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 October 2020.

We hope you find this bulletin informative and useful.

Quick snapshot of some key updates

India updates - Effective

Regulatory updates

Companies Act updates

• Extension of special measures under the Companies Act, 2013
  and Limited Liability Partnership Act, 2008 in view of the
  COVID-19 pandemic

SEBI updates

• Additional requirements under SEBI LODR regulations for listed non-convertible debt securities with respect to asset cover/compliance with debt covenants
• Framework for issuance, listing and trading of AT1 bonds/instruments
• Requirement of contribution by issuers of listed debt securities to Recovery Expense Fund
• Standardisation of timeline for listing of securities issued on a private placement basis
• FAQs on SEBI (Prohibition of Insider Trading) Regulations, 2015
• New definition and requirements of private placement in SEBI ICDR Regulations

Other regulatory updates

• Extension of timelines for income tax returns and GST reconciliation statement
• Amendments to Form 3CD and Form 3CEB, and allowance restrictions on assessees who have opted for concessional rates
• Review of regulatory framework for HFCs by RBI
• Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts

India updates – Proposed

Accounting updates

• Exposure draft on Interest Rate Benchmark Reform - Phase 2 (Amendments to Ind AS 109, Ind AS 107 and Ind AS 116)
• Exposure drafts on Forensic Accounting and Investigation Standards

International updates - Effective

US GAAP Updates

• ASU 2020-08: Codification improvements to Subtopic 310-20, Receivables - Non-refundable Fees and Other Costs.