Quarterly GAAP Bulletin – July 2022

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Grant Thornton Bharat presents the latest edition of the Quarterly 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 March, April and May 2022. We hope you find this bulletin informative and useful.

Quick snapshot of some key updates

India updates – Effective

Accounting updates

  • Indian (Accounting Standards) Amendment Rules, 2022

Auditing updates

  • Notification on revision of Guidance Note on CARO 2020 and interplay between CARO 2020 and Schedule III amendments
  • Implementation Guide on Reporting under Rule 11(e) and Rule 11(f) of the Companies (Auditors) Rules, 2014

Regulatory updates

Companies Act updates

  • LLP amendment rules notified by MCA
  • MCA defers the requirement to use audit trail feature by one more year through Companies (Accounts) Second Amendment Rules, 2022

SEBI updates

  • Clarification on applicability of regulation 23 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in relation to Related Party Transactions
  • SEBI issues revised format of security cover certificate, monitoring and revision in timelines

Other regulatory updates

  • Master Direction on Classification, Valuation and operation of Investment Portfolio of Commercial Banks (Directions), 2021
  • Deferment of certain provisions of Revised Code of Ethics, 2019 - 31 March 2022

International updates – Effective

Accounting updates

  • FASB issued Accounting Standards Updates ASU 2022-01: Fair Value Hedging – Portfolio Layer Method

Auditing updates

  • IAASB released International Standard on Auditing (ISA) 600 (Revised)
  • IAASB issues Non-Authoritative Guidance on Fraud in an Audit of Financial Statements