thornton in India presents ‘Monthly GAAP Bulletin’, a monthly bulletin that summarises significant accounting, auditing and related updates. This publication has been compiled to meet the needs of dynamic Indian businesses, capturing key developments in India and across the globe.

This edition covers updates for the month of October 2019. We hope you find this bulletin informative and useful.

Quick snapshot of some key updates

India

Effective

Accounting updates

• ITFG Clarification Bulletin 22 and Bulletin 23
• Ind AS publications issued by ICAI
• ASB Meeting updates
  Disclosure of divergence in the asset classification and provisioning by banks
• Preparation of financial statements by life insurers

Regulatory updates

Companies Act updates

• Relaxation of additional fees and extension of last date of filing of forms MGT-7 and AOC-4
• ICSI UDIN and eCSIN Guidelines

SEBI updates

• Resignation of statutory auditors from listed entities and their material subsidiaries

Other regulatory updates

• Guidelines on Compensation of WTD/CEO/Material Risk Takers and Control Function staff
• Clarifications in respect of option exercised under section 115BAA of the IT Act, inserted through the Taxation Laws (Amendment) Ordinance, 2019
• Lending by banks to InvITs

Proposed

Accounting updates

• Exposure Draft - Interest Rate Benchmark Reform - Amendments to Ind AS 109 and Ind AS 107

International

Effective

IFRS updates

• Compilation of Agenda Decisions published by IFRS Interpretations Committee

US GAAP updates

• FASB delays certain effective dates for credit losses, leases, hedging, and long-duration insurance standards