Monthly GAAP Bulletin Volumes I & II

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This edition covers updates for March 2021 in Volume I and for April 2021 in Volume II.

The latest edition of the Monthly GAAP Bulletin summarises proposed and effective 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.

Quick snapshot of some key updates

India updates – Effective

Accounting updates

  • Criteria for classification of non-company entities for applicability of accounting standards (Volume I)

Auditing updates

  • Deferment of reporting under clause 30C and clause 44 of the Form No. 3CD (Volume I)
  • Technical guides for bank audits (Volume I)

Regulatory updates

Companies Act updates

  • Clarification on spending of CSR funds for COVID care facilities (Volume II)
  • Amendments to Companies Act, 2013 in relation to auditors’ rules, maintenance of audit trail etc (Volume I)

SEBI updates

  • Relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 due to COVID-19 pandemic (Volume II)
  • Clarification on the valuation of bonds issued under Basel III framework (Volume I)

Other regulatory updates

  • Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs) applicable for FY 21-22 (Volume II)
  • Asset Classification and Income Recognition following the expiry of COVID-19 regulatory package (Volume II) 

India updates – Proposed

Accounting updates

  • Exposure Draft of COVID-19 Related Rent Concessions beyond 30 June 2021 (Amendments to Ind AS 116) (Volume II)

Regulatory updates

SEBI updates

  • Consultation paper on review of regulatory provisions related to independent directors (Volume I) 

International updates - Effective

IFRS updates

  • Extension of application of practical expedient in IFRS 16 to support lessees accounting for COVID-19-related rent concessions (Volume I) 

International updates – Proposed

IFRS updates

  • Exposure draft on disclosure requirements in IFRS Standards - Proposed amendments to IFRS 13 and IAS 19 (Volume I)
  • Exposure draft - Lack of Exchangeability: Proposed amendments to IAS 21 (Volume II)