Monthly GAAP Bulletin: November 2019

This edition covers updates for the month of October 2019. We hope you find this bulletin informative and useful.

Quick snapshot of some key updates

India

Effective

Accounting updates

• ITFG Clarification Bulletin 22 and Bulletin 23
• Ind AS publications issued by ICAI
• ASB Meeting updates
  Disclosure of divergence in the asset classification and provisioning by banks
• Preparation of financial statements by life insurers

Regulatory updates

• Companies Act updates
  • Relaxation of additional fees and extension of last date of filing of forms MGT-7 and AOC-4
  • ICSI UDIN and eCSIN Guidelines
• SEBI updates
  Resignation of statutory auditors from listed entities and their material subsidiaries
• Other regulatory updates
  • Guidelines on Compensation of WTD/CEO/Material Risk Takers and Control Function staff
  • Clarifications in respect of option exercised under section 115BAA of the IT Act, inserted through the Taxation Laws (Amendment) Ordinance, 2019
  • Lending by banks to InvITs

Proposed

• Accounting updates
  Exposure Draft - Interest Rate Benchmark Reform - Amendments to Ind AS 109 and Ind AS 107

International

Effective

• IFRS updates
  • Compilation of Agenda Decisions published by IFRS Interpretations Committee
• US GAAP updates
  • FASB delays certain effective dates for credit losses, leases, hedging, and long-duration insurance standards

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Quarterly GAAP Bulletin

November 2019

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