Monthly GAAP Bulletin – October 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 the month of September 2020. 

We hope you find this bulletin informative and useful.

Quick snapshot of some key updates

India updates - Effective

Regulatory updates

Companies Act updates

• Companies (Amendment) Act, 2020
• Extension and relaxations of timelines granted by the MCA under various Acts/Schemes
• Suspension of initiation of corporate insolvency resolution process until 31 December 2020

SEBI updates

• SEBI amends ICDR regulations in order to rationalise eligibility criteria and disclosure requirements for rights issues

Other regulatory updates

• Deferment of provisions of Basel III framework
• Long Form Audit Report
• Resolution framework for COVID 19 related stress financial parameters
• Code on Social Security, 2020

India updates – Proposed

Other updates

• Exposure draft on Forensic Accounting and Investigation Standards

Auditing updates

• Exposure draft on Standard on Assurance Engagements 3410: Assurance Engagement on Greenhouse Gas Statements

International updates - Effective

IFRS updates

• Interest Rate Benchmark Reform – Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16)

Auditing updates

• Non-Authoritative Support Materials: Using automated tools and techniques in performing audit procedures
• ISA 540 (Revised) Implementation: Illustrative examples for auditing expected credit loss accounting