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Monthly GAAP Bulletin: November 2020

30 Nov 2020

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